Norway and Sweden signed today, 29 June 2011, the necessary agreement allowing for the establishment of a joint market for green certificates between the two countries. Official declarations, memorandum of understanding and protocols were signed in 2008, 2009 and 2010, but the new agreement becomes the legally binding cornerstone of the forthcoming market which is planned to start on 1 January 2012.
In terms of quantitative objectives, the agreement sets:
- a common objective of 26,4 TWh of additional electricity generation based on new renewable energy sources by 2020 (Art. 2.1);
- this objective is secured by the engagement made by both parties to cancel an amount of certificates equivalent to 13,2 TWh by 2020 (Art. 2.2);
- the last redemption of certificates will take place in 2035;
The agreement will be officially endorsed by the Parliaments in the autumn.
- Norwegian Ministry of Energy and Petroleum, press release Nr. 63/11, 29.06.2011;
- Video of the ceremony.