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Norway Supreme Court rules in favour of state in pipeline tariffs case

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Norway Supreme Court rules in favour of state in pipeline tariffs case

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OSLO (Reuters) - The Norwegian Supreme Court has ruled in favour of the government in a lawsuit brought by owners of the Gassled gas network over pipeline tariffs, it said on Thursday.

Shareholders in Gassled had argued that the government acted unlawfully when cutting pipeline tariffs and would cost them a combined 15 billion Norwegian crowns (1.4 billion pounds) in lost earnings through 2028.

"There was no ground to make the change in regulation invalid," the Supreme Court said in its verdict.

The case against the government was pursued by four investment companies - Solveig Gas, Silex Gas, Infragas and CapeOmega, which together hold a combined 48.2 percent of Gassled.

The four investment companies were originally owned by Allianz, UBS, the Abu Dhabi Investment Authority, Canada's Public Sector Pension Investment Board, the Canada Pension Plan Investment Board and France's Caisse des Depots.

In October 2017, UBS and Caisse des Depots said they were selling their stakes to Cape Omega, but they will still be in line for any potential proceeds from a decision in favour of the Gassled partners. They will also help pay legal costs.

(Reporting by Oslo newsroom)

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