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Lenz & Staehelin and LDDP Successful for Hidroelectrica in UNCITRAL Arbitration Against Energy Financing Team

Lenz & Staehelin and LDDP Successful for Hidroelectrica in UNCITRAL Arbitration Against Energy Financing Team

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Switzerland's Lenz & Staehelin and Romania's Leaua Damcali Deaconu Paunescu have successfully represented Romania's state-owned Hidroelectrica SA as Respondent in arbitration proceedings against Swiss energy trader Energy Financing Team AG held under the 1976 UNCITRAL Rules.

According to Lenz & Staehelin, "the dispute arose out of an agreement for the supply of electricity entered into between Hidroelectrica SA and [EFT], in 2004. EFT's initial claim amounted to EUR 80 million; ultimately, EFT was claiming EUR 40.5 million for loss of profit. In the main phase of the proceedings on the merits, Hidroelectrica SA was successful in its counterclaim that the agreement had been properly terminated under the relevant provision of Romanian law. In the Final Award, dated 24 December 2018, the Arbitral Tribunal dismissed EFT's claims entirely."

The Lenz & Staehelin team included Partner Xavier Favre-Bulle and Associates David Dubin and Hanno Wehland.

The LDDP team consisted of Managing Partner Crenguta Leaua, Senior Partner Andreea Simulescu, and Senior Associate Andra Soare-Filatov.

Romanian Knowledge Partner

Țuca Zbârcea & Asociații is a full-service independent law firm, employing cross-disciplinary teams of lawyers, insolvency practitioners, tax consultants, IP counsellors, economists and staff members. It also operates a secondary law office in Cluj-Napoca (Romania), and has a ‘best-friend’ agreement with a leading law firm in the Republic of Moldova. In addition, thanks to the firm’s dedicated Foreign Desks, the team provides the full range of services to international investors seeking to gain a foothold or expand their existing operations in Romania. Since 2019, the firm and its tax arm are collaborating with Andersen Global in Romania.

Țuca Zbârcea & Asociaţii is providing legal services in every aspect of business, covering all major areas of practice: corporate and M&A; litigation and international arbitration; corporate tax; public procurement; TMT; employment; insurance; banking and finance; capital markets; competition; healthcare and pharmaceutical; energy and natural resources; environmental; intellectual property; real estate; regulatory legal services.

Țuca Zbârcea & Asociaţii is a First-Tier law firm in all international legal directories and a multiple award-winning law firm both locally and internationally. It received the CEE Deal of the Year Award (DOTY Awards 2021) and the Law Firm of the Year Award: Romania (IFLR Europe Awards 2021). 

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