CEZ seeks arbitration against Gazprom for lower-than-contracted gas delivery in 2022
Czech utility CEZ said on Thursday it had initiated international arbitration in Geneva against Russian gas company Gazprom seeking compensation for lower-than-contracted gas delivery last year.
"CEZ seeks to recover damages of approximately 1 billion crowns ($45 million) arising from Gazprom Export LLC's significant underdeliveries of natural gas supplies in 2022," CEZ said in a statement.
CEZ needs gas for some of its electricity production and is a large gas supplier to Czech households.
It had a direct contract with Gazprom for a small part of those volumes until the end of 2022.
The Czech Republic was nearly completely dependent on Russian gas, mostly through the Nord Stream pipeline and Germany, until last year.
Russia halted supply through the Nord Stream 1 pipeline last August as relations with the West deteriorated after Moscow's invasion of Ukraine, which Russia dubs a "special military operation".
The Czech Republic has replaced Russian supply with piped gas and LNG from other sources.
- TotalEnergies and Mozambique announce the full restart of the $20-B Mozambique LNG project
- RWE strengthens partnerships with ADNOC and Masdar to enhance energy security in Germany and Europe
- Five energy market trends to track in 2026, the year of the glut
- Venture Global wins LNG arbitration case brought by Spain's Repsol
- Trinity Gas Storage reaches FID on Phase II expansion
Comments