arbitration started
RWE also wants compensation from Gazprom
12/05/2022, 8:22 p.m
The energy supplier wants to claim part of the losses from the suspended gas supplies from Russia at Gazprom. Like the Uniper group, which is about to be nationalized, the Essen-based company is aiming to go to an arbitration tribunal. In the Uniper case, the Russian side has already rejected this.
After the energy group Uniper, the Essen-based supplier RWE is also demanding damages from the Russian Gazprom group for missing gas deliveries. RWE has therefore initiated arbitration proceedings against Gazprom, the company announced. RWE did not give any details.
Uniper initiated arbitration proceedings against Gazprom in Stockholm last week, before which the case is to be heard under Swiss law. The group, which is about to be nationalized, had estimated the financial damage caused to the company by expensive replacement purchases for Russian gas at 11.6 billion euros. Uniper is by far Gazprom’s largest German customer. The amount in dispute in the case of RWE is therefore likely to be significantly lower. The “Handelsblatt” quoted the analyst Guido Hoymann from the Metzler Bank with the assessment that losses at RWE could be less than one billion euros.
Gazprom immediately rejected Uniper’s demands. The Russian gas giant does not share Uniper’s legal opinion. It is therefore unclear whether there will be any proceedings at all. According to Uniper CEO Klaus-Dieter Maubach, both parties must agree on an arbitrator. However, it is owed to the shareholders, the employees and the German taxpayers to take legal action. If necessary, Uniper will also take legal action before German courts.
The Leipzig-based gas group VNG, which was also hit hard by the Russian supply freeze, did not want to comment on whether it is also seeking proceedings against Gazprom. “Of course, we examine all options and evaluate them in order to limit damage to the greatest possible extent,” said the EnBW subsidiary when asked.