Russian Inter RAO demands Georgia to pay 80.5 $ million

2021/12/79845-1638430832.jpg
Read: 324     11:00     02 Декабрь 2021    

The Russian energy holding "Inter RAO" demands from Georgia to pay compensation in the amount of $ 80.5 million.
According to the Russian TV channel Rossiya 24, the Stockholm Arbitration has put an end to the long-standing energy dispute between the Russian state-owned company Inter RAO and the government of Georgia.
It is reported that by March 2022, the amount of compensation will be revised and will probably exceed $ 100 million. If Georgia does not pay, then its accounts or property abroad may be seized.
Meanwhile, the Georgian government says it has already appealed the decision of the Stockholm Arbitration Court. This is stated in a statement issued by the Ministry of Justice of Georgia.
The lawsuit against Georgia was filed by the subsidiaries of Inter RAO registered in the Netherlands: Gardabani Holdings, which owns two hydroelectric power plants in Georgia on the Khrami River - Khrami-1 and Khrami-2, as well as Silk Road Holdings, which owns 75% of Telasi, which serves the Tbilisi electric grid.
Energy companies demand that the Georgian authorities compensate them for the damage caused by the devaluation of the lari in 2014 and challenge the refusal of the Georgian authorities to raise the electricity tariff.
The Russian energy holding declares Georgia's violation of its obligations to observe fair and equal treatment of investments under the country's agreement with the Netherlands on the promotion and mutual protection of investments.
In 2016, representatives of the Russian company applied for an increase in the consumer tariff for electricity to the National Commission for Energy and Water Supply Regulation of Georgia, explaining this by depreciation of lari. After the application was not satisfied, an appeal to arbitration followed.
Inter RAO demanded compensation in the amount of 200 million, which was not satisfied based on arguments and evidence presented by the Government of Georgia, and on November 23, 2021, the amount of compensation was determined at the level of 80.5 million dollars," the Ministry of Justice of Georgia reports.
"The state still believes that the tariffs were determined correctly in 2014 and therefore the arbitration decision was appealed to the Stockholm Court as unfounded," the ministry said in a statement.
At the same time, it is noted that regardless of how the lawsuit ends, this will not affect consumer electricity tariffs in Georgia.

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Russian Inter RAO demands Georgia to pay 80.5 $ million

2021/12/79845-1638430832.jpg
Read: 325     11:00     02 Декабрь 2021    

The Russian energy holding "Inter RAO" demands from Georgia to pay compensation in the amount of $ 80.5 million.
According to the Russian TV channel Rossiya 24, the Stockholm Arbitration has put an end to the long-standing energy dispute between the Russian state-owned company Inter RAO and the government of Georgia.
It is reported that by March 2022, the amount of compensation will be revised and will probably exceed $ 100 million. If Georgia does not pay, then its accounts or property abroad may be seized.
Meanwhile, the Georgian government says it has already appealed the decision of the Stockholm Arbitration Court. This is stated in a statement issued by the Ministry of Justice of Georgia.
The lawsuit against Georgia was filed by the subsidiaries of Inter RAO registered in the Netherlands: Gardabani Holdings, which owns two hydroelectric power plants in Georgia on the Khrami River - Khrami-1 and Khrami-2, as well as Silk Road Holdings, which owns 75% of Telasi, which serves the Tbilisi electric grid.
Energy companies demand that the Georgian authorities compensate them for the damage caused by the devaluation of the lari in 2014 and challenge the refusal of the Georgian authorities to raise the electricity tariff.
The Russian energy holding declares Georgia's violation of its obligations to observe fair and equal treatment of investments under the country's agreement with the Netherlands on the promotion and mutual protection of investments.
In 2016, representatives of the Russian company applied for an increase in the consumer tariff for electricity to the National Commission for Energy and Water Supply Regulation of Georgia, explaining this by depreciation of lari. After the application was not satisfied, an appeal to arbitration followed.
Inter RAO demanded compensation in the amount of 200 million, which was not satisfied based on arguments and evidence presented by the Government of Georgia, and on November 23, 2021, the amount of compensation was determined at the level of 80.5 million dollars," the Ministry of Justice of Georgia reports.
"The state still believes that the tariffs were determined correctly in 2014 and therefore the arbitration decision was appealed to the Stockholm Court as unfounded," the ministry said in a statement.
At the same time, it is noted that regardless of how the lawsuit ends, this will not affect consumer electricity tariffs in Georgia.

newsgeorgia.ge





Tags: