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Enel may get up to Sk50 billion in compensation

IF SLOVAKIA withdraws from a contract leasing the hydro-power plant in Gabčíkovo to power producer Slovenské Elektrárne, the utility’s majority owner, the Italian firm Enel, may demand compensation of up to Sk50 billion.

Dominik Kocinger, the government’s appointee for Gabčíkovo, claims that the previous government signed a disadvantageous contract with Enel on leasing Gabčíkovo. On the basis of this contract, Enel will be entitled to compensation for lost profits for 30 years should Slovakia break the deal.

Last year, profit from the operation of the Gabčíkovo plant came to Sk1.2 billion, and Kocinger expects that the price of electricity will increase in the coming years, the Sme daily wrote.

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