SAPE has commenced arbitration action against ENEL at the ICA in Paris
Source: m_bartosch

The company in charge with the management of the State’s interest in the energy sector (SAPE) has been admitted the request for arbitration in the Enel case, by the International Court of Arbitration from Paris (ICA), reads a news release from the Department for Energy.

SAPE requested Enel to pay nearly 522 million euro, claiming the “Put” option as provided by the Government Ordinance no. 1163/2012. This option establishes that Electrica is entitled to sell, while Enel is compelled to acquire a stake of 13.57 percent of the shares of the former Electrica Muntenia Sud, according to the pricing mechanism included in the privatization contract signed in July 2007. Enel has not fulfilled its part of the privatization agreement, hence in July, this year, SAPE announced that will commence arbitration procedure against the power supplier.

SAPE, which is a company controlled by the Department of Energy, was set up in 2014 subsequent to the partial division of Electrica prior to its initial public offering. SAPE administers the minority stakes held in power distribution and supply companies which were privatized, including the litigations with investors, transferred from former Electrica branches.

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