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starting from 2004, geothermal, waves, hydrogen produced
from RES.
This system has two main characteristics: the quantity is
fixed and the price is determined by the market forces.
The System of Tradable Green Certificates combines the
advantages of the control and command mechanisms with
those of the market mechanisms, imposing a target at the
central level by authorities, and leaving to the competitive
market mechanisms to determine the participant’s behavior.
This system induces a behavior to minimize the costs and
promotes the most efficient technologies for E-RES
generation.
In any market, there are demand for a product and supply
of that product. For green certificates market, the commodity
is represented by green certificates which are sold by
generators that possess them and thereafter, the supply is
assured by the generators. The demand can come from
electricity suppliers or from those consumers which can prove
their “green” orientation. In such cases one says that the
system is voluntary. Besides the voluntary systems there are
those in which the demand is obtained by means of an
obligatory quota.
Romanian system is one with quota obligations imposed on
electricity suppliers. The electricity suppliers are obliged to
purchase a number of green certificates equal with the
obligatory quota multiplied with the amount of the electricity
supplied yearly to their final consumers.
According to the national target, the annual share of
electricity from renewable sources in the annual national gross
consumption of electricity set up by GD 985/2005 are the
following :
0.7% in 2005, 2.22% in 2006, 3.74% in 2007, 5.26% in
2008, 6.78% in 2009 and 8.3% in 2010-2012.
A. The command function
The Government commands this system imposing a
national target for electricity produced from RES as well as an
obligation on a market segment.[1], [2], [4]
B. The control function
The success of such system depends not only upon
imposing a quota but also on carrying out the control function.
The control must be applied at the generators, in order to issue
a correct number of Green Certificates as well as at the
suppliers, in order to seek after the quota fulfillment and to
apply penalties in case of quota non-fulfillment.
The control of the generators is realized by metering the E-
RES delivered into the network by them. The Authority which
is charged to control the generators is TRANSELECTRICA,
the Romanian TSO. A Green Certificate represents the proof
that a generator delivered into the network 1 MWh of E-RES.
The suppliers have to own the right number of Green
Certificates at the moment when the Control Authority –
Romanian Regulator for Energy – asks them to prove the
quota fulfillment. The suppliers control is done yearly. Each
Green Certificate has an identifier code which contains the
information necessary to identify the generator, the
technology used as well as its issuing data. This information is
registered in Green Certificates Register, centralized and
brought up-to-date by Romanian Electricity Market Operator -
SC OPCOM SA, in order to avoid double selling.[5]
The suppliers which don’t own an adequate number of
Green Certificates at the moment of control are obliged to pay
a penalty of 63 €/certificate between 2005-2007 and 84
€/certificate starting with 1 st January 2008.[1]
While the annual offer of Green Certificates is less than the
annual demand, the annual obligatory quota is diminished
proportional with the ratio offer/demand in order to protect the
consumers. If the number of generators participants in the
system are too small and all suppliers are obliged to buy
Green Certificates, the offer being too small, the suppliers can
be penalized for nonconformity with their obligation even
they are not responsible for a such situation. The costs
resulted from penalties obviously will be transferred by
suppliers to the consumers and consequently the consumer
will be confronted with an unfair increasing of the prices.[1]
C. The Market
The generators and suppliers activate on two markets: on
the electricity market, where they trade the electricity and on
the green certificates market, where are traded the
environmental benefits of the electricity production from
renewable sources, bearing in mind the fact that the
conventional production of electricity not reflect in price all
the environmental externalities.
The green certificates price is determined my means of
market mechanisms. Are allowed two types of markets for
green certificates in Romania:
• A bilateral market, in which producers and suppliers
conclude bilateral contracts and where the price of
transaction is established by an agreement between
the two contractors, and
• A centralized market organized and administrated by
the Romanian Market Operator, OPCOM, which is
the Romanian Green Certificate Market Operator,
too.
The actors involved in the organization and the functioning
of the Green Certificate Market, the bilateral market as well as
the centralized market, are
• The Regulatory Authority, ANRE
• Electricity generators from renewable sources
• Electricity suppliers
• The Distribution Operators
• The Transport and System Operator (TSO),
Transelectrica
• The Electricity Market Operator and Green
Certificates Market Operator, OPCOM
C.1. Regulatory Authority
The Regulatory Authority has three main tasks:
• Qualifies the installations which use those renewable
2