RENEWABLE ENERGY

Daily Report
Joi, 9 Martie 2023

CUPRINS

CUPRINS ................................................................................................................................... 1
GENERAL, LEGISLATIE ...................................................................................................... 1
Ultimul capitol din caderea AIK Energy: Dupa ce in urma cu 2 ani ofereau cel mai reduse
preturi la energie, companiile grupului pot ramane fara licente de furnizare ......................... 1
ULTIMA ORA Enel a semnat vanzarea afacerii din Romania. PPC devine cel mai mare
jucator energetic din Europa de Sud-Est ................................................................................. 4
Ciuca: Guvernul sprijina companiile care investesc in tehnologii de producere a energiei verzi
................................................................................................................................................. 7
INTERNATIONAL .................................................................................................................. 8
Renewable energies: EU rules for renewable hydrogen ......................................................... 8
Enel to sell Romanian operations to Greece's PPC for $1.3 bln ........................................... 12

GENERAL, LEGISLATIE

Ultimul capitol din caderea AIK Energy: Dupa ce in urma cu 2 ani ofereau cel mai reduse
preturi la energie, companiile grupului pot ramane fara licente de furnizare
Grupul AIK Energy, cel mai mare importator de gaze naturale din Romania in urma cu 4-5 ani, cu
o cota de peste 50%, si care in 2021 avea cele mai atractive oferte la energie electrica pentru
consumatorii casnici, poate ramane, incepand de vineri, fara licente de furnizare si in domeniul
electricitatii pentru fiecare dintre cele 2 firme prin intermediul carora actiona prioritar pe piata
interna, AIK ENERGY LTD si AIK ENERGY ROMANIA SRL (fosta Valahia Gaz SRL). In
sedinta de vineri (care ar fi trebuit sa aiba loc miercuri, 8 martie, insa a fost amanata) a Comitetului
Pagina 1 din 12
9 Martie 2023

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de reglementare al Autoritatii Nationale de Reglementare in Domeniul Energiei (ANRE) se va
discuta retragerea licentelor de furnizare energie electrica acordate in 2020 societatilor AIK
ENERGY LTD si AIK ENERGY ROMANIA SRL. AIK Energy Ltd apare ultima data apare ca
furnizor de energie angro in raportul ANRE din iulie 2022, iar AIK Energy Romania apare ca
furnizor pe piata de retail pentru cea din urma data in raportul ANRE din mai 2022.

Proiecte aflate pe ordinea de zi a sedintei Comitetuli de Reglementare al ANRE de vineri

Dupa caderea de pe piata gazelor, AIK Energy s-a concentrat pe cea de furnizare energie electrica.
La inceputul anului 2021 avea cea mai atractiva oferta pentru consumatorii casnici, de 61,03
lei/MWh, sub cea a Hidroelectrica de la acea data. Pana la finalul anului insa, noile oferte facute
la expirarea contractelor semnate initial erau de 4-5 ori mai ridicate, ceea ce a provocat o migrare
a clientilor. La inceputul anului 2021, atat Hidroelectrica, cat si Complexul Energetic Oltenia au
trimis operatorului pietei de energie electrica, OPCOM, anunturi de denuntare a mai multor
contracte de vanzare a energiei electrica catre AIK Energy Ltd, cu livrare in 2022. Operatorul
pietei angro de electricitate, OPCOM, a suspendat in mai multe randuri, incepand cu luna
noiembrie 2020, cele 2 companii prin care AIK Energy functiona in Romania, majoritatea
suspendarilor fiind argumentate prin neplata. Ultima revocare de catre OPCOM a fost de pe piata
PCCB-NC pe 1 februarie 2023.

Ultima decizie de revocare a unei societati AIK Energy de pe pietele operate de OPCOM

OPCOM precizeaza ca “revocarea s-a aplicat in conformitate cu prevederile art. 6.5.8. si ale
punctului 1 din Anexa 4 din Procedura privind inregistrarea participantilor la pietele centralizate
de energie electrica administrate de OPCOM S.A.” Articolul invocat precizeaza ca daca
„participantul la piata suspendat (…) nu dovedeste pana la sfarsitul perioadei de suspendare ca a
inlaturat cauzele care au condus la suspendarea sa, OPCOM S.A. revoca inregistrarea ca
Participant la piata a operatorului economic in cauza. OPCOM transmite acestuia o comunicare in
acest sens, cu 5 (cinci) zile lucratoare in avans fata de sfarsitul perioadei de suspendare si
Pagina 2 din 12
9 Martie 2023

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momentul intrarii in efectivitate a revocarii”. Iar punctul 1 din Anexa 4 se refera la “neefectuarea
platii componentei de administrare/ tranzactionare a tarifului reglementat in termenul prevazut de
reglementarile in vigoare”. Potrivit reglementarilor OPCOM, in conditiile in care un Participant la
piata se retrage sau este suspendat de la tranzactionare sau inregistrarea sa ca Participant la o piata
este revocata de OPCOM S.A., respectivul operator economic nu mai are dreptul sa
transmita/introduca oferte pe piata respectiva, iar toate ofertele validate ale acestuia, cu
tranzactionare in perioada ulterioara datei intrarii in vigoare a retragerii, suspendarii sau revocarii,
vor fi anulate. De pe celelalte piete operate de OPCOM, inclusiv de pe cele spot, cele mai active,
cele 2 companii fusesera revocate in anii trecuti. AIK Energy a iesit de pe piata gazelor din luna
noiembrie 2020, Transgaz reziliind contractele de echilibrare si de acces la punctele virtuale de
tranzactionare (PVT) incheiate cu societatile din cadrul grupului AIK Energy, solicitand, totodata,
Autoritatii Nationale de Reglementare in Domeniul Energiei (ANRE) desemnarea unui furnizor
de ultima instanta (FUI) care sa preia toti clientii finali ai companiei, cel mai important importator
de gaze din ultimii doi ani, de la adoptarea controversatei OUG 114. Furnizorul desemnat a fost
Premier Energy. Cele doua societati principale prin care compania opereaza in Romania, AIK
Energy Romania SRL si AIK Energy Ltd. Londra Sucursala Bucuresti, ajunsesera in 2019 la
venituri cumulate totale de peste 2,6 miliarde lei, care au scazut in 2020 (anul pandemiei COVID-
19) la mai putin de jumatate, respectiv circa 1,2 miliarde lei, conform datelor raportate de companii
Ministerului Finantelor. Pe de alta parte, daca in 2019 cele doua firme au cumulat un profit net de
peste 50 milioane lei, in 2020 au inregistrat pierderi insumate care au depasit 190 milioane lei. In
2021, cifra de afaceri a celor 2 companii a cazut la aproximativ 32 milioane lei, in timp ce pierderile
s-au situat la peste 142 milioane lei. Datoriile celor doua companii se situau la finalul anului 2021
la aproape jumatate de miliard de lei. Cum a fost relatat anterior, cele doua firme din Romania
mentionate sunt detinute de compania britanica AIK Energy International Ltd., care la randul sau
este controlata de o alta, tot din UK – AIK Group Ltd. Pana de curand, actionarul majoritar al AIK
Group Ltd. era Natalia Nita, fosta Rybchenko (46 de ani), cetatean al Federatiei Ruse, domiciliata
in Rostov pe Don, dar cu rezidenta in Romania, in Bucuresti, si fost manager la Lukoil in perioada
2000-2007. Ea este absolventa a ASE-ului din Capitala, iar in 2003 a obtinut si titlul de doctor in
economie, cu lucrarea de doctorat "Locul si rolul Rusiei in economia mondiala contemporana".
Din februarie 2022, la Registrul Comercial al Regatului Unit, drept actionar majoritar al AIK
Group Ltd. apare Cynergy Holding Ltd., o firma nou infiintata, chiar in luna respectiva si la aceeasi
adresa postala cu AIK Group Ltd. Cynergy Holding Ltd. este controlata de John Leslie Cousins,
cetatean britanic. Acesta a administrat in trecut mai multe firme, atat din Marea Britanie, cat si din
Cipru, potrivit aceleiasi surse, nefiind disponibile alte informatii despre el. Administratori ai
Cynergy Holding Ltd. sunt Cousins si doi directori romani de dezvoltare ai AIK Energy. Natalia
Nita a renuntat si la functia de administrator al AIK Group Ltd. (Profit.ro, 8 martie)

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9 Martie 2023

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https://www.profit.ro/povesti-cu-profit/energie/ultimul-capitol-din-caderea-aik-energy-dupa-ce-
in-urma-cu-2-ani-ofereau-cel-mai-reduse-preturi-la-energie-companiile-grupului-pot-ramane-
fara-licente-de-furnizare-21046851
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ULTIMA ORA Enel a semnat vanzarea afacerii din Romania. PPC devine cel mai mare
jucator energetic din Europa de Sud-Est
Gigantul italian Enel a semnat cu PPC, cea mai mare companie de electricitate a Greciei, vanzarea
activelor sale din Romania, pentru 1,26 miliarde euro. Vanzarea, anuntata de Profit.ro ca fiind
pregatita inca din toamna si confirmata ulterior de companii, este prezentata ca fiind semnata acum.
Achizitia este prima extindere majora a PPC in strainatate. Surse PPC afirma ca, odata cu achizitia
Enel Romania, grecii devin cel mai mare jucator energetic din Europa de Sud-Est. PPC a incheiat
un acord obligatoriu cu Enel, pe baza unei valori totale a companiei de aproximativ 1,9 miliarde
euro. Valoarea totala este supusa ajustarilor regulate si include un mecanism de castig in contextul
unei posibile plati suplimentare bazate pe o crestere viitoare a valorii activitatilor de tranzactionare.
Finalizarea achizitiei este de asteptat sa aiba loc pana in al treilea trimestru al anului 2023 si va fi
supusa anumitor conditii (conditii suspensive) uzuale in astfel de tranzactii, inclusiv, printre altele,
aprobarea autoritatilor competente de concurenta. PPC intentioneaza sa finanteze achizitia printr-
o combinatie de datorii si capitaluri proprii, din care 800 de milioane de euro vor proveni dintr-o
finantare deja garantata, disponibila sub forma unui imprumut de 485 milioane euro pe 5 ani de la
bancile grecesti, precum si a unui imprumut de 315 milioane euro de la bancile internationale.
Profit.ro a anuntat anterior ca PPC este deja in negocieri cu Eurobank, Alpha Bank, Piraeus,
Ethniki. Grecii urmeaza astfel sa achite un pret de circa 1,3 miliarde de euro si sa preia imprumuturi
Enel de 550-600 de milioane de euro, asa cum a anuntat anterior Profit.ro. Evaluarea Enel Romania
a fost intreprinsa de un consortiu de case internationale centrat pe Citi si se ridica la 1,9 miliarde
de euro. Citigroup Global Markets Europe AG, Goldman Sachs Bank Europe SE si HSBC
Continental Europe actioneaza in calitate de consilieri financiari, iar Milbank LLP in calitate de
consilier juridic. Contractul de cumparare include o prevedere pentru o eventuala plata
suplimentara (Earn-out), bazata pe un mecanism specific, in cazul in care activitatea de
tranzactionare a Enel Romania dobandeste, in urmatorii 2 ani, o valoare mai mare decat cea care
a fost incorporata la pretul de 66,5 euro/client. Este, in esenta, un mecanism de impartire a oricarei
valori suplimentare create in activitatea in cauza intre PPC si Enel exclusiv pentru urmatorii doi
ani, dincolo de cea convenita. Marimea platii suplimentare creste pe masura ce creste valoarea
adaugata. Tranzactia va adauga un EBITDA de ordinul a 300 de milioane de euro la EBITDA total
al grupului PPC, in timp ce sinergiile care vor fi create sunt de ordinul a 200-250 de milioane de
euro pe un orizont de 4 ani. Anuntul a venit din partea PPC, italienii neanuntand inca nimic.
Declaratie transmisa de catre Georgios Stassis, Presedinte si CEO PPC: „Aceasta achizitie este
complet in concordanta cu ceea ce am prezentat in noiembrie 2021 in contextul planului nostru
Pagina 4 din 12
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strategic, care prevedea extinderea noastra internationala in regiunea Europei de Sud-Est.
Activitatile Enel in Romania sunt alegerea ideala atat din punct de vedere geografic, cat si din
punct de vedere al afacerilor. Aceasta este o oportunitate unica de a achizitiona o companie
energetica integrata pe verticala cu o evaluare atractiva, punand in miscare transformarea PPC ca
cea mai importanta companie de energie curata din Europa de Sud-Est. Suntem increzatori ca
aceasta dezvoltare importanta va contribui la dezvoltarea si imbunatatirea competitivitatii PPC atat
pe plan international, cat si pe plan intern, creand in cele din urma valoare pentru partile
interesate.” PPC apreciaza ca, prin achizitionarea Enel Romania, va avea un rol de lider pe piata
energetica din Romania. PPC, controlata in proportie de 34% de Guvernul Greciei, a purtat
negocieri exclusive cu Enel din decembrie pentru cumpararea activelor italienilor din Romania.
Perioada negocierilor exclusive dintre PPC si Enel pentru vanzarea afacerii din Romania a fost
prelungita de mai multe ori, dar, in cele din urma, acum, cele doua companii au agreat termenii
finali ai tranzactiei. Actiunile Enel s-au apreciat cu 0,47% miercuri, pana la euro 5,32 euro. La
acest pret, grupul italian de utilitati are o valoare de piata de aproape 54,1 miliarde de euro.
Actiunile PPC s-au apreciat cu 4,4% pe bursa de la Atena miercuri si au inchis la 7,98 euro/unitate,
pret care evalueaza compania la aproximativ 3,05 miliarde de euro. Titlurile companiei au crescut
dupa ce au aparut informatii privind iminenta semnarii acordului cu Enel. De asemenea, Fitch
Ratings a confirmat, miercuri, calificativul pe termen lung al PCC la 'BB-', cu perspectiva stabila,
luand in considerare si achizitia potentiala a Enel Romania. “Profilul de credit de sine statator 'b+'
al PPC, inclusiv achizitia probabila a Enel Romania, reflecta performanta rezilienta a fluxului de
numerar in urma estimarilor actualizate ale Fitch pentru perioada 2022-2025. Modelul de afaceri
integrat al PPC si productia in crestere din surse regenerabile, sustinuta in mare parte de contracte
de achizitie de energie (PPA), ar trebui sa contribuie la reducerea treptata a riscurilor generate de
volatilitatea preturilor de pe piata angro si de interventiile continue pe piata energiei din Grecia si
Romania”, potrivit unui comunicat al agentiei de evaluare financiara. PPC a incheiat in decembrie
un acord de exclusivitate cu compania italiana de utilitati in legatura cu potentiala achizitie a
tuturor participatiilor detinute de Enel in Romania. Vanzarea vine in contextul in care Enel se
confrunta cu niveluri de indatorare in crestere si face parte dintr-un efort mai amplu de dezinvestire
pentru a vinde active in valoare de pana la 21 de miliarde de euro. Profit.ro a mai anuntat ca PPC
a intrat deja in discutii cu bancile grecesti Ethniki, Piraeus, Alpha Bank, Eurobank, Attica si
Optima pentru finantarea unei parti a investitiei. Astfel, PPC se va imprumuta de la banci, in cadrul
unui imprumut sindicalizat pe termen lung, cu 800 milioane euro pentru cumpararea afacerii Enel
din Romania, restul tranzactiei urmand sa fie acoperita din capitaluri proprii. Vanzarea activitatilor
din Romania face parte din strategia Enel de a-si reduce pana la finele acestui an datoria neta la
51-52 miliarde de euro, de la un varf de aproape 70 de miliarde de euro atins la sfarsitul lunii
septembrie. In Romania, Enel este unul dintre cei mai mari investitori privati in domeniul
energetic, cu operatiuni in sectorul distributiei si furnizarii de electricitate, precum si al productiei
de energie electrica din surse regenerabile, din anul 2005. Companiile E-Distributie opereaza retele
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cu o lungime totala de aproximativ 128.000 de kilometri in trei zone importante ale tarii (Muntenia
Sud - inclusiv Bucuresti, Banat si Dobrogea) si acopera o treime din piata locala de distributie.
PPC este cel mai mare producator si furnizor de energie electrica din Grecia, cu o capacitate
instalata de 10,5 GW si aproximativ 6 milioane de clienti la finele anului trecut. Grupul a obtinut
venituri de 5,8 miliarde de euro in 2021 si un profit operational de 872 milioane de euro.

PPC este listata la bursa din Atena, cu o valoare de piata de aproximativ 3 miliarde euro. In mai
anul trecut, dupa pierderi trimestriale in Romania de 154 milioane euro, directorul financiar al
Enel, Alberto De Paoli, a declarat ca regulile de plafonare a preturilor si cele legate de tarifele de
distributie din Romania "afecteaza grav" rezultatele din tara. "Nu are sens sa investesti intr-un
mediu excesiv de punitiv”, a spus De Paoli, intrebat daca reglementarile din Romania ar putea
afecta prezenta grupului pe piata locala. (Profit.ro 8 martie, Financial Intelligence, Economedia.ro,
Economica.net 9 martie)
https://www.profit.ro/povesti-cu-profit/energie/ultima-ora-enel-a-semnat-vanzarea-afacerii-din-
romania-ppc-devine-cel-mai-mare-jucator-energetic-din-europa-de-sud-est-21047917
https://financialintelligence.ro/enel-a-semnat-un-acord-pentru-vanzarea-activitatilor-din-
romania-catre-firma-greaca-ppc-pentru-o-suma-totala-de-aproximativ-126-miliarde-de-euro/

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https://economedia.ro/breaking-enel-a-semnat-pentru-vanzarea-activelor-din-romania-catre-
grecii-de-la-ppc-compania-elena-devine-cel-mai-mare-jucator-energetic-din-europa-de-sud-
est.html#.ZAlpF3ZBy3A
https://www.economica.net/enel-a-semnat-acordul-cu-grecii-de-la-ppc-pentru-vanzarea-
activitatilor-din-romania-pentru-126-miliarde-euro_652949.html
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Ciuca: Guvernul sprijina companiile care investesc in tehnologii de producere a energiei

verzi
Guvernul sprijina companiile care investesc in tehnologii care contribuie la sustinerea producerii
de energie verde si consolidarea securitatii energetice, a afirmat prim-ministrul Nicolae Ciuca in
cadrul intalnirii pe care a avut-o, miercuri, la Palatul Victoria, cu reprezentantii companiei Rombat.
Potrivit unui comunicat al Guvernului, in cadrul dialogului, conducerea Rombat si-a anuntat
intentia de a extinde si dezvolta capacitatea de productie a bateriilor bazate pe tehnologia Litiu-
Ion. In acest sens, planurile includ medii de stocare pentru energia verde, atat pentru casnic,
precum si pentru cel industrial. "Rombat este singurul producator de baterii pentru industria
automotive din Romania, fiind furnizor unic pentru fabricile de profil din tara. Compania aplica
principiile de functionare a economiei circulare, reusind anual sa recicleze 24.000 de tone de baterii
uzate, 98 la suta din aceasta cantitate fiind reintrodusa in ciclul de productie", se arata in comunicat.
Cu ocazia intalnirii, premierul a subliniat importanta companiilor care investesc in tehnologii
pentru producerea de energie verde. "Guvernul sprijina companiile care investesc in tehnologii
care contribuie la sustinerea producerii de energie verde si consolidarea securitatii energetice.
Stocarea energiei verzi este esentiala pentru a da o perspectiva de dezvoltare a solutiilor precum
instalarea de panouri fotovoltaice, utila atat in gospodarie, cat si in uz industrial. Alaturi de
investitia de un miliard de euro anuntata recent de AE Solar, care va transforma Romania in
principalul producator de panouri fotovoltaice la nivel european, initiativa companiei romanesti
Rombat va genera o solutie integrata pentru energia verde, produsa local", a declarat premierul
Nicolae-Ionel Ciuca. (Agerpres, Romania Libera, Adevarul, News.ro, E-nergia.ro, Economica.net
8 martie)
https://www.agerpres.ro/politica/2023/03/08/ciuca-guvernul-sprijina-companiile-care-investesc-
in-tehnologii-de-producere-a-energiei-verzi--1072141
https://romanialibera.ro/economie/economie-interna/romania-va-deveni-principalul-producator-
de-panouri-fotovoltaice-din-europa/
https://adevarul.ro/politica/ciuca-intalnire-cu-reprezentantii-rombat-2248260.html
https://www.news.ro/politic-intern/nicolae-ciuca-intalnire-palatul-victoria-reprezentantii-
companiei-rombat-guvernul-sprijina-companiile-investesc-tehnologii-contribuie-sustinerea-
producerii-energie-verde-consolidarea-securitatii-1922404408002023031121047893

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https://e-nergia.ro/ciuca-dupa-o-intalnire-cu-conducerea-rombat-care-vrea-sa-se-extinda-
guvernul-sprijina-companiile-care-investesc-in-tehnologii-ce-contribuie-la-sustinerea-producerii-
de-energie-verde-video/
https://www.economica.net/ciuca-a-asigurat-rombat-ca-guvernul-sprijina-companiile-care-
investesc-in-sustinerea-energiei-verzi-societatea-vrea-sa-si-extinda-productia-de-baterii-litiu-
ion_652860.html
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INTERNATIONAL

Renewable energies: EU rules for renewable hydrogen

European Commission proposes Delegated Acts to define renewable hydrogen.
The two so-called Delegated Acts (DAs) submitted by the Commission on 13 February 2023 serve
to implement the requirements of Art. 27 (3) and Art. 25 (2), 28 (5) of the Renewable Energy
Directive 2018/2001 (RED II). They are part of the still rudimentary EU legal framework for
renewable hydrogen and define the conditions for counting fuels towards the Member States'
renewable energy targets. The background for this is the EU's REPowerEU target to produce and
import 10 million tons of renewable hydrogen in 2030. According to RED II, the two DAs should
have been submitted by 31 December 2021 at the latest. Contrary to this timetable, however, the
Commission did not present the first drafts until May 2022. After controversial discussions and a
partial rejection in the European Parliament (EP), the Commission proposed slightly revised new
drafts on 1 December 2022. As a result of the subsequent consultation, it adopted the two DAs that
have now been submitted.
The first DA defines renewable hydrogen for all consumption sectors
The first DA, which is based on Art. 27 (3) RED II, defines the requirements for the production of
hydrogen, and fuels based on these, so they can be counted as Renewable Fuels of Non-Biological
Origin (RFNBOs) within the meaning of Art. 2 no. 36, 25 (2) RED II towards the minimum share
of renewable energies in the transport sector. Therefore, in addition to hydrogen, the definition
also refers, in particular, to derivatives such as ammonia, methanol, paraffin and other hydrogen-
based e-fuels. Although Art. 27 (3) RED II refers exclusively to the transport sector, the definition
has significance far beyond this, as the Commission has proposed in the context of RED III that
RFNBOs can count towards the renewable energy targets regardless of the sector in which they
are consumed. In other words, the first DA determines what is to be understood by green hydrogen
and its derivatives for the whole of EU law and is, therefore, of central importance for ramping-up
the hydrogen economy. The requirements apply both to production in the EU and to third countries,
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which explains the global interest in the Commission's proposals. In order to prove the
sustainability criteria, a system of voluntary certification has been proposed in accordance with
Art. 9 of the first DA. The Member States are to be required to recognise the certificates if the
Commission has approved the certification scheme in question in accordance with Art. 30 (4) RED
II.
Additionality for renewable electricity used in RFNBO production
The main objective in determining the sustainability criteria for RFNBOs according to Art. 27 (3)
RED II was the creation of additional facilities for the production of renewable electricity. The
expected increase in electrolysis capacity should not be achieved by falling back on the existing
renewable energy plants (RE plants) so as to avoid an otherwise likely increase in fossil generation.
This criterion of additionality, which is relevant for the described option 3, is flanked by the
requirements of a temporal and geographical correlation between electricity generation and
electrolysis. The aim is to ensure that RFNBOs are only produced if the renewable energy is
generated at the same time and in the same area. Against this background, the first DA envisages
the scenarios described below, in which the sustainability criteria are met with regard to the RE
plants used for electrolysis or the renewable electricity purchased for electrolysis.
Option 1 – Direct connection to the RE plant
In the case of a direct connection, the electrolysis must take place in the same plant as the
renewable production in accordance with Art. 3 of the first DA, or there must be a direct line
between the two. If the RE plant is connected to the electricity grid, it must be proven via smart
meters that no electricity was taken from the electricity grid for the electrolysis. In addition, the
RE plant must have been put into operation no earlier than 36 months before the electrolyser. If
electricity is taken from the grid, it will be considered renewable if it meets the requirements of
option 2.
Option 2 – Drawing power from the grid: green power grid
With this option, the electrolyser must be located in the same bidding zone as the RE plant
according to Art. 4 of the first DA. An additional requirement is that either the average renewable
energy share in the bidding zone has exceeded 90 % in the previous year (in which case the 90 %
excess is assumed for the following five years) or the emission intensity in the grid is below 18
gCO2-eq/MJ, in which case the temporal and geographical correlation described in option 3 must
also be met. Ultimately, the electricity used will also be deemed renewable if it has been consumed
during an imbalance settlement period interval and thereby the redispatch requirement has been
reduced accordingly.
Option 3 – Drawing power from the grid: PPA or own power
According to Art. 5, 6 of the first DA, electricity taken from the grid is also deemed renewable if
the operator of the electrolyser actually generates it itself in the corresponding quantity or

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purchases it from the operator of a RE plant via a Power Purchase Agreement (PPA), whereby the
following conditions must be cumulatively fulfilled.
• According to the principle of additionality, the RE plant must have been put into operation
no earlier than 36 months before the electrolyser. Furthermore, the RE plant must not have
received any subsidies for its construction and operation. Electrolysers that have been put
into operation by 1 January 2028 will be exempt from these requirements until 1 January
2038. This transitional provision will not apply to capacity expansions in electrolysers after
1 January 2028. The aforesaid deadlines were each extended by one year compared to the
draft of the first DA dated 1 December 2022.
• According to the principle of temporal correlation, from 2030 RFNBOs must be generated
within the same hour as the renewable electricity used. This can also be taken from a new
electricity storage unit that is located downstream of the same grid connection point as the
electrolyser and was charged within the same hour in which the renewable electricity
purchased was produced. Member States can apply this narrow timeframe as early as mid-
2027.
• By way of a transitional provision, until 31 December 2029 (preliminary draft: until 31
March 2028), the requirement of temporal correlation will be deemed met if the generation
takes place within the same month (preliminary draft: within the same quarter). A further
possibility to fulfil the temporal correlation – granted without a transitional provision – is
met if the RFNBO production takes place within an hour in which the clearing price in the
day-ahead market in the relevant bidding zone (cf. Art. 39 (2a) Regulation (EU)
2015/1222) is at most EUR 20 per MWh or lower than 0.36 times the price of an emission
allowance to emit one ton of carbon dioxide equivalent.
• The principle of geographical correlation states that the electrolyser and the RE plant must
be located in the same bidding zone at least at the time they are put into operation. The
plants may also be located in adjacent bidding zones; in this case, however, the day-ahead
electricity price in the bidding zone of the RE plant must be at least equal to that in the
bidding zone of the electrolyser. Finally, the RE plant can also be located in an adjacent
offshore bidding zone.
The second DA regulates the calculation of greenhouse gas emissions
The second DA based on Art. 25 (2) and 28 (5) RED II contains the methodology for calculating
greenhouse gas emissions and, therefore, implements the target set out in Art. 25 (2) RED II of
greenhouse gas savings for RFNBOs of at least 70 % from 1 January 2021 compared to the fuels
to be replaced. The calculation of greenhouse gas emissions takes into account (almost) the entire
life cycle of RFNBOs from generation, including electricity withdrawal from the grid, through
transport to the end consumer. Emissions from the manufacture of machinery and equipment will
not be taken into account (Annex A.1.). The fossil benchmark for RFNBOs is set at 94g CO2-
eq/MJ (Annex A.2.). Taking into account the savings target of at least 70 %, this results in
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emissions of max. 28.2g CO2-eq/MJ for RFNBOs. For hydrogen, this means a limit value of 3.38t
CO2-eq/tH2. Hydrogen and hydrogen-based fuels that exceed this value are not automatically
excluded as renewable fuels, but they cannot be counted towards the Member States' renewable
energy targets. This is likely to make marketing them more difficult and therefore affect their
market value. Electricity that is to be considered fully renewable according to Art. 27 (3) RED II
will be assessed with greenhouse gas emissions of zero. An important consideration in the
production of RFNBOs from renewable hydrogen is the classification of the CO2 used in the
process. The Annex to the second DA regulates the conditions under which captured CO2 can be
considered as an avoided greenhouse gas emission, i.e. its use in the production of RFNBOs is
possible. The following case groups are envisaged:
• CO2 from industrial processes that are covered by an emissions trading scheme. However,
this option is only available for CO2 from electricity production until 2036, in all other
cases until 2041;
• CO2 that is captured from air;
• CO2 from the production or combustion of biofuels or biomass that meet the sustainability
criteria and that have not received greenhouse gas emission saving credits;
• CO2 from the combustion of RFNBOs that meet the criteria of the second DA;
• CO2 from a geological source.
It is unclear whether the electricity used for the production of renewable hydrogen derivatives must
also meet the sustainability criteria described above in order to qualify as RFNBOs. Following the
logic of RED II and the two DAs, there is a lot to be said for this outcome.
Legal and planning certainty for the hydrogen economy is long overdue
The process of submitting the two DAs by the Commission has taken a considerable amount of
time. The main reason for this was the intense and sometimes controversial debate among the
economic operators involved and the EP on the definition of renewable hydrogen and the RFNBOs
based on it, which was considered ground-breaking. Criticism was particularly directed against the
Commission's concept of additionality and temporal correlation. According to the critics this
created unnecessary hurdles and has, therefore, hindered the development of the hydrogen
economy. In September 2022, for example, the EP had rejected the principle of additionality
altogether and demanded an initial time window of one quarter for the temporal correlation and
one month in the long term. The industry criticised, in particular, what it saw as too close a
temporal correlation, because it ran counter to achieving the highest possible baseload utilisation
of the electrolysers. They also said the restriction on the use of CO2 from industrial processes in
the production of RFNBOs was counterproductive because these quantities would be needed
permanently in the expected expansion of RFNBO production. Environmental organisations, on
the other hand, criticised that the transitional provisions were too generous. The Commission has
essentially stuck to its original concept, even though it has approached the EP and the business
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community on the transitional provisions. The EP and the European Council now have two months
to adopt or reject the proposal. The deadline can be extended by a further two months. For the sake
of legal and planning certainty, adopting the proposal would be desirable. Lots of projects for the
production of RFNBOs are ready to start but cannot currently be implemented because it is unclear
which sustainability criteria will apply to renewable hydrogen. In addition, clarity on the definition
of RFNBOs is also needed for the indispensable development of certification systems. The US
Inflation Reduction Act shows that Europe cannot really afford to be in this type of limbo in the
global competition for investment. Adopting the two DAs proposed by the Commission would
break the deadlock. The market ramp-up could finally pick up speed. We have been successfully
involved in advising many clients in connection with hydrogen and its derivatives for years and
offer comprehensive advice in this regard.
CMS Germany - Dr. Friedrich von Burchard
(Lexology.com, March 6th)
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Enel to sell Romanian operations to Greece's PPC for $1.3 bln

Italy's biggest utility Enel Spa said on Thursday it will sell its Romanian operations to Greece's
Public Power Corp (PPC) for 1.26 billion euros ($1.33 billion). Including debt, the deal is valued
at 1.9 billion euros, Enel said. ($1 = 0.9485 euros) (Reuters, March 9th)
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