HS Orka hf. has received positive results from the arbitration concerning the validity of a power purchase agreement between HS Orka hf. and Norðurál Helguvík ehf.
The arbitration panel determined that the power purchase agreement has lapsed due to certain circumstances, and therefore is at an end. The panel further determined that the ending of the contract was not due to any fault on the part of HS Orka hf., and that all counterclaims advanced by Norðurál Helguvík ehf. in the arbitration have been denied.
Ásgeir Margeirsson, CEO of HS Orka hf. said “We are pleased to have this longstanding issue behind us. This award will enable us to freely pursue new contractual opportunities in Iceland as new power becomes available to us.“
For further information please contact Ásgeir Margeirsson, CEO of HS Orka, tel. +354 855 9301