SUBSCRIBE
PROFILE

CEZ wins arbitration against Gazprom for over one billion crowns

Czech energy group CEZ has won an arbitration case against Russian company Gazprom, securing more than one billion crowns in damages for reduced gas deliveries in 2022.

Share:

Gain full professional access to energynews.pro from 4.90$/month.
Designed for decision-makers, with no long-term commitment.

Over 30,000 articles published since 2021.
150 new market analyses every week to decode global energy trends.

Monthly Digital PRO PASS

Immediate Access
4.90$/month*

No commitment – cancel anytime, activation in 2 minutes.

START NOW — 4.90$/month

*Special launch offer: 1st month at the indicated price, then 14.90 $/month, no long-term commitment.

Annual Digital PRO Pass

Full Annual Access
99$/year*

To access all of energynews.pro without any limits

SUBSCRIBE — 99$/year

*Introductory annual price for year one, automatically renewed at 149.00 $/year from the second year.

Sign up for free to unlock this article

Czech energy group CEZ announced that it has won an arbitration case against Russian company Gazprom, securing more than one billion crowns (approximately $42.16 million) in damages.

This decision follows Gazprom’s significant reduction in gas deliveries in 2022 after Russia’s invasion of Ukraine. CEZ had to compensate for this shortfall by purchasing gas at high market prices, leading to substantial additional costs for the company.

An arbitration ruling in CEZ’s favour

The arbitration tribunal of the International Chamber of Commerce (ICC) fully upheld CEZ’s claim, ordering Gazprom to pay damages, along with interest and legal costs.

The Czech company stated that if Gazprom does not comply voluntarily with the ruling, it will take the necessary steps to enforce the arbitration award.

A shift in energy supply

Until 2022, the Czech Republic was heavily reliant on Russian gas, primarily supplied through the Nord Stream pipeline via Germany. Following Russia’s reduction in shipments, the country diversified its energy sources, securing pipeline and liquefied natural gas (LNG) supplies from other regions.

Gazprom has not yet responded to the arbitration ruling. CEZ initiated the arbitration proceedings in February 2023 to seek compensation for its financial losses.

  • Popular on energynews.pro
Renaissance Dam could generate $1bn annual revenues for Ethiopia
ScottishPower halts green hydrogen projects despite public funding
Colombia: Petro blocks coal to Israel in a political showdown
Egypt commits $343mn to new gas drilling to support supply
Australian coal exposes global steelmakers to hidden climate risk
NextDecade signs 20-year LNG deal with EQT for 1.5 MTPA from Train 5
NextDecade has signed a liquefied natural gas supply agreement with EQT for 1.5 million tonnes annually from Rio Grande LNG Train 5, pending a final investment decision.
Sawgrass LNG extends supply contract with Barbados until 2030
Sawgrass LNG & Power has renewed its liquefied natural gas supply agreement with state-owned BNECL, consolidating a commercial cooperation that began in 2016.
Gazprom and CNPC seal binding agreement for the Power of Siberia 2 project
Gazprom and China National Petroleum Corporation have signed a binding memorandum to build the Power of Siberia 2 pipeline, set to deliver 50 bcm of Russian gas per year to China via Mongolia.
Permex Petroleum secures option to acquire 50 wells to power Bitcoin mining
Permex Petroleum signed a $3 million purchase option on oil and gas assets in Texas to support a strategy combining energy production and Bitcoin mining.
Enbridge deploys two new gas projects for 2.8 Bcf/d in the United States
Enbridge announces the implementation of two major natural gas transmission projects aimed at strengthening regional supply and supporting the LNG market.
Commonwealth LNG secures final non-FTA export authorization
Commonwealth LNG’s Louisiana liquefied natural gas project clears a decisive regulatory step with final approval from the U.S. Department of Energy for exports to non-free trade agreement countries.
Indonesia secures supply of 10 LNG cargoes for September
The Indonesian government confirmed the delivery of nine to ten liquefied natural gas cargoes for domestic demand in September, without affecting long-term export commitments.
Hungary receives over 5 bn m³ of Russian gas via TurkStream in 2024
Hungary has imported over 5 billion cubic metres of Russian natural gas since January via TurkStream, under its long-term agreements with Gazprom, thereby supporting its national energy infrastructure.
United States clears Rio Grande and Commonwealth LNG toward final decisions
U.S. regulators have approved two major milestones for Rio Grande LNG and Commonwealth LNG, clarifying their investment decision timelines and reinforcing the country’s role in expanding global liquefaction capacity.
Hokkaido Gas readies 2027: LNG tender and volumes
Hokkaido Gas is adjusting its liquefied natural gas procurement strategy with a multi-year tender and a long-term agreement, leveraging Ishikari’s capacity and price references used in the Asian market. —
KOGAS signs 3.3 mtpa of US LNG for ten years starting in 2028
Korea Gas Corporation commits to 3.3 mtpa of US LNG from 2028 for ten years, complementing new contracts to cover expired volumes and diversify supply sources and price indexation.
Bangladesh finalises memorandum with Aramco for LNG supply deals
Petrobangla plans to sign a memorandum with Saudi Aramco to secure liquefied natural gas deliveries under a formal agreement, following a similar deal recently concluded with the Sultanate of Oman.
CTCI wins TWD29.6bn contract for LNG regasification unit at Kaohsiung
CTCI strengthens its position in Taiwan with a new EPC contract for a regasification unit at the Kaohsiung LNG terminal, with a capacity of 1,600 tonnes per hour.
Exxon expects 20% increase in global natural gas demand by 2050
Exxon Mobil forecasts sustained growth in global natural gas demand by 2050, driven by industrial use and rising energy needs in developing economies.
Capstone secures 5.8 MW order in Mexico with major food manufacturer
Capstone Green Energy received a 5.8-megawatt order for its natural gas microturbines, to be deployed across multiple food production facilities in Mexico through regional distributor DTC Machinery.
Harvest Midstream acquires MPLX gas assets in western US for $1bn
Private firm Harvest Midstream has signed a $1 billion acquisition deal with MPLX for gas processing and transport infrastructure across three western US states.
Sempra Infrastructure and EQT sign 20-year deal for Texan LNG supply
Sempra Infrastructure and EQT Corporation have signed a 20-year liquefied natural gas purchase agreement, consolidating Phase 2 of the Port Arthur LNG project in Texas and strengthening the United States’ position in the global LNG market.
Subsea7 secures offshore contract up to $1.25bn with TP-OTC in the Black Sea
Subsea7 was selected to lead phase 3 of the Sakarya gas field, a strategic contract for Türkiye’s energy supply valued between $750mn and $1.25bn.
Japan challenges China’s installation of 21 gas platforms in the East China Sea
Tokyo protests against Chinese installations deemed unilateral in a disputed maritime zone, despite a bilateral agreement stalled since 2010.
Bp awards Baker Hughes a 90-month contract for Tangguh LNG in Indonesia
Bp has awarded Baker Hughes a long-term service agreement for the Tangguh liquefied natural gas plant, covering spare parts, maintenance and technical support for its turbomachinery equipment.

Log in to read this article

You'll also have access to a selection of our best content.