Endesa will have to pay about 570 million dollars (about 530 million euros) due to an arbitration award issued by the International Court of Arbitration of the International Chamber of Commerce (ICC) for the review of the price of a long-term supply contract. term of liquefied natural gas (LNG), as the company communicated to the market yesterday.
The impact that this judicial resolution will have on the company's accounts was reflected yesterday in its stock price, which fell by 0.84%, making it the company with the most losses yesterday, in total the value fell to 174%. millions of euros.
The origin of the conflict lies at the time of the review of various liquefied gas supply contracts that Endesa had to renegotiate in 2022 in the midst of an escalation in prices with companies that the company did not want to confirm and that the lack of agreement led to that the decision had to be made by a third party, one has ruled in favor of the company, the other against.
Endesa, which will hold a board of directors meeting on Thursday in which it will present its strategic plan for the coming years, has assumed that decision and on Thursday it will propose to its main management body the modification of its current dividend policy for the year 2023-2026.
However, the energy company foresees that the effects of the award will not have consequences on the amount of the dividend planned to be paid to its shareholders for 2023. “This modification, if approved, will determine that the effects of the award will not have consequences on the amount of the dividend planned for 2023, and will be communicated to the market in a timely manner,” the statement assures the market.