In 2012, Swedish state-owned Vattenfall filed a case against the Federal Republic of Germany with the International Centre for Settlement of Investment Disputes (ICSID) in Washington, the reason being that Germany decided to phase out nuclear power ahead of time, after Japan’s Fukushima nuclear disaster.
For Vattenfall this meant that the value of its investment in the nuclear power plants in Krümmel and Brunsbüttel was wiped out overnight. The utility therefore demanded “fair compensation” from Germany.
In 2016, the claim amounted to EUR 4.4 billion, excluding interest payments (some SEK 40 billion). Since the process has been going on for so long, Vattenfall can claim interest on the original amount. The compensation now amounts to approximately SEK 65 billion, the German government has said in response to a query by the socialist Die Linke party.
Germany’s highest court ruled in 2016 that Vattenfall was allowed to seek limited damages over the hastening of the shutdown of nuclear power plants, but the German government has refused to meet the utility’s demands for interest payments.
Vattenfall is unable to comment, due to the ongoing process.
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