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producers, starting with august 2005. Figure 2 presents the
number of GC issued monthly by TSO as well as the
cumulated number of GC issued until
present.
Number of GC
10000
8000
6000
4000
2000
101 101 7 108 182 290 34 324
6635 6959
649
7608
521
8129
925
0
aug.05 sep.05 oct.05 nov.05 dec.05 ian.06 feb.06 mar.06
Monthly Cumulate
Figure 2. GC issued by Romanian TSO until March 2006.
9054
In August, September, October and November, only two
producers received GC, for two wind mills. In December,
Hydroelectrica, the main hydro production company in
Romania, received the approval to participate on the Green
Certificates Market, with 4 hydro power plants less than 10
MW installed capacity, modernized. Hydroelectrica received
in December, GC for entire production from these 4 hydro
power plants in period January - November 2005. After
December, the number of GC issued was quite stable.
Romanian Green Certificates Market had in March 2006,
40 participants: 4 producers and 36 suppliers. All Romanian
electricity suppliers have the obligation to fulfill the
mandatory quota but only 36 are registered as Green
Certificates Market participants until March 2006. We expect
that the number of suppliers will increase next months,
especially after the application of the penalties at the end of
the March 2006. Figure 3 represents the evolution of the
number of market participants.
40
35
30
25
20
15
10
5
0
Number of Participants registered on the
Romanian Green Certificates Market
2 11
21
37
40 40 40
sep.05 oct.05 nov.05 dec.05 ian.06 feb.06 mar.06
Figure. 3. Number of Participants registered on the Romanian Green
Certificates Market.
After five trading sessions, was sold 7265 GC, 7241 for the
electricity produced in 2005 and 34 representing GC
corresponding to the electricity from RES produced in 2006.
Figure 4 presents the offer, the demand and the number of
GC traded from November 2006 until March 2006.
Number of GC
50000
40000
30000
20000
10000
0
40502
289 289
47858
56 56
6293 6238 5997
1856 899 899 2405
34 34
nov.05 dec.05 ian.06 feb.06 mar.06
Demand of GC Offer of GC GC Traded
Figure 4. Evolution of the offer, the demand and the number of Green
Certificates Traded on the Centralized Green Certificates Market.
In conformity with GD 958/2005 provisions, ANRE,
Romanian Regulator for Energy, may diminish the yearly
mandatory quota in the first decade of December, in the
period 2005-2007, if the number of GC issued is less than the
demand, in order to protect the consumers against of a high
level of penalties. Because the suppliers submitted the offers
in the first 5 working days of December, before quota
modification, in this trading month the demand reflects also
the initial obligation. After that, the demand and the offer for
January and February, trading months for quota of 2005
complying, were balanced.
The offer being less than the demand, the Market Clearing
Price was alike the maximum price, except in January when
Hydroelectrica offered a high number of GC at a price less
than the maximum price and his offer determined the Market
Clearing Price. This trend will continue until the number of
producers in this market will balance the suppliers need. The
market is hindered in this first stage also by the producers
which are suppliers too, and which keep theirs GC for the own
quota fulfillment. The Market fluidity is so ensured by
entering in the market of the producers which are not suppliers
too.
Figure 5 and 6 present the evolution on the Centralized
Green Certificates Market Clearing Price.
RON
174
164
154
144
134
124
114
104
94
165 165
146
165
155
nov.05 dec.05 ian.06 feb.06 mar.06
Figure 5. The evolution of the CGCMCP
4