A new state aid scheme supporting investments in the production and distribution of heat from renewable energy sources (such as biogas, biomass and geothermal) (“State Aid Scheme“) has entered into force in December 2020. The State Aid Scheme is rooted in the European Green Deal Investment Plan and the Commission’s Guidelines on State aid for …
Romania: Update of the Credit Institutions Licensing Requirements
At the end of December 2020, the National Bank of Romania (“NBR“) consolidated and updated the regulations dealing with the licensing of credited institutions by issuing Regulation no. 12/2020 on authorisation of credit institutions and changes in the status thereof (“Banking License Regulation“). The Banking License Regulation takes over, inter alias, the provisions of the …
Draft law on offshore wind farms “silently” approved by the Romanian Senate
The draft law regarding the necessary measures for performing operations for offshore wind exploitation (“Draft Law“) has been forwarded this week to the Chamber of Deputies after being tacitly approved by the Senate. The draft has been registered with the Senate in June 2020 and, if approved by the Chamber of Deputies, would be the …
Newly enacted amendments to Companies Law simplify formalities for the transfer of shares in limited liability companies
The Chamber of Deputies of the Romanian Parliament has passed a law repelling some of the most impactful red tape provisions of Companies Law 31/1990 (“Companies Law“). As recent as today, a little over two weeks after being approved by the Senate, the draft Law for simplifying and eliminating bureaucracy regarding transfer of shares and …
Significant amendments in the energy sector – bilaterally negotiated PPAs have green light
As of the entry into force of the Electricity and Natural Gas Law no. 123/2012 (“Energy Law“) in July 2012, all wholesale electricity transactions had to be concluded exclusively on the centralized market (“OPCOM“), in a transparent, public, competitive and non-discriminatory manner. The conclusion of bilateral power purchase agreements (“PPAs“) outside OPCOM markets was not …