Another wind farm investor sues Romania for phased off incentives

Kelag, one of the most important energy holding companies in Austria and the owner of three wind farms in Romania, referred Romania to the World Bank’s International Center for the Settlement of Investment Disputes (ICSID) in Washington, accusing the country of violating the so-called Energy Charter Treaty (TEC), Profit.ro reported.

It is the latest of a long series of investors that sued Romania for the incentives initially extended under Law 220/2008, revised in 2010, that were gradually phased out during 2013-2018. The exact object of the arbitration proceedings brought by the Austrian group is also not clear.

The document invoked by Kelag (TEC) is an international agreement concluded in 1994 by European states and the former Soviet Union, which sets out the principles of international energy cooperation and contains provisions on investment protection in the energy sector.

The Court of Justice of the European Union (CJEU) recently ruled that the TEC is incompatible with Community law.

Kelag owns and operates in Romania three wind farms: Mihai Viteazu 1 (13.8 MW), Dudești (8 MW) and Pogoanele (8 MW).

(Photo: Pixabay)

andrei@romania-insider.com

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Another wind farm investor sues Romania for phased off incentives

Kelag, one of the most important energy holding companies in Austria and the owner of three wind farms in Romania, referred Romania to the World Bank’s International Center for the Settlement of Investment Disputes (ICSID) in Washington, accusing the country of violating the so-called Energy Charter Treaty (TEC), Profit.ro reported.

It is the latest of a long series of investors that sued Romania for the incentives initially extended under Law 220/2008, revised in 2010, that were gradually phased out during 2013-2018. The exact object of the arbitration proceedings brought by the Austrian group is also not clear.

The document invoked by Kelag (TEC) is an international agreement concluded in 1994 by European states and the former Soviet Union, which sets out the principles of international energy cooperation and contains provisions on investment protection in the energy sector.

The Court of Justice of the European Union (CJEU) recently ruled that the TEC is incompatible with Community law.

Kelag owns and operates in Romania three wind farms: Mihai Viteazu 1 (13.8 MW), Dudești (8 MW) and Pogoanele (8 MW).

(Photo: Pixabay)

andrei@romania-insider.com

Normal
 

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