(P) Tax Flash: Approval of GEO 57/2013

Law no. 23/2014 approving the Government Emergency Ordinance no.57/2013 for the amendment and supplementation of Law no. 220/2008 on the establishment of the promotion system for the production of energy from renewable energy sources (“Law”) (Law no. 23/2014 – published in the Official Gazette no. 184/14 March 2014) The Government emergency ordinance no.57/2013 (“GEO 57/2013”) for the amendment and supplementation of Law no. 220/2008 (“Law 220/2008”) on the establishment of the promotion system for the production of energy from renewable energy sources has been approved by Law no. 23/2014, with the following significant amendments and supplementations: E-RES Quotas As of 2014, ANRE shall monitor on an annual basis the annual quotas of E-RES which benefits from the green certificates (“GC”) promotion system and, depending on the accomplishment level of the national objective and the impact on the final consumer, will estimate, publish on its website and will inform the Government, by 30th of June of the respective year, in relation to the level of the annual E-RES mandatory quotas which will benefit from the GC promotion system during the following year. During the period 2015 – 2020, the annual E-RES mandatory quota which benefits from the GC promotion system, shall be set on an annual basis by Government decision within 60 days as of the data ANRE communicates said quota. Deferral of GC During the period 1 July 2013 – 31 March 2017 a certain number of GCs, out of the number of GCs provided under art. 6 para. (2) of Law 220/2008, to be received for each 1 MWh produced and delivered by those E-RES producers accredited by ANRE by 31 December 2013, shall be deferred from trading.

The recovery of the deferred GCs shall commence as of 1 April 2017 for hydro and photovoltaic projects and, respectively, as of 1 January 2018 for wind projects, in installments by 30 December 2020 the latest.