logo
Plus   Neg
Share
Email

EDF Terminates Arenh Contracts With 3 Energy Suppliers

French electric utility EDF (EDFEF.PK) said it has notified three energy suppliers of the termination of their Arenh contracts.

The company has terminated the contracts linking it with the Alpiq, Gazel and Total Direct Energie power suppliers. The decision is as provided for in the contracts when an interruption occurs for a period of over two months.

The company noted that Covid-19 health crisis and the emergency measures introduced by public authorities on March 17 led to a decline in electricity consumption by non-residential clients, impacting all market players, including EDF.

Due to this, some suppliers decided to revoke their contractual commitments citing force majeure to reduce the volumes bought last November as part of the Arenh contract.

In May, Paris Commercial Court, in a ruling, considered that the conditions for force majeure regarding the Arenh contracts with Alpiq, Gazel and Total Direct Energie, were fulfilled since the introduction of emergency measures by the government. This leads to the termination of the Arenh contracts for these suppliers.

EDF said it firmly rejects the existence of force majeure conditions relative to the Arenh contracts and has filed an appeal with the Paris appeals court.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Tour operator TUI AG Tuesday said Summer 2020 and Winter 2020/21 capacity reduced as a result of recent volatile changes in travel restrictions amid Covid-19 pandemic. The company further announced the launch of Global Realignment Programme, aiming to permanently reduce overhead cost base by 30%. The program potentially impacts 8,000 roles. Home improvement retailer Lowe's Companies Inc. plans to install pickup lockers at all U.S. stores aiming to improve contactless delivery for online buyers amid worsening Covid-19 spread. The "Buy Online Pickup in Store" self-service lockers at its more than 1,700 stores will be available by the end of March 2021. In most major metro markets, the online pickup option will be installed by Thanksgiv Chevrolet, a General Motors division, announced several new mechanical and technological updates for the 2021 model of its fast selling Chevrolet Silverado 1500 light duty pickup trucks. The 2021 Silverado 1500 will begin production in September and arrive at Chevrolet dealerships throughout fall 2020.
RELATED NEWS
Follow RTT