Sweden, Norway sign agreement on common electricity certificate market

16:03, June 30, 2011      

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Swedish Energy Minister Maud Olofsson and Norwegian Oil and Energy Minister Ola Borten Moe Wednesday signed an agreement on common electricity certificate market between the two countries in Stockholm.

The common electricity certificate market is planned to start from January 2012 to 2036.

"Sweden and Norway show the way how a common support system on renewable electricity production can function," Olofsson said at a press conference in Stockholm.

This was the first time that the two countries formed such a common supporting system for renewable electricity production. It is also the first example that a cooperation mechanism is used according to the European Union renewable directive.

The agreement is also an important step in development of the Nordic electricity market.

The goal of the common electricity certificate market is to increase renewable electricity production with 26 TWh between 2012 and 2020. Both countries will have equal ambition level. That is about the quantity of electricity production from four nuclear power plants or about 10 percent of electricity production for both countries.

The electricity production within the common electricity certificate market will be divided equally between the two countries.

Sweden has electricity certificate system since May 1, 2003. A common system in Norway shows that Swedish model indicates a bigger market with more actors.

"Increased electricity production will make it more cost effective," said Olofsson.

The energy authorities in both countries have cooperated on the construction possibility of renewable electricity in both countries. There are wind power, hydropower and bio-energy in Sweden.

The agreement must be approved by the parliament to be effective.

Source: Xinhua
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