Amman - The International Arbitration Tribunal has ruled in favor of the National Electric Power Company (NEPCO) granting a compensation of approximately $18 million due to delays in the commercial operation of the Zarqa Power Plant.
اضافة اعلان
This decision, made per the 2015 Power Purchase Agreement between the involved parties, marks a significant resolution to a longstanding dispute.
The arbitration was initiated by Zarqa Power Plant Company, owned by ACWA Power and Kingdom Electricity For Energy Investments (KEC), in June 2021 against NEPCO.
Following meticulous deliberations, the arbitration tribunal, convened under the auspices of the International Chamber of Commerce in Paris, held its sessions in London in June of the previous year.
After careful consideration, the tribunal dismissed the claims filed by Zarqa Power Plant Company and upheld NEPCO's right to compensation, amounting to approximately $18 million.
The arbitration process, governed by Jordanian law, adhered to specific protocols outlined in the agreement between the parties. These procedures necessitate direct negotiations between the parties to seek an amicable resolution. Should negotiations fail, arbitration serves as the next course of action.
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