Slovakia might face arbitration case for interfering with natural gas prices

Due to the interference of the state in setting the prices charged by the country’s gas utility, SPP, the state may now face an arbitration case involving €1 billion in claims. If the company wanted to raise its prices before 2008 only its Board of Directors had to approve it but the previous government of Robert Fico decided that the state, as the majority SPP shareholder, could veto the decision, the Hospodárske Noviny daily wrote on September 21.

Due to the interference of the state in setting the prices charged by the country’s gas utility, SPP, the state may now face an arbitration case involving €1 billion in claims. If the company wanted to raise its prices before 2008 only its Board of Directors had to approve it but the previous government of Robert Fico decided that the state, as the majority SPP shareholder, could veto the decision, the Hospodárske Noviny daily wrote on September 21.

SPP is now threatening to claim losses against the Ministry of Economy that it says were caused by such veto action. The new officials of the ministry have been negotiating with the gas supplier.

Former minister Ľubomír Jahnátek says that SPP is only trying to threaten the new minister. Officially, the SPP spokesperson Ondrej Šebesta refused to comment on any news regarding an arbitration filing.

Source: Hospodárske Noviny

Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

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