The second round of arbitrations on long-term gas contracts ended in success for Edison, which won the award with Eni worth around one billion euros, which will have a positive impact on this year's gross operating margin of approx 850 million. This was communicated by Edison itself.
The big arbitration international notified by the International Chamber of Commerce concerns the supply of Libyan gas by Eni to Edison for 4 billion cubic meters per year. The dossier had been opened following Edison's request to Eni to review the price envisaged in the long-term contract, caused by the misalignment between the prices of the gas spot market, in the light of the energy market crisis, and those provided for by the Eni contract.
The Court therefore established equal compensation for Edison to 1 billion. However, as at 30 June Eni already had allocated 800 million to the related provision for risks.
