Gov’t wants to allocate unspent funds from PNI, of 165 mln. euro, to a new investment fund

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Bogdan Tudorache

PNI includes 29 investments, but only four of them obtained financing. At the government meeting on June 16, the government approved a new memorandum, by which the remaining funds amounting to about 793 million lei (about 165 million euros) could be allocated, following consultations and approval by Brussels, to a new investment fund.

The approved contracts already aim at the modernization of the Ișalnița lignite unit of CE Oltenia, with 33.5 million lei, of the Rovinari unit, with 61.3 million lei, of the cogeneration station from Brazi of OMV Petrom, with 408 million lei and of the one of Romgaz from Iernut, with about 321 million lei.

The maximum total value of the non-reimbursable financing that can be granted at present from the PNI account based on these 4 concluded contracts is of 824,219,082.10 lei.

In the period 2013-2019, the amount of 1,616,887,769.87 lei was accumulated in the PNI Account, representing the equivalent value of the greenhouse gas emission certificates allocated and paid for the period 2013-2019. This account finances the investments from PNI in a percentage of 25% of the value of the eligible expenses of each of them.

Considering the above, corroborated with the total value already committed to be reimbursed based on the four financing contracts concluded, in the amount of 824,219,082.10 lei, it results that at the end of 2020 in the PNI Account remains a surplus of funds related to non-reimbursable financing in the amount of 792,668,687.77 lei, for which the government proposes three variants, but considers it feasible only the one to set up a new investment fund “in order to support operators in the energy production sector for investments that will contribute to achieving emission reduction target.”

The other two options propose to increase the share of already approved beneficiaries or to allocate surplus funds to AFM. However, the government will have to obtain the agreement of the European Commission, in case of setting up the investment fund, or allocating funds to the AFM.

”Considering the presented ones, we submit to the analysis and approval of the Romanian Government the development by the M.E.E.M.A. together with M.A.E. and the Competition Council, for consultations with the European Commission in order to implement Option 3 – Establishment, at MEEMA’s disposal, of a fund to support operators in the energy production sector for investments that will contribute to achieving the emission reduction target.”

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