Spain's Endesa Faces New LNG Arbitration Over Price Dispute
(Reuters) — Spanish power utility Endesa is facing a new arbitration related to a price review of a long-term liquefied natural gas (LNG) supply contract, Chief Financial Officer Marco Palermo said on Thursday.
A supplier, which he did not identify, launched the case in January and there's no specific claim for now, Palermo told reporters at the presentation of the company's 2024 results.
Endesa estimates the potential hit from the price increase demanded by the counterpart at around $300 million, he said.
It is the latest of several cases the company, owned by Italian energy giant Enel ENEI.MI, has faced in recent years.
In 2023, it was ordered to pay $570 million to QatarEnergy in a dispute over a retroactive price adjustment.
In November, a court rejected a similar case filed by a Nigerian supplier seeking around $650 million in compensation.
The company plans to progressively reduce its gas business as part of its decarbonization plans and will let gas contracts expire with Qatar and Nigeria that end in 2025 and 2026 respectively, Chief Executive Officer Jose Bogas said.
Related News
Related News
- 1,000-Mile Pipeline Exit Plan by Hope Gas Alarms West Virginia Producers
- Valero Plans to Shut California Refinery, Takes $1.1 Billion Hit
- Greenpeace Ordered to Pay $667 Million to Energy Transfer Over Dakota Access Pipeline Protests
- Three Killed, Two Injured in Accident at LNG Construction Site in Texas
- Enbridge Plans $2 Billion Upgrade for North America’s Largest Crude Pipeline
- New Alternatives for Noise Reduction in Gas Pipelines
- Missouri Loses Control Over 1.5 Million-Mile Gas Pipeline Network as Feds Step In
- Enbridge Plans $2 Billion Upgrade for North America’s Largest Crude Pipeline
- South Dakota Governor Signs Bill Banning Eminent Domain for Carbon Pipeline
- Woodside May Delay Final Investment Decision on Louisiana LNG to Q2, CEO Says
Comments