Price revision of 1 billion euro with an estimated positive impact on 2015 Edison’s result of about 850 million euros on EBITDA.
Milan, November 27, 2015 – As of today the International Court of Arbitration of the ICC – International Chamber of Commerce - has notified to Edison the award related to the dispute between Edison and ENI for the revision of the price of the long term gas contract from Libya.
The Arbitral Tribunal has accepted the 2012 Edison’s request for a price revision with a retroactive payment of about 1 billion euro.
The overall impact of the award on the 2015 EBITDA is estimated to be about 850 million euro due to some Take or Pay contractual options exercised during this year.
The Court will decide on interests, legal costs and on the exact amount due by ENI.
Quinn Emanuel has represented and defended the Company in the proceedings.
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