The energy produced at the two power plants is converted by Hidroelectrica, under the Kyoto Protocol, into emission reduction units (ERU) and issued to other signatories of the United Nations Framework Convention on Climate Change (UNFCCC).
The company obtained on Monday 2.92 million euros from NL Energy&Climate Change, the Dutch governmental authority, with other 1.41 million euros having been invoiced and will be collected in Dec. 2012, following the confirmation of the ERU quantities over 2008-2011.
According to the company, the ERU Monitoring Reports as regards the additional energy produced at the Iron Gates I and II in 2012, as a result of the retechnologization, and for the energy produced in the new production units that turned operational between 2009-2012, are currently analyzed. The estimated value of the ERUs stands at 1.73 million euros.
According to the provisions of the Kyoto Protocol and the Understanding Memorandum signed in the Hague on Nov. 23, 1999 between Romania's Government and the Netherlands' Government, Hidroelectrica sealed contracts with the SenterNovem Agency, currently NLAgency2, to transfer ERUs, under the Joint Implementation project-based mechanism.
Romania is party to the United Nations Framework Convention on Climate Change, ratified by Law No. 24/1994 and also to the Kyoto Protocol, by Law. No. 3/2001.