Romania loses the lawsuit with Enel at the International Court of Arbitration in Paris

The Romanian state lost the lawsuit against the Italian company Enel at the International Court of Arbitration in Paris for breach of contract for the privatization of Electrica Muntenia Sud subsidiary and must pay court charges amounting to 1.5 million euros, sources in the energy sector said on Wednesday, according to Agerpres.

The Romanian State, through the Energy Assets Management Company (SAPE), has demanded compensation from Enel of 834.2 million euros and 378.6 million lei for breach of contract for the privatization of Electrica Muntenia Sud subsidiary.

The state has also lost lawsuits brought against the other two investors who bought Electrica subsidiaries, namely CEZ and E.ON.

“The Romanian state has started this lawsuit after an inspection of the Court of Auditors for the period 2012-2013 showed that investors have not complied with the privatization contracts. But the Court of Auditors’ representatives did not come with concrete evidence to support the reports, so the state has lost, one by one, lawsuits with companies that bought Electrica subsidiaries”, the mentioned sources said.