BUCHAREST (Romania), November 22 (SeeNews) – Romania climbed three places to the 13th spot in the Renewable Energy Country Attractiveness Index due to its fast-growing wind market and strong energy demand, global financial consultancy Ernst & Young said on Tuesday.
“This is due to a new Law in respect of electricity from renewable energy sources (RES-E) which was approved by the EU after a two-year wait, increasing green certificates (GCs) for each technology, and creating one of the most favorable incentive schemes in Europe,” Ernst & Young said in its latest issue of the Renewable Energy Country Attractiveness Index (CAI).
The index analyses quarterly the top 40 most investment-attractive countries in terms of their renewable energy markets, the respective infrastructure and individual technology competitivity. Romania joined the CAI a year ago.
While it is hoped the application of Romania’s new green certificates scheme will spur investment across all RES-E technologies, wind is expected to provide the most significant growth, Ernst & Young said.
"Romania once again makes strides up the wind index, moving to 13th from 16th, on the back of a $266 million (196 million euro) loan from the European Bank for Reconstruction and Development and International Finance Corporation."
From only 12 megawatts (MW) at end-2009, the country boasted an installed capacity of 464 MW a year later, increasing it further to 623 MW at the end of September this year, the consultancy said.
Czech utility CEZ has completed 338 MW of its Fantanele-Cogealac project in Romania which, at 600 MW, will be the largest onshore wind farm in Europe once complete at the end of 2012. In March, Spain's Iberdrola started work on its 1,500 MW project, which could form the largest onshore wind power installation in the world when complete in 2017. The first 80 MW phase is expected to be operational by the end of 2011.
In the solar index, Romania has increased by one point "on the back of a new RES Law giving solar six GCs at 27 euro- 55 euro ($36-$74) per megawatt hour." Ernst & Young expects this to spur investment significantly over the coming years, following relatively minimal development to date.
Bulgaria was the only other southeastern European country that made it into the index. It moved down one place to the 34th position.
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