The Stockholm International Court of Arbitration has ruled that the state of Latvia must pay 1.6 million lats ($2.96 million) in compensation plus legal costs of "a couple hundred-thousand lats" to the Swedish owner of the Windau power plant in Latvia
Published:
25 December 2003 y., Thursday
The decision effectively enforces the terms of a 1997 contract on future power supplies between Latvian state-owned power company Latvenergo and Windau, which is controlled by Nycomb Synergetics Technology (Nycomb).
At the time of that contract, the Latvian state compelled Latvenergo to pay small producers like Windau a considerably higher rate for energy supplies. The arbitration court ordered Latvenergo to pay the higher rate to Windau until September 2007, resulting in an estimated 5 million lats in additional costs. Both sides have until 10 January to appeal the ruling. "I don't think this is a case that should be appealed, as the laws in the matter were rather unclear and changed frequently," Latvian Justice Minister Aivars Aksenoks said. Economy Minister Juris Lujans, who had expressed certainty that Latvia would win the dispute, said Latvia will seek avenues to appeal the 80-page decision.
Šaltinis:
BNS
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
According to the data presented by the Ministry of Finance, in end-January central government debt made up LTL26, 310.8 million or 28% of projected GDP for 2010 (LTL 93, 819 million).
more »
As far as countries affected by the economic crisis, China fared extremely well.
more »
The European Commission has authorised today a Slovak scheme with a budget of approximately €3.32 million which aims at supporting farmers in Slovakia who encounter difficulties as a result of the current economic crisis.
more »
Commission sets out a 10-year strategy for reviving the European economy, casting a vision of ‘smart, sustainable, inclusive' growth rooted in greater coordination of national and European policy.
more »
The European Commission has launched today the Europe 2020 Strategy to go out of the crisis and prepare EU economy for the next decade. The Commission identifies three key drivers for growth, to be implemented through concrete actions at EU and national levels.
more »
Launching of the “SCHOOLS’ initiative for innovation and changes” Grant scheme.
more »
EU Member States must not only deliver on their international aid pledges, but also bring in a financial transactions tax and a temporary debt moratorium, to help developing countries to cope with the effects of the global financial and economic crisis, said the Development Committee on Monday.
more »
The EBRD is increasing its commitments to promote sustainable energy projects in Slovakia with a new €90 million funding under the existing Slovakia Sustainable Energy Finance Facility (SLOVSEFF) to ensure continuous implementation of energy efficiency and small renewable energy projects.
more »
According to the unaudited data, in 2009 AB Bank SNORAS earned LTL 8.7 million profit. The bank’s assets grew by 11 per cent up to LTL 6.342 billion during 2009 and were by LTL 647.8 million larger than at the beginning of 2009.
more »
Aviation security measures that go beyond common EU requirements should be paid for by Member States, not by passengers, said Transport Committee MEPs in a vote on Monday that could put Parliament on a collision course with the Council of Ministers.
more »