Russian energy firm Inter RAO has begun arbitration proceedings in Stockholm against Georgia over electricity tariffs, Georgia's Deputy Energy Minister Mariam Valishvili said.
"We have now received a notification from the arbitration court and (are) ready to defend our position there," Reuters cited Valishvili as saying.
"Inter RAO Group confirms that its two Dutch subsidiaries have filed two lawsuits against the Georgian government with the International Court of Arbitration," the company's press department said.
Valishvili added that Inter RAO wants to raise its electricity tariffs as well as seek compensation for losses stemming from Georgia's currency devaluation.
InterRAO did not specify how much it was seeking in compensation but a source close to the company told Reuters that it was U.S. $125 million as of May 1.
The company bought two hydro-power plants in Georgia in 2011. The Khrami-1 and Khrami-2- plants have a capacity of 227 megawatts. InterRAO also owns a 75.11% stake in electricity distribution company Telasi, which serves the capital Tbilisi. It holds its assets in Georgia through its Dutch subsidiaries.
Valishvili said that the government had offered to go to Georgia's state regulatory commission to find a solution over Inter RAO's tariffs for electricity from its two plants.
