12:24 18.12.2020

RES generators to challenge regulator's decision to pay fee to Guaranteed Buyer to secure its participation in intl arbitration tribunal – experts

2 min read

KYIV. Dec 18 (Interfax-Ukraine) – The majority of green electricity producers, in respect of which the National Energy and Utilities Regulatory Commission of Ukraine (NEURC) decided that they are to pay 0.11% of the net income for the first three quarters of 2020 to the state-owned enterprise Guaranteed Buyer to create a special fund for participation in international arbitrations, will challenge this decision in court, Director of the Solar Energy Association of Ukraine Artem Semenyshyn has said.

"Most of the companies that have come under the so-called NEURC sanctions will sue seeking their cancellation. The regulator's decision does not have any legal basis," Semenyshyn said at a press conference at Interfax-Ukraine on Thursday.

According to him, having obliged one side to pay the costs of the other, the commission came out in making this decision for the redistribution of its powers, since these issues are clearly regulated in procedural legislation.

According to Chairman of the board of the Ukrainian Association of Renewable Energy Oleksandr Kozakevych, many investors are considering the possibility of applying to international arbitration against Guaranteed Buyer for green electricity debts, but have not yet filed such claims.

"Even more, there are no trigger letters yet, that is Guaranteed Buyer does not bear any financial costs in arbitration," he said.

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