Chapter 3: First wave markets
TABLE 3.4.8 ELECTRICITY, GAS, STEAM AND AIR CONDITIONING SUPPLY EMPLOYMENT 2008–2011 (FIGURES IN THOUSANDS)
Number of employees
2008
2009
2010
2011
125.2
128.7
125.8
114.7 Source: Eurostat
3.4.6 Local labour market In 2011 almost 115,000 people worked in the electricity, steam, gas, water and air conditioning sector. This number has not risen during recent years despite the economy’s growth, due to industry restructuring and optimisation processes. The Romanian wind energy sector is expected to attract more than €5bn investment by 2013, creating at least 6,000 jobs. The average monthly gross earnings of employees in the production and distribution of electricity, steam, gas, water and air conditioning between April 2011 and April 2012 was €906, double the average earnings in Romania in that period (€479). Several private institutions37 offer courses on renewable energy. State owned universities, such as the Technical University of Cluj Napoca, Polytechnic University of Timisoara and Bucharest, also teach courses on clean energy, including the construction and maintenance of wind turbines.
3.4.7 Financing A number of domestic and international banks offer loans for wind energy projects, including UniCredit Leasing Corporation, the Romanian Commercial Bank (BCR), Raiffeisen, EBRD, EIB and IFC. Compared to other countries, projects are subject to stricter bank financing terms due to the higher uncertainty over cash flows. This results from higher unidentified market risk and a lack of project track record to serve as indicator for risk. Capital can also be raised through investment funds such as Clean Energy Development and Enercap.
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State aid is available to wind energy investors. It is in the form of non-reimbursable funds covering up to 40% of eligible expenditures for projects located in Bucharest and Ilfov County and 50% in all other cases. The maximum amount awarded per project cannot exceed 30m RON. The programme offers financing for all aspects from technical planning, the purchase of fixed and intangible assets, construction and installation costs, project management, auditing and information related expenses. Both EU and government funded programmes require investors to submit the building permit and a detailed feasibility study with their application. The use of state aid will result in a reduction in revenue from green certificates (a combination of tradable green certificates (TGCs) and investment aid cannot result in a higher internal rate of return than certificates alone).
3.4.8 Support mechanism In 2005 Romania launched a support mechanism for renewable energy based on green certificates and a quota obligation. Changes were made in 200838. However, the legislation did not come into force until 2012 due to numerous revisions. The uncertainty caused by the delays is one reason why the Romanian wind sector developed more slowly than expected in 2010 and 2011. Under the new rules, wind energy producers receive two green certificates per MWh up to 2017. From 2018, this is reduced to one certificate. Wind farms receive certificates for 15 years, provided that the turbines used are new. The certificates are issued by the transmission system operator (TSO) based on the amount of energy produced during the previous month.
Such as Ecovolt Group, LP Electric Systems or Phaesun Act 220/2008 on the promotion system for energy generation from renewable sources
Eastern winds - Emerging European wind power markets
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