€3 B for renewables in Romania
The money will be used to support the development of new solar and wind power plants.
Image for illustration purposes.
Romania: The European Commission has approved Romania’s €3 billion scheme to support the construction and operation of new solar PV power plants and onshore wind farms. This mechanism will foster the transition towards a net zero economy according to the Green Deal Industrial Plan.
The scheme was approved under the Temporary Crisis and Transition Framework for state aid. It was launched by the commission a year ago in order to support measures in sectors key to accelerating the energy transition and reducing fuel dependencies. The aid should be granted through a competitive bidding process by the end of 2025.
The EU’s executive arm said that the support would be delivered in the form of two-way contracts for difference (CfDs). The strike price should be determined through bidding procedures (pay as bid), while the reference price should be calculated as a monthly output-weighted average of the market price of electricity in the day-ahead markets.
Margrethe Vestager, Executive Vice-President in charge of competition policy, commented that the scheme could enable Romania to support the development of solar PV and onshore wind power plants, thus reducing dependence on imported fossil fuels.
Source: Balkan Green Energy News
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