Electricity Authority Chief Slams Leviathan Partners' Gas Deal Cancellation
Translated & summarized from TheMarker by baba
Electricity Authority Chairman Amir Shavit fiercely condemned the Leviathan partners for canceling a $6.7 billion gas deal with Dalia Energy, calling it "brutal and monopolistic." The cancellation occurred about a month after the agreement was made, which was the only long-term deal signed since Leviathan received export approval to Egypt. Shavit hopes arbitration will favor Dalia Energy and stated the Authority won't promote competition in electricity supply while executives pursue production.
The story in 5 lines · by baba
- Electricity Authority Chairman Amir Shavit called the Leviathan gas deal cancellation "brutal and monopolistic."
- The Leviathan partners canceled a $6.7 billion gas deal with Dalia Energy about a month ago.
- Shavit hopes arbitration will rule in favor of Dalia Energy.
- The canceled deal was the only long-term agreement signed since Leviathan received export approval to Egypt.
- Shavit also addressed the Israel Electric Corporation's potential return to production.
Amir Shavit, Chairman of the Electricity Authority, has strongly criticized the Leviathan partners for their recent cancellation of a gas deal worth $6.7 billion with Dalia Energy. Shavit described the move as "brutal and monopolistic" and lacking logic, stating it was an attempt to improve their position after signing the agreement. He expressed hope that relevant authorities would address the issue and that arbitration proceedings would favor Dalia Energy.
Shavit's remarks, made at an engineers' conference in Eilat last week, came about a month after the Leviathan partners unexpectedly canceled the long-term agreement, which was the only one signed since they received approval to export additional gas to Egypt. He also clarified that the Electricity Authority would not advance the Israel Electric Corporation's entry into competition in electricity supply as long as its executives continue to engage in returning to the production sector.