The authorities in Bucharest are close to approving a clear regulatory framework to facilitate both the issuance and trading of European-recognised Guarantees of Origin (GOs). According to the implementation plan under final discussion, the National Energy Regulatory Authority (ANRE) will start the process of integration into the Association of Issuing Bodies (AIB) in 2025, with the objective of becoming a full member by 2026. In parallel, the Ministry of Energy is working on the selection of the operator in charge of managing the GO market.
The regulatory process foresees the development of specific regulations for electricity, renewable gas and heat, each with a deadline for adoption by the end of 2026. Thereafter, from 1 January 2027, it is envisaged to open up the trading markets for GOs, allowing for a functioning and transparent mechanism for trading these allowances.
Timetable for the implementation of European recognised Guarantees of Origin
Q1 2025: ANRE starts the integration process into AIB.
Q2 2025 – Q4 2025: Impact studies and regulatory framework are developed.
Q1 2026: ANRE becomes an observer member in AIB.
Q2 2026 – Q4 2026: Electricity, renewable gas and thermal energy regulations are adopted.
Q1 2027: Romania becomes a full member of the AIB and the Guarantees of Origin market is officially opened.
Trading modalities and market impact
In terms of trading arrangements, renewable energy producers that have benefited from support schemes will have a separate regime from those that have not been subsidised. In the case of the former, the GOs will be allocated pro-rata to the suppliers that have obligations to purchase green certificates, and the proceeds from trading will be reinvested according to the National Energy and Climate Plan (NECP). GOs will be issued to the account of the operator designated by the Ministry of Energy to be traded in 2 sessions (No. 1 for operators falling under the CSRD and No. 2 for energy suppliers). This market is scheduled to open on 1 January 2027.
For producers who have not benefited from support, GO will be marketed either on the specialised markets that will become operational after 2027 or through bilateral contracts (PPA). Until then, these guarantees will be transferred free of charge. Trading through virtual PPAs is not foreseen at this stage.
The importance of Guarantees of Origin for the development of the renewable market
Guarantees of Origin (GOs) are a key tool in increasing the bankability of renewable energy projects, providing an additional and predictable revenue stream for producers. These certificates certify the renewable origin of the energy produced, including their sale on dedicated markets or included in bilateral contracts such as Power Purchase Agreements (PPAs). By trading GOs, project developers can diversify their revenue sources, thereby reducing financial risks and improving access to bank financing.
For investors and financial institutions, the existence of a transparent and regulated GO market provides greater predictability over the financial flows of renewable energy projects. This increases the attractiveness of the sector and makes it easier to obtain financing for the development of new renewable capacity. In addition, companies purchasing GOs can demonstrate their commitment to sustainability by aligning themselves with decarbonisation targets set at European level.
The implementation of a functioning market for GO not only supports the development of the renewable sector in Romania, but also contributes to its integration into the European market, attracting new investments and facilitating the competitiveness of local producers.
What are Guarantees of Origin and how they work
Guarantees of Origin (GOs) are an essential mechanism in the transition towards a more sustainable energy sector, ensuring traceability and transparency of renewable energy. These certificates prove that the energy supplied comes from renewable sources, giving consumers and investors the certainty that they are using green energy.
Guarantees of Origin (GOs) are electronic certificates that certify that a certain amount of electricity has been produced from renewable sources. Each GO corresponds to 1 MWh of green energy production and includes essential information such as the identity of the producer, the type of renewable source used, the date and place of production and the installed capacity of the production capacity. These certificates are issued at the request of renewable energy producers and are valid for 12 months from the date of energy production. GOs allow suppliers to demonstrate to customers that the energy supplied comes from renewable sources, thus ensuring transparency and credibility in the green energy market.
At European level, all GO issuers are part of the AIB (Association of Issuing Bodies), where there are 37 members from 30 countries. The AIB is the association that has created a standard for GOs (EECS, European Energy Certificate System) to facilitate their trading and to ensure that GOs are used only once.