The European Commission has opened an in-depth investigation into an arbitration award ordering Romania to compensate 10 renewable energy investors, to assess whether the payment may constitute illegal state aid under EU rules.
The case stems from Romania's decision to amend its green certificate support scheme for renewable electricity in 2013 and 2014.
The changes prompted a group of investors with interests in five solar photovoltaic projects to initiate arbitration proceedings under the Energy Charter Treaty, claiming they had lost support they would otherwise have received.
As a result, an arbitral tribunal ruled in February 2024 that Romania had breached the Energy Charter Treaty, while ordering the country to pay investors 42.2 million euros ($48.35 million), along with interest and additional costs.
However, according to the EC, the award was incompatible with the rules governing the bloc's internal market, and it is now examining whether this breached EU treaties.
The opening of such an investigation allows Romania, as well as other interested third parties, to submit their comments, the Commission said in a statement.