Reykjavik, 2011-12-21 16:15 CET (GLOBE NEWSWIRE) -- Orkuveita Reykjavikur has been required by HS Orka to be a party to HS Orka’s arbitration regarding a dispute with Nordural, as stated in the following release by HS Orka today:
On 16 December 2011, HS Orka hf. ("HS") referred to arbitration a dispute regarding the proper interpretation of a power purchase agreement made by HS and Orkuveita Reykjavikur ("OR") with Nordural Grundartangi ehf. ("Nordural") in 2005. The dispute relates to the quantities of power Nordural is required to purchase from HS under the power purchase agreement for use at the Grundartangi smelter, as compared to the power Nordural may obtain from other sources. Although there is no dispute between HS and OR, HS was required to join OR as a party to the arbitration because OR is a party to the power purchase agreement. The arbitration will be conducted in accordance with the rules of the Arbitration Institute of the Stockholm Chamber of Commerce. An arbitration tribunal has not yet been appointed, and the schedule for the hearing of the dispute remains to be determined.