Arbitration Court Rules in Favour of RWE on Price Revision with Gazprom

An arbitration tribunal ruled that Germany's RWE has overpaid gas supplies from Russia's Gazprom, disposing a rebate for the German utility. 

"In its final award, the tribunal awarded RWE a reimbursement for payments made since May 2010 and adjusted the purchase price formula of the contract by also introducing a gas market indexation, which according to the arbitral tribunal reflects the relevant conditions on the gas market at the time of the price revision in May 2010," reads a note released by RWE on Thursday. 

RWE said that it is currently analysing the award and the effect on its full year guidance in detail, adding that it will inform about the financial implications of the ruling in short-term.

The agreement is part of a broader trend for pricing renegotiations between European utilities and gas suppliers from North Africa and Russia.