Tauron sued for PLN 1.2 bln

WSE-listed, state-controlled power utility Tauron was sued by the US utility Invenergy for PLN 1.2 billion over the termination of a 15-year-long contract for the deliveries of electricity and green certificates. Invenergy claims, that the deal, which was signed in 2010 with one of Tauron’s subsidiaries, Polska Energia – Pierwsza Kompania Handlowa, was terminated after Tauron started the process liquidated the unit in 2014 (which was never completed). “We made a long-term investment in Poland with confidence that a legal framework existed to protect our investments from this type of behavior. This case will test the assumptions of our original investment decision and signal to the market whether Poland is a country where investors can rely on the sanctity of contracts,” Michael Polsky, Invenergy CEO, said. Tauron responded by saying that it did not receive any lawsuits and the party in the contract was its subsidiary.