In 2016, only 0.06% of Green Certificates (“GCs”) were traded on the GCs centralised market. In an effort to improve the GCs market, on 29 August 2017, the Romanian Regulatory Authority for Energy (“ANRE”) published the “Regulation for the organisation and functioning of the Green Certificates Market” (the “Regulation”). The Regulation aims to ensure a transparent and non-discriminatory framework for trading GCs and to create a more liquid and efficient local market.

One of the most important provisions of the Regulation is the reorganisation of the GCs markets and of the trading regulations for the GCs “spot centralised anonymous market” and the “bilateral contracts market”.

The Regulation is expected to deter the use of agreements that would circumvent trading market regulations by allowing a GC to be the subject of only a single transaction (with limited exceptions).

Similar to the previous rules, the Regulation continues to allow producers of electricity from renewable resources with installed capacity of less than 1 MW conclude bilateral contracts directly negotiated with electricity suppliers for end consumers, outside the centralised platform (OPCOM).

Bilateral contracts concluded on the centralised market, prior to 1 September 2017, will be valid until their expiry date, without the possibility to extend them. whilst the GCs traded under the anonymous spot market as of 1 January, 2018 must be allocated proportionately.