KUALA LUMPUR: The arbitral tribunal has ruled in TENAGA NASIONAL BHD []'s favour in its dispute with Segari Energy Ventures Bhd (SEV).
Tenaga said on Thursday, Nov 18 the tribunal ruled Tenaga was entitled to RM14.51 million out of the RM43.69 million claimed.
'Tenaga's counterclaim of RM50.87 million is partly allowed in the amount of RM17.71 million,' it said.
To recap, on Aug 29, 2007, SEV commenced arbitration proceedings against Tenaga on the basis that Tenaga had allegedly wrongfully deducted a sum of RM43.69 million from available capacity payments due and payable to SEV for October 2005, August 2006 and February 2008.
Tenaga responsed that such sum was legally deducted in accordance with the terms of the power purchase agreement between Tenaga and SEV following the latter's failure to comply with dispatch instructions.
Thus, Tenaga filed a counterclaim for a declaration that the amount of RM43.69 million had been lawfully deducted.
On or about March 2009, Tenaga noticed an error in the calculation of the amount deducted for the month of February 2008, leaving a shortfall of RM282,734.88 due to Tenaga. Tenaga amended its counter claim to also seek payment of this amount.
In addition, Tenaga had also filed in a counterclaim for an account to be taken for overpayments of energy payment made by Tenaga to SEV, estimated to amount to RM50.87 million (or RM34 million in the event the tribunal holds that Tenaga's claim between the period of Oct 3, 1999 and Dec 14, 2001 is barred by limitation).
Tenaga said on Thursday, Nov 18 the tribunal ruled Tenaga was entitled to RM14.51 million out of the RM43.69 million claimed.
'Tenaga's counterclaim of RM50.87 million is partly allowed in the amount of RM17.71 million,' it said.
To recap, on Aug 29, 2007, SEV commenced arbitration proceedings against Tenaga on the basis that Tenaga had allegedly wrongfully deducted a sum of RM43.69 million from available capacity payments due and payable to SEV for October 2005, August 2006 and February 2008.
Tenaga responsed that such sum was legally deducted in accordance with the terms of the power purchase agreement between Tenaga and SEV following the latter's failure to comply with dispatch instructions.
Thus, Tenaga filed a counterclaim for a declaration that the amount of RM43.69 million had been lawfully deducted.
On or about March 2009, Tenaga noticed an error in the calculation of the amount deducted for the month of February 2008, leaving a shortfall of RM282,734.88 due to Tenaga. Tenaga amended its counter claim to also seek payment of this amount.
In addition, Tenaga had also filed in a counterclaim for an account to be taken for overpayments of energy payment made by Tenaga to SEV, estimated to amount to RM50.87 million (or RM34 million in the event the tribunal holds that Tenaga's claim between the period of Oct 3, 1999 and Dec 14, 2001 is barred by limitation).
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