Swiss company EFT, part of the EFT British group, called Hidroelectrica to the Court of Arbitration in Bern, to recover damages of EUR 80 million due to the unilateral termination, by the state-controlled power producer, of the bilateral contracts of sale energy.

“According to the contracts, both the contracts and the arbitration are governed by Swiss law”, a release of EFT states.

Contracts between the EFT and Hidroelectrica were completed in 2003 and 2004.

EFT states that the denunciation by Hidroelectrica of these agreements produced “significant financial losses”, estimated at approximately 80 million euro.

The Swiss energy trading company is active in Romania since 200. In 2013, the EFT group has conducted 800 million euro business, internationally.

EFT is one of the companies that had large contracts with Hidroelectrica; in 2011 the company purchased 136.68 million lei (32.3 million euro) worth power.

Euro Insol, the judicial administrator of Hidroelectrica, denounced EFT contract in 2012, the year when the state-own producer first entered insolvency.