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Current Report No. 16/2019

02.05.2019 15:40

Ruling of the Court of Arbitration at the Polish Chamber of Commerce on the claims of Abener Energia S.A. against Elektrociepłownia Stalowa Wola S.A.

TAURON Polska Energia S.A. (”Issuer”) informs that it has received information on the issuing on April 25, 2019 of the award by the Court of Arbitration at the Polish Chamber of Commerce in Warsaw (”Arbitration Court”) related to the claim filed by Abener Energia S.A., with its seat in Campus Palmas Altas, Sevilla (”Abener Energia”), against Elektrociepłownia Stalowa Wola S.A., with its seat in Stalowa Wola (”ECSW”), in which the Issuer holds, indirectly via its TAURON Wytwarzanie S.A. subsidiary, 50 percent of shares in the share capital.

The proceedings before the Arbitration Court were related to the claim for payment, the petition to establish legal relationship and the claim for an injunction to submit a statement of will (intent) in conjunction with the terminated contract, concluded between Abener Energia (general contractor) and ECSW (employer), for the construction of an approx. 400 MW CCGT unit, including a heat generation unit, at Elektrociepłownia Stalowa Wola S.A.

According to the ruling of the Arbitration Court, ECSW shall be obligated to pay Abener Energia the amount of PLN 333,793,359.31 plus statutory interest for the delay and the costs of the arbitration proceedings.

The Issuer will analyze the impact of the event on the financial position of the Issuer's Capital Group.

An appeal to have the ruling of the Arbitration Court overturned may be filed with a common court of law. ECSW has proceeded to review the ruling and statement of reasons in order to file an appeal to have it overturned.

Article 17 of MAR - inside information
 

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