ESB wins Esso price battle
Esso and Ireland’s Electricity Supply Board entered into a seemingly straightforward15-year contract for the sale and purchase of natural gas in 1999. But the contracthas raised the issue of how to define ‘market price’. By James Ockenden
Esso and ESB entered into a long-term contract for the sale and purchase of natural gas for a period of 15 years beginning October 1, 1999. The contract allowed for adjustments to the price to be made only when the ‘energy’ portion of the price – as opposed to the ‘transportation’
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