The Romanian state has lost the arbitration against Italian energy company Enel which was launched before the International Court of Arbitration in Paris for failure to comply with the privatization contract of Electrica Muntenia Sud, and will have to pay 1.5 million euros in damages.
Through its Management Company for Ownership in Energy (SAPE), Romanian state requested that Enel has to pay 834 million euros for unpaid fines and breaching the provisions of privatization contract, plus additional funds in damages which represented dividends for 2007 and 2008. In total, the state requested more than 920 million euros from Italian company which privatized three subsidiaries of electricity supplier Electrica (Banat, Dobrogea and Muntenia Sud).
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Tags: arbitration, Banat, distribution, Dobrogea, Electrica, electricity, Enel, legal, Muntenia Sud, privatization, Romania