TPA Horwath Romania and Schoenherr ºi Asociaþii SCA are pleased to announce the publication of the 2013 edition of the “Wind Energy and Other Renewable Energy Sources in Romania” report, the latest and most comprehensive analysis of the wind energy sector in Romania. The report shows a 94% increase in installed wind energy capacity in Romania in 2012 compared with 2011, placing Romania in fifth place in Europe in terms of the amount of capacity installed in 2012.
923 MW were installed last year in Romania, representing a 94% growth in the country’s total wind capacity. Romania’s aggregate wind capacity reached 1,905 MW by the end of 2012, exceeding the estimates by the ANRE as well as those given in the National Renewable Energy Action Plan (NREAP).
In 2012 Romania was the leader of Europe’s emerging countries in terms of newly installed wind capacity, ranking fifth in Europe with an additional 923 MW installed, behind Germany (2415 MW), Great Britain (1897 MW), Italy (1973 MW) and Spain (1122 MW).
Based on the status of wind farms currently under construction, it is estimated that some 617 MW of additional capacity will be installed in 2013, meaning that wind power will account for 8% of Romania’s total gross energy requirements.
In the context of European Union legislation regarding the renewable energy sector, the Renewable Energy Directive 2009/28/CE on the promotion of electricity produced from renewable energy sources on the internal electricity market sets a mandatory E-RES (energy from renewable sources) target to be achieved by 2020 of 20% (energy from renewable sources) of the Community’s gross consumption. Romania has also set its own target of 24% E-RES of final gross energy consumption by 2020.
The long-term power needs of the Romanian economy and household consumers make the power industry, including the renewable energy sector, an extremely attractive area for global capital during the coming decade. The increasing scale of both direct and portfolio foreign investments in this sector provides tangible proof of this. This is still the case despite the numerous threats in terms of legal instability and the other limitations described in detail in the third edition of the “Wind Energy and Other Renewable Energy Sources in Romania” report.
Wind power and other renewable energy sources have the potential to become a significant component of the Romanian power system. However, this will require further support for the sector and, above all, the development of a transparent regulatory system, which is a prerequisite from the investor’s point of view. The key challenge is to ensure long-term legal and regulatory stability and to solve grid connection-related issues.
The “Wind energy and other renewable energy sources in Romania” report represents an efficient business intelligence tool for investors in the field, supplying key information on the renewable energy sector in Romania from a European and international perspective, while addressing both tax and legal issues and the operational context. The 2013 edition of the report compiles the latest figures and evaluation indicators for the wind energy market and includes all parameters necessary for the assessment of other renewable energy sources, such as solar energy, hydro energy, biomass and geothermal energy. The report provides an exhaustive analysis of the legal regulations concerning all phases in the development of a renewable energy project, as well as a description of the fiscal situation, financing sources and industry challenges and limitations.
The 2013 “Wind Energy and Other Renewable Energy Sources in Romania” report is the third edition of this annual report by TPA Horwath Romania and Schoenherr ºi Asociaþii. TPA Horwath Romania and Schoenherr ºi Asociaþii are working in partnership with the Romanian Wind Energy Association.
You can order your free copy of the report here: http://www.tpa-horwath.ro/en/r/publications
TPA Horwath is one of the largest tax advisory and auditing services companies in Austria and in Central and South Eastern Europe. In total the TPA Horwath Group has approximately 1,000 employees in 11 countries (Albania, Austria, Bulgaria, Croatia, Czech Republic, Hungary, Poland, Romania, Serbia, Slovakia and Slovenia).
Since 1995 TPA Horwath has been a member of Crowe Horwath International, a worldwide association of legally independent tax consultants, accountants, auditors and business consultants. This network has 167 corporate members with 650 offices in over 100 countries and is one of the “Top Ten” consultancy networks worldwide.
TPA Horwath entered the Romanian market in 2007 and now has a team of 6 partners and 85 accountants, auditors, tax and legal advisors working from its offices in Bucharest.
Since its inception in 2007, TPA Horwath Romania has acquired vast experience in dealing with numerous projects of due diligence and assisting with transactions for key players in the field of renewable energy, thus becoming the preferred financial consultant in this sector.
Schoenherr was founded in 1950 in Vienna and has grown to become a leading corporate law firm in Austria and Central and Eastern Europe. Operating through offices in Belgrade, Bratislava, Brussels, Bucharest,
Budapest, Kyiv, Ljubljana, Prague, Sofia, Vienna, Warsaw and Zagreb (cooperation office), Schoenherr is a truly European firm. Today, about half of the firm’s 310 lawyers are based in offices outside Austria.
In Romania Schoenherr began its operations in 1996, being at the time among the first law firms to offer legal services at Western quality standards. Throughout the years, Schoenherr ºi Asociaþii has been involved in projects of the greatest magnitude and has offered legal solutions to problems of the most diverse kind. The firm has assisted with the acquisitions of important companies operating in heavy industry and the food and beverages sector. In addition its team of lawyers has advised multinational corporations on the development of supermarket chains as well as fuel distribution stations.
Schoenherr is among the top 10 law firms in Romania (according to the Romanian business daily
newspaper Ziarul Financiar, March 2012).