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
The President of the Spanish Government, José Luis Rodríguez Zapatero, will meet this Monday with the German Chancellor, Angela Merkel, to analyse the future EU economic and employment strategy EU2020 before the Twenty-seven approve its basic lines at the Spring European Council.
more »
The planned overhaul of the EU common fisheries policy should take better account of the huge differences across European fleets and fisheries, give greater responsibility to fishing regions, address the problem of fleet overcapacity and improve the traditional quota system, according to a non-binding report adopted by Parliament on Thursday.
more »
The EMU framework and economic governance within the eurozone need to be revamped.
more »
Young people should be a priority in EU action next year, it emerged on Tuesday, as the Budgets Committee started work on the EU's 2011 budget.
more »
European Investment Bank (EIB) support for EU regional policy is crucial for tackling the economic crisis, EIB President Philippe Maystadt told the Regional Development Committee on Monday.
more »
Three thousand former car, refrigerator and construction workers in Germany and Lithuania could get €7.6 million in EU globalisation adjustment fund aid for training, self-employment and professional orientation under plans approved by the Budgets Committee on Tuesday.
more »
Today, 22 February, the EU Council of Agriculture and Fishing in Brussels, under the chairmanship of the Spanish Minister, Elena Espinosa, will analyse the impact of the economic crisis on the Greek agricultural sector, which has experienced a drop in prices and income, with small farms that pose an obstacle for the producer for negotiating with large distribution chains.
more »
Municipal policies to tackle the crisis and their application at EU level will be discussed during the three days of the summit entitled, “Networked Local Governments for a New Europe”, which will bring together representatives from 260 cities in Barcelona.
more »
The EBRD is promoting energy efficiency and renewable energy projects in Moldova, helping the economy to reduce its energy intensity with a new €20 million credit line for on-lending to local private companies.
more »
The EBRD is lending $1.2 million to Salkyn, one of the largest ice cream producers in Turkmenistan, to help the company expand its distribution network and build up its brand.
more »