The World Bank’s litigation center ICSID ruled in favor of several investors in green energy generation capacities, which asked for compensation from the Romanian state for the changes in the system of incentives, which they say impacted their businesses, Economedia.ro announced. The Finance Ministry confirmed the ruling.
Other investors initiated litigation requests at ICSID against Romania on the same topic.
Romania passed Law 220/2008, further amended in 2010 by Law 139/2010 (when it started producing effects), instituting one of the most generous “green certificate” schemes in Europe. Faced with rising prices paid by industrial and residential customers, the country amended the scheme starting with the Emergency Ordinance (OUG) 57/2013.
The investors asked for EUR 144 million in compensation, but ICSID ruled on February 20 that Romania should pay EUR 42 million plus interest calculated from January 1, 2022, plus EUR 0.6 million in arbitrage costs and EUR 3.5 million in legal fees.
iulian@romania-insider.com
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