NP “Market Council” Arbitration Court
The NP “Market Council” Arbitration Court was established pursuant to a decision of the Supervisory Board and is an institutional arbitration court. The NP “Market Council” Arbitration Court resolves economic disputes arising from civil matters related to the electric power industry, subject to the jurisdiction of arbitration courts, excluding managerial disputes, provided there is an agreement between the parties to have it reviewed in the Arbitration Court.
Disputes are reviewed by the Arbitration Court according to the rules contained in its Standing Orders, which provides the following advantages to the parties:
- Cases are reviewed faster than in regular arbitration courts. According to the NP “Market Council” Arbitration Court Standing Orders arbitration of a case must be complete within 2 months of the day the composition of the court was determined or the day a sole arbitrator was elected or appointed. There are no appellate, cassation or supervisory courts, the dispute is reviewed by the court elected by the parties (or the sole arbitrator) in one instance.
- Simplified arbitration procedure. The procedure of dispute resolution at the NP “Market Council” Arbitration Court is less formal than the procedure set out in arbitration procedural legislation of the Russian Federation.
- The right to select the arbitrator who will review the dispute. The parties have the right to select arbitrators from the List of Arbitrators of the NP “Market Council” Arbitration Court or any other persons that have the qualification necessary to review disputes and comply to the requirements set out in the NP “Market Council” Arbitration Court Standing Orders. The List of Arbitrators of the NP “Market Council” Arbitration Court contains candidates proposed by NP “Market Council” members, members of the NP “Market Council” Supervisory and Management Boards. Thus the composition of the NP “Market Council” Arbitration Court is established by wholesale electricity market participants, hence creating a high level of confidence in the activities of the Arbitration Court.
- Confidentiality. The dispute may be reviewed in camera at the request of one of the parties thus ensuring the commercial confidentiality of the arbitration procedure. Decisions of the Arbitration Court may only be published in print media upon the permission of the Court’s Chairman.