EU Court Nixes Hungary State-Aided Power Buy Deal

Law360, New York (February 14, 2012, 8:22 PM EST) -- 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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.