December 8 (SeeNews) - Romania’s energy ministry said that it extended until December 30 the deadline for submitting questionnaires to express interest in a Contracts for Difference (CfDs) support scheme which is intended to be auctioned in 2023.
CfDs are a support mechanism developed by the Romanian government as a means to meet the 2030 targets for 32% renewable energy in the EU and 30.7% renewable energy in gross final energy consumption in Romania, the energy ministry said in a press release on Wednesday.
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The CfD support scheme also aids the allocation of 29.2 billion euro ($30.67 billion) to environment and green transition projects, as set out in the National Recovery and Resilience Plan.
Romania’s CfD scheme will be implemented with support from the European Bank for Reconstruction and Development and a consortium of consultants including CMS Cameron McKenna Nabarro Olswang and Nera Economic Consulting.
CfDs entail a two-way support payment for renewable energy investors. They consist of the difference between the strike price and the market reference price, the energy ministry explained in a CfD support scheme presentation outlined by CMS and NERA in December 2021.
CfDs allow energy generators to either be compensated by the CfD counterparty when the market reference price is below the strike price or pay the CfD counterparty when the market reference price is above the strike price.