fiasco Castor underwater gas tank and the fight for million-dollar compensation and repayment it entails is still ongoing in the courts, a decade after it ceased operations. The National Court rejected the appeal of Castor’s former operator, Escal UGS, a company 66% controlled by Castor. ACS group, and forces 209.7 million euros received between 2014 and 2017 back into the Spanish gas system.
UGS Scale It is suing to overturn the 2019 decision of the National Markets and Competition Commission (CNMC) requiring the repayment of 195 million euros (without taking into account interest) for the settlements delivered to it as notional compensation. The project was closed after hundreds of earthquakes were detected off the coast of Castellón.
The approximately $210 million that ACS has to return to the company it controls corresponds to the gas system’s final payments in 2014, 2016 and 2017. The National Court’s decision of July 5 is still valid. subject to appeal before Supreme Court.
soap opera of the decade
The Beaver soap opera comes from far away. In 2008, the Government of José Luis RodrÃguez Zapatero approved the construction of an underground gas reservoir off the coast of Castellón. The plant closed early due to its association with nearly 500 earthquakes in the area, and the Executive decided that it would be Spanish consumers who would pay the entire project fiasco through gas bills and for 30 years.
Mariano Rajoy’s manager confirms a deal 1,350.7 million compensation for Escal UGSThe amount to be reflected on the natural gas bill. The debt was first conveyed to Enagás, the manager of the gas system, and the company securitized it and transferred collection rights to Santander, Caixabank and Bankia, through which it deposited periodic sums for almost two years (between 2016 and 2017). Dissolution of the National Markets and Competition Commission.
However The Constitutional Court was annulled in December 2017 Considering that such a decision cannot be taken by decree as the Executive does, and in any case must be made with a norm at the legal level, the payment of compensation of over 1,350 million was approved.
Years later, in 2020, the Supreme Court nevertheless recognized this right. Santander, Caixabank and Bankia Compensation for the $1,350 million they gave to cover the damage caused by the project. However, this year the National Court also rejected Santander and Caixabank’s claim to have received more than 100 million in exchange for financial interest.
In 2019, after paralyzing the collection system through the gas bill, the CNMC agreed to demand Escal and the banks that assumed the rights to the outstanding debt to return a total of 368.4 million euros (without interest) that had already been collected for payments. Regulated activities in the gas sector. Escal UGS was ordered to repay $195 million (the amount now approved by the National Court); 71.9 million to Santander; 48 million to Caixabank; 21.1 million to Bankia; and Enagás Transporte, 32.4 million.
Source: Informacion
James Sean is a writer for “Social Bites”. He covers a wide range of topics, bringing the latest news and developments to his readers. With a keen sense of what’s important and a passion for writing, James delivers unique and insightful articles that keep his readers informed and engaged.