Vattenfall and the Federal Republic of Germany have reached an agreement for settlement regarding the international investment dispute on the Moorburg power plant in Hamburg, Germany. Vattenfall’s CEO Øystein Løseth:
The German Government and Vattenfall have reached an agreement regarding the termination of the arbitral proceedings initiated by Vattenfall before the World Bank arbitral tribunal ICSID (International Centre for Settlement of Investment Disputes) against the Federal Republic of Germany. The agreement sets forth the procedure for the amicable settlement of the dispute aimed for by the parties. Statements regarding the content of the agreement cannot be made as the ICSID arbitration proceedings are still pending.
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