Switzerland's Lenz & Staehelin and Romania's Leaua Damcali Deaconu Paunescu have successfully represented Romania's state-owned Hidroelectrica SA as Respondent in arbitration proceedings against Swiss energy trader Energy Financing Team AG held under the 1976 UNCITRAL Rules.
According to Lenz & Staehelin, "the dispute arose out of an agreement for the supply of electricity entered into between Hidroelectrica SA and [EFT], in 2004. EFT's initial claim amounted to EUR 80 million; ultimately, EFT was claiming EUR 40.5 million for loss of profit. In the main phase of the proceedings on the merits, Hidroelectrica SA was successful in its counterclaim that the agreement had been properly terminated under the relevant provision of Romanian law. In the Final Award, dated 24 December 2018, the Arbitral Tribunal dismissed EFT's claims entirely."
The Lenz & Staehelin team included Partner Xavier Favre-Bulle and Associates David Dubin and Hanno Wehland.
The LDDP team consisted of Managing Partner Crenguta Leaua, Senior Partner Andreea Simulescu, and Senior Associate Andra Soare-Filatov.