The study was prepared for the Marguerite Fund with the objective of assessing the electricity and Green Certificate market in Romania in light of Marguerite’s intended investment in a 180MW wind power plant in the Dobrogea region. ECA prepared an overview of the Romanian electricity market, wholesale electricity price projections and scenarios analyses, description of the Green Certificate mechanism, green certificates price projections and scenarios analysis, plus analysis of the Romanian grid infrastructure and potential for overloading in the future.