Nord Stream 2 has asked the General Court for annulment of the amended EU Gas Directive because of an infringement of the EU law principles of equal treatment and proportionality.
According to Nord Stream AG, the amendment was clearly designed and adopted for the purpose of disadvantaging and discouraging the Nord Stream 2 Pipeline.
“We as a prudent investor are committed to protecting our investments. But the amendment to the Gas Directive is not only harmful to Nord Stream 2. Such obvious discrimination against an individual commercial investment also undermines the ability of the EU’s internal market to attract investments for making the energy transition a reality,” said Matthias Warnig, CEO of Nord Stream 2 AG.
Nord Stream 2 said it reserves the option to defend its rights under international law by proceeding separately with arbitration against the EU pursuant to the investment protection guarantees of the Energy Charter Treaty (ECT).
On April 12, 2019, Nord Stream 2 AG triggered the three-month consultation period during which parties must seek an amicable settlement before a notice of arbitration can be served. On June 25, a meeting took place between the European Commission and Nord Stream 2 aiming at an amicable settlement under the rules of the ECT. Until today, an amicable settlement has not been reached, and this three-month period has now expired.