Russian energy giant Gazprom has been ordered to reimburse RWE for overpayments the German utilities company had made on gas purchases.
An arbitration tribunal hearing in Vienna ruled in favour, ordering Gazprom to revise the purchase price payable under its long-term contract since May 2010.
Now the Russian provider must repay RWE for the excess charged, and ordered the price formula to be revised through a gas market indexation to price changes.
“RWE is currently analysing the award and the effect on its full year guidance in detail,” the company said in a statement.
“RWE will inform about the financial implications of the ruling in short-term.”
The ruling is believed to be the first to impose spot pricing on Gazprom. Earlier this month the two companies failed to sign a new agreement. Instead the German consortium signed a deal with Ukraine on gas supplies via a new route: through Poland, Hungary and Slovakia, which will cost the Eastern-European country $130 less than gas supplied by Gazprom.
Gazprom shares lost 2,23% on the Moscow exchange after the ruling.
Recommended for you
