Regarding offshore wind power, the transmission system operator (TSO), Elia, is obligated to buy green certificates from generators at a minimum price set by federal legislation. This system was established in 2002 and was amended in 2014 and 2016. Purchase agreements must be approved by the regulator, CREG, and purchase obligations apply for a period of 22 years, but may not exceed the depreciation period.
Belgium introduced changes to the levelized cost of wind energy (LCOE) based formula to address the risk of overcompensation. Following the amendment, LCOE levels will be fixed by the Energy Minister for each beneficiary separately based on a proposal from the CREG. So far, prices have been fixed for two parks:
- Norther at 124.00 EUR (130.57 USD)
- Rentel at 129.80 EUR (136.68 USD)