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
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