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2013-05-28 15:38:14 CEST 2013-05-28 15:39:14 CEST REGULATED INFORMATION HS Orka hf. - Company AnnouncementArbritration resultsHS Orka hf has received positive arbitration results regarding a dispute over the quantity of power purchased since October 2011 by Norðurál Grundartangi, one of the primary purchasers of HS Orka‘s geothermal power. The award requires Norðurál Grundartangi to pay cash damages of just over $1.4 million to HS Orka representing 100% of the value of the power that the Grundartangi smelter did not take but was contractually obligated to purchase (such amounts were previously recognized by HS Orka as revenue). The award also upheld HS Orka‘s position regarding Norðurál Grundartangi's required power purchase amounts going forward. For further information contact Júlíus Jónsson tel: 8605208 |
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