The arbitration dispute between EVN and Bulgaria ends with an agreement

The arbitration dispute brought by the Austria's EVN AG against Bulgaria at the International Dispute Settlement Body (ICSID) has ended on 10 April 2019. The two parties have reached an agreement and Bulgaria will not pay the sought reward, Capital daily reported. The company receives legal certainty and it is perceived as a long-term investor on the local market. Recall that the dispute aroused out of actions by Bulgarian regulatory authorities and government agencies in relation to the pricing of electricity and compensation for public obligations in respect to renewable energy. These measures caused substantial damage to EVN AG and its affiliates. The dispute was initiated in July 2013 while the disputes by the other two distribution and supply groups CEZ and Energo-Pro were initiated in July 2016 and May 2015, respectively.