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This decision, which is in accordance with the 2015 power purchase agreement between the involved parties, signifies a significant resolution to a protracted dispute, the Jordan News Agency, Petra, reported.
The arbitration process was initiated by the Zarqa Power Plant Company, a joint venture of ACWA Power and Kingdom Electricity for Energy Investments, against NEPCO in June 2021.
The arbitration tribunal, convened under the auspices of the International Chamber of Commerce in Paris, held its sessions in London in June 2023.
After thorough deliberations, the tribunal dismissed the claims filed by the Zarqa Power Plant Company and upheld NEPCO’s entitlement to compensation.
The arbitration process, governed by Jordanian law, adhered to specific protocols outlined in the agreement between the parties. These procedures necessitate direct negotiations between the parties to seek an amicable resolution. In the event of unsuccessful negotiations, either side has the right to seek arbitration.