ClientEarth, a non-profit environmental law organization and shareholder in the Polish utility Enea SA, has sued that company, seeking the annulment of a resolution consenting to construction of the €1.2bn 1GW Ostrołęka C coal-fired power plant. The claim is brought under the Polish Commercial Companies Code.
The pleading is not yet publicly available, but plaintiffs report that the lawsuit claims the consent resolution for construction of the power plant harms the economic interests of the company as a result of climate-related financial risks, including: rising carbon prices, increased competition from cheaper renewables, and the impact of EU energy reforms on state subsidies for coal power under the capacity market. On September 19, 2018, in advance of filing the pleadings, plaintiffs’ lawyers wrote to Enea stating that ClientEarth regarded “the proposed resolution, and the Management Board’s proposal of that resolution, as clearly and obviously harmful to the interests of Enea and its shareholders” and warned that Enea’s ongoing actions in relation to the plant “risk breaching board members’ fiduciary duties of due diligence and to act in the best interests of the company and its shareholders.” When the pleadings are available we will provide an update summarizing how these legal risks are presented in the pleadings.
The claim was filed on October 24, 2018 in the Regional Court in Poznań (Sąd Okręgowy w Poznaniu). It will be posted when publicly available.
|09/20/2018||Not Available||Download||Legal Briefing from Plaintiffs|