Yahoo Finance Information on Arbitration Award
MADRID, November 20, 2023--(BUSINESS WIRE)--
Borja Acha Besga
Secretary of the Board of Directors
Madrid, 20 de noviembre de 2023
In accordance with the provisions of Article 226 of the Spanish Securities Market Act, Endesa, S.A. hereby issues notice of the following Insider Information:
The International Court of Arbitration of the International Chamber of Commerce (ICC) has notified Endesa Generación, S.A.U. of the award issued in arbitration proceedings aimed at reviewing the price of a long-term liquefied natural gas ("LNG") supply contract, which was disclosed to the market in the notes to ENDESA’s financial statements.
As a result of the award, Endesa Generación, S.A. must pay an estimated amount of 570 million USD (approximately 530 million EUR) to the opposing party, a liquefied natural gas producer, for a retroactive price adjustment, recording an accounting impact on the pre-tax results of ENDESA's consolidated accounts, for the same amount.
ENDESA’s Board of Directors is scheduled to meet next Wednesday, 22 November, to discuss the ensuing proposed amendment to the current Dividend Policy for 2023-2026. This amendment, if approved, will imply that the effects of the arbitration award will have no impact on the amount of dividends scheduled for 2023, and will be disclosed to the market in due course.
Secretary to the Board of Directors
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Contacts
Endesa, S.A.
