Romania: Alpiq lost another court case against Hidroelectrica, SEE Energy News
Hidroelectrica won the court case against Alpiq Romenergie on disputed cancelled bilateral contracts which generated loss for state company claim the Euroinsol insolvency administrator.
Bucharest Court rejected on Thursday, April 14 appeal by Alpiq Romenergie, a company called by local medias as one of the “smart guys” in power trading, against Hidroelectrica, for cancellation of bilateral contracts for the sale of electricity, announced Hidroelectrica.
Energy trader has lost a lawsuit with Hidroelectrica in February, when the Bucharest Court rejected compensation of 527.7 million lei. In that case, Alpiq seeked compensation for activation of force majeure in 2011 and 2012 by Hidroelectrica.
According to Hidroelectrica contract with Alpiq Romenergie generated during 2008 – May 31, 2012 a loss of 422 million lei for state company.
By cancelling this damaging contract Hidroelectrica generated profits from this available electricity only from August 2012 – December 2015 income of over 220 million lei, reads the Hidroelectrica release.
Energy trader was obliged to pay costs in the amount of 58.762 lei, representing attorneys’ fees. Euro INSOL and Hidroelectrica were defended in court by lawyers from Borza & Associates, respectively Stanescu, Milos, Dumitru & Associates. Romindustries Alpiq was represented by lawyers from the law firm Schoenherr.
Hidroelectrica entered insolvency in June 2012 and subsequently terminated the contracts of bilateral energy traders, known as the “smart guys in power”.
They also purchased cheap electricity from Hidroelectrica, bilateral long-term contracts – some until 2018 – and then resold energy on the open market at much higher quotes.
Hidroelectrica has obtained a gross profit last year of 1.1 billion lei (about 250 million), similar to the level in 2014, and has become in recent years one of the most profitable state companies, transmits Serbia-energy.eu