Two guarantees that look alike in a model and are not

Position as at 2 October 2026

Romanian developers now carry two guarantees that look alike in a model and are not.

Since 25 May 2026, ANRE Order 15/2026 sets the connection guarantee at 20% of the connection tariff, excluding VAT, for projects above 1 MW of approved evacuation power. A transitional rule leaves out cases where the operator had already communicated the guarantee value before that date.

Order 16/2026 adds a second one at the authorisation stage: 30 EUR/kW of installed capacity, constituted when the authorisation to establish (AI) application is filed and held until the reception protocol.

Different base, different trigger. One follows a tariff the grid operator calculates. The other follows nameplate power. One belongs to the connection stage, the other to authorisation.

What I most often see is a single line called "regulatory guarantees", one number at one date. For scale, and only as arithmetic: 30 EUR/kW on an illustrative 100 MW project is EUR 3.0 million. How that is funded is a financing question, and it needs an answer before the filing, not after.

Source: ANRE Orders 15/2026 and 16/2026, Monitorul Oficial nr. 436 and 439 of 25 May 2026.

I follow these orders and their dates weekly in Sol Signals: https://sol-associates.ro/signals/

Originally posted on LinkedIn: view the original post.

Day counts and deadlines are as of the post date; check the regulatory calendar for the current position. General information prepared from public sources, not legal advice. Read the disclaimer.