EU Court Nixes Hungary State-Aided Power Buy Deal

Law360, New York (February 14, 2012, 8:22 PM ET) -- The European Union General Court on Monday confirmed that electricity purchasing agreements between Hungarian power company Budapesti Eromu Zrt and state-owned utility Magyar Villamos Muvek Zrt gave Budapesti Eromu an unfair advantage over competing power companies.

In upholding a 2008 decision by the European Commission, the court found that the agreements — in which Budapesti Eromu is guaranteed that a fixed quantity of its electricity will be bought by Magyar Villamos Muvek at a fixed price for the life of the deal — don't correspond to...
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