Could the Romanian Green Certificate scheme be Scaled Back?

60-Second Interview

in Advance of 2nd Wind Power Romania Conference


Bryan W. Jardine
Local Partner
Wolf Theiss


GPC: What hurdles still exist in Romania, and how could they be overcome?
BJ: Although the recent adoption of Emergency Government Ordinance 88/2011 is a positive step towards completing Law 220/2008 and providing clarity on the overall legislative framework related to the Green Certificate (“GC”) regime for the promotion of investment in renewable energy (“RES”) projects in Romania, there remains a risk that the law could be further modified.  Specifically, the regulator (ANRE) and the transmission operator (Transelectrica) as well as other important stakeholders have indicated their concern that the current support scheme under Law 220/2008 as amended may be too generous for investors and should therefore be “scaled back”.

This risk can be most effectively addressed if an investor, bank or financier looking at RES projects in Romania makes investment decisions based upon relatively conservative estimates as to the number of GCs that may ultimately be awarded for their project(s) and the pricing range within which these GCs will trade.

GPC: What are the key factors in maintaining ongoing investor confidence?
BJ: Legislative certainty is a key factor. Whether the law supporting investment in RES in Romania is ultimately perceived as good, bad or mediocre is far less likely to effect investor confidence than a concern that the law itself or certain key elements thereof may be subject to change, modification or amendment in the future. Negative elements of the law may be priced into project calculations; instability and future change cannot and this is what is most likely to negatively impact investor confidence in the Romanian RES sector.

GPC: What are you looking forward to most about the 2012 event?
BJ: Renewing contacts with existing clients and players in the wind industry and meeting new investors and potential clients. I look forward to assessing the positive developments in the RES market over the last year and looking ahead to future projects and investments, learning this information directly from the most relevant players and stakeholders in the sector. The 2011 event was one of the best RES conferences in which I have participated in terms of the real substantive discussions and quality of participants and contacts made and I anticipate that the 2012 event will be equally useful and informative.

Bryan joins more than 200 people alredy registered for Wind Power Romania, the 2nd annual event dedicated to the Romanian Wind Industry. To book for the event which takes place next month on 17-18 January in bucharest, visit

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Renewable energy conference manager, passionate about a greener way to power our future.

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