ECA has undertaken economic modelling of the cap-and-trade quota system for providing financial support to renewable energy producers in Romania which has seen significant oversupply in recent years following previous adjustments to its design. Under different policy proposals for the scheme’s further amendment, ECA modelled the supply, demand and value of green certificates to scheme closure in 2031 and the resulting impact on investor returns and consumers. Policy options include deferred award of certificates, changes to the time certificates can be held before redemption, adjusting cap and floor pricing and changing the methodology for setting the scheme quota.