EDP Renewables is ready to continue investing in Romania, told Energynomics officials of the company, the day when EDPR announced their financial results for 2020.
“EDP Renewables is ready to continue investing in the development of Romania’s renewable energy market as soon as the necessary conditions are met. Namely, fair balancing costs in line with other European countries and a regulatory scheme that would allow investors to predict future cash flow for at least 15 years.”
EDPR acknowledges Romania made a big step recently upon the liberalization of the market allowing private Long-Term Bilateral Agreements. However, it considers it “not enough”: “it is just a complement to a Contracts for Differences mechanism based on competitive auctions”, which is yet to be put in place.
EDP Renewables, a global leader in the renewable energy sector and the world’s third-largest wind power producer, reported a net profit of 556 million euro at the end of 2020, compared to 475 million euro in 2019. At the end of 2020, the company managed a portfolio of operating assets with a total capacity of 12.2 GW, of which 11.5 GW are fully consolidated and 669 MW are equity consolidated (Spain, Portugal, US and offshore). Romania is hosting the largest installed capacity of the group except for the Iberia.