By Pierre Bertrand

Uniper said that an arbitration award of an estimated 550 million euros ($602.1 million) against a subsidiary will have an impact on its year-end result.

The German utility said that the award against its subsidiary stems from arbitration proceedings which began in early 2021 between it and an European energy company and relates to the pricing provisions of a long-term agreement for the supply of liquified natural gas, which has since expired, the company said Sunday evening.

Uniper added that it was notified of the award against its subsidiary on Friday evening.

"Uniper is currently analyzing the reasoning of the decision and reviewing all possible avenues of legal recourse against the award," it said.

Write to Pierre Bertrand at pierre.bertrand@wsj.com

(END) Dow Jones Newswires

November 27, 2023 01:33 ET (06:33 GMT)

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