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The German government has agreed to a multibillion-euro compensation deal with major utility firms on Friday over its ongoing nuclear energy phaseout.
The majority of the €2.4 billion ($2.9 billion) compensation package will be awarded to RWE and Swedish firm Vattenfall. This is largely to make up for lost revenue from the electricity they could otherwise have sold. Vattenfall will receive €1.425 billion and RWE €880 million. Smaller payouts of €80 million and €42.5 million were made to EnBW and EON/PreussenElektra to make up for investments made at plants when their licenses were renewed in 2010. Part of RWE’s compensation also covers some investments made.
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This press release contains “forward‐looking information” and forward-looking statements” under applicable Canadian and U.S. securities laws (collectively, “forward‐looking statements”). These statements relate to future events or the Company s future performance, business prospects or opportunities that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management made in light of management s experience and perception of historical trends, current conditions and expected future developments. Forward-looking statements include, but are not limited to, statements with respect to: the timing and amount of estimated future production; arbitration proceedings; and the validity of the Advance Pricing Agreement. Assumptions may prove to be incorrect and actual results may differ materially from those anticipated. Consequently, guidance cannot be guaranteed. As such, in
By Reuters Staff
4 Min Read
DUBAI (Reuters) - Kuwaiti logistics company Agility’s claim to recover more than $380 million it said it lost in Iraq has been rejected by an international tribunal, a document seen by Reuters showed.
Agility, one of the largest Gulf logistics companies, was also ordered to pay Iraq more than $5 million for costs related to the case.
The company filed for arbitration in 2017 with the International Centre for Settlement of Investment Disputes (ICSID), which is part of the World Bank Group and handles disputes between international investors.
Agility has said Iraq indirectly confiscated its investment, which was worth over $380 million, and violated a 2015 bilateral protocol between Kuwait and Iraq on encouraging the movement of capital and investment between the two countries.
What does delivering a net zero investment portfolio actually entail?
Jonathan Boyd
How difficult is it to achieve a net zero investment portfolio?
On the face of it, the trend is favourable. BlackRock s CEO Larry Fink has warned companies that they face increased scrutiny of their carbon-cutting plans and US president Joe Biden has outlined $2tr of commitments in support of climate action at a time when thousands of businesses and scores of national governments are unveiling net zero strategies. The EU is pushing ahead with its broader plans for a more sustainable finance sector, while it and other G20 members, including China, are already committed to bolstering financial stability in the face of escalating climate impacts, primarily through the widespread adoption of corporate climate risk reporting in line with the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD) recommendations.