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 EBRD is making a €4 million equity investment in Geofoto, a Croatian geodetic company offering mapping, geodetic survey, photogrammetry, geoinformatics and aerial survey services, to support its drive to expand operations on international level.
more »
Nordea came out of 2009 in an even stronger position, despite one of the most challenging years for decades. Risk-adjusted profit increased 22% and our capital position and cost of funding are among the best in Europe.
more »
MEPs gave the green light on Thursday for EU funding to help Europe's unemployed start up small businesses.
more »
MEPs are deeply concerned about the long-standing and growing presence of al-Qaeda, and the deteriorating security, social and economic problems in Yemen, which they think could destabilise neighbouring countries.
more »
At the start of a new decade, Sub Saharan Africa is reeling from the effects of three major global crises – food, fuel and financial – that have reversed many of the economic achievements of the last 10 years and left some growth projections at levels below those of 30 years ago.
more »
The 5th High-level Seminar of Central Banks in the East Asia-Pacific Region and the Euro Area was jointly organised by the European Central Bank and the Reserve Bank of Australia, in cooperation with the Hong Kong Monetary Authority.
more »
The EBRD and European Fund for Southeast Europe are boosting the availability of financing to private businesses in Moldova with a $10 million loan to ProCredit Bank in Moldova for on-lending to micro and small enterprises.
more »
The EBRD is supporting the development of the retail infrastructure in Croatia with a €68 million loan to finance the construction of a modern shopping centre in Split, the second largest city in Croatia.
more »
The European Bank for Reconstruction and Development has agreed to sell its 15 percent stake in OAO Swedbank Russia to its parent and major stakeholder, Sweden’s Swedbank AB, a move which would give it full ownership of its Russian subsidiary.
more »
The Ministers of Industry took the first steps in San Sebastián today to make the electric vehicle a reality in Europe and agreed that European institutions, with the EC at the head, should lead a common strategy on electric vehicles.
more »