At a time when many companies are trying to renegotiate the pricing terms of their gas supplies, this is a decision that will make noise: Tuesday, the supervising judge of the Commercial Court of Valenciennes has decided to terminate the contract of long-term supply that united the power plant Poweo Pont-sur-Sambre (North) to Italian energy giant ENI.
March 12, the production plant, now owned by the Austrian Verbund electrician, had been placed under safeguard procedure. Reason: it loses about one million euros per week. Three days later, on March 15, the receiver can catch the commercial court by an application to terminate. There is indeed a difference of nearly 40% between the market price of gas and those supply contracts in the long term, indexed to oil prices – which soared for several weeks. What makes the situation untenable for the Pont-sur-Sambre.
A canceled contract
In fact, the judge may decide the termination under two conditions: firstly, this option is necessary to safeguard the debtor on the other hand, the termination shall not affect significantly the activity of the contractor, in ENI case. The Commercial Court of Valenciennes finally concluded that these two conditions were met, indicating that the supply of Poweo Pont-sur-Sambre – to the tune of 150 million euros per year – accounted for only 0 guaranteed fast personal loans.13% of net Business ENI.
After this decision, the Transalpine oil has several ways to try to counteract it: application for annulment with the commercial court, appeal to the court of appeal, cassation … All these procedures require weeks or months. Meanwhile, the Commercial Court's decision is not suspended and the contract between Poweo Pont-sur-Sambre and ENI is actually terminated.
Whatever the intensity of this battle, it will give ideas to large consumers of gas. They now know that they are likely to be heard before the commercial court if their incumbent supplier does not agree a discount to the extent of the plunge in gas prices. Since the development of shale gas in the U.S. (now exporting) in particular, the economy of this energy has completely returned with an offer suddenly extremely abundant.
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