July 18 (SeeNews) – A Belgrade arbitration court has ordered Bosnian coal mining and energy producing company RiTE Ugljevik [BANJ:RTEU-R-A] to pay a 67 million euro ($75 million) compensation to Slovenia’s state-owned electricity producer Holding Slovenske Elektrarne (HSE), Slovenian media reported on Tuesday.
The court found that Elektrogospodarstvo Slovenije, the predecessor of HSE, is entitled to compensation for electricity not delivered by RiTE Ugljevik in the period from June 2011 to December 2021, Slovenian public broadcaster RTV reported.
According to Slovenian daily Dnevnik, HSE is working to get the awarded compensation returned in kind, either in the form of an ownership stake in RiTE Ugljevik or in electricity from the Bosnian power system.
Elektrogospodarstvo Slovenije co-financed the construction of the Ugljevik power plant in the 1980s, and was receiving electricity from it until 1991 when the wars in Bosnia and Croatia broke out.
HSE initiated launched arbitration proceedings claiming compensation for the lack of electricity deliveries both in Belgrade, the capital of the former Yugoslavia, and in the International Center for Settlement of Investment Disputes in Washington, D.C. According to Dnevnik, the HSE’s basic claim in both ongoing arbitration proceedings is worth approximately 760 million euro.
