EUR 40.5 million claim against largest Romanian energy supplier dismissed by UNCITRAL Arbitral Tribunal
Lenz & Staehelin successfully represented a major European energy supplier, Hidroelectrica SA (Romanian state-owned company) as Respondent in arbitration proceedings under the 1976 UNCITRAL Rules. The dispute arose out of an agreement for the supply of electricity entered into between Hidroelectrica SA and a Swiss energy trader, Energy Financing Team (Switzerland) AG (EFT) in 2004. EFT's initial claim amounted to EUR 80 million; ultimately, EFT was claiming EUR 40.5 million for loss of profit. In the main phase of the proceedings on the merits, Hidroelectrica SA was successful in its counterclaim that the agreement had been properly terminated under the relevant provision of Romanian law. In the Final Award dated 24 December 2018, the Arbitral Tribunal dismissed EFT's claims entirely.
The Lenz & Staehelin team included partner Xavier Favre-Bulle and associates David Dubin and Hanno Wehland. Lenz & Staehelin represented Hidroelectrica SA in consortium with the Romanian-based law firm Leaua Damcali Deaconu Paunescu - LDDP (namely Dr Crenguta Leaua, Ms Andreea N. Simulescu and Ms Andra Soare-Filatov).