The Supreme Court recently ruled that the provisions that require arbitrators' details to be included in the award also apply by analogy to tribunal secretaries. Following the judgment, arbitrators should always refer in detail to the particulars of the secretary employed in the arbitration (which is always a best practice) in order to avoid unnecessary complications that may lead to the setting aside of the award.
In international trade, a general reference is sufficient to validly incorporate an arbitration clause contained in another document under Article II(2) of the New York Convention, provided that the clause is common and known to those engaged in a particular trade. The Piraeus Single-Member First-Instance Court recently ruled on a dispute regarding the enforcement of an arbitral award in Greece under the New York Convention.
In a recent case, the Supreme Court held that the requirement that specific authorisation be obtained for the person acting as a legal representative for the valid conclusion of an arbitration agreement refers only to a person acting as a proxy or an agent of the legal entity and does not refer to an organ of the legal entity – the very function of which is to represent the entity, such as the board of directors or its substitute.
The Supreme Court recently ruled that a violation of the burden of proof rules did not constitute grounds to set aside an arbitral award. This ruling is consistent with the court's previous stance when deciding whether violations of the res judicata effect could form grounds to set aside an arbitral award. It is also in line with the legislature's clear intention to limit state court control in arbitration in order to enhance its effectiveness and finality.
A recent Supreme Court decision held that an arbitration agreement may validly refer to future disputes; in such cases, the agreement must determine the definite legal relationship out of which such disputes will arise, but it is not necessary to refer to specific disputes. Further, the court held that an arbitration agreement does not extend its scope to disputes arising out of a subsequent agreement between the same parties, even if the subject matter concerns the initial agreement.
Parliament recently passed a law regulating the procedure for the divestment of approximately 40% of Public Power Corporation's (PPC) lignite-fired production units and lignite exploitation rights. The aim of the law is to increase competition in the Greek electricity market. Currently, over 60% of the electricity produced in Greece is generated through the combustion of locally extracted lignite, while PPC accounts for 98% of all lignite production in the country.
The Greek energy sector is expected to expand over the next few years as a result of, among other things, the optimisation of the energy mix – which consists of a reduction in fossil fuel-generated electricity and an increase in energy from renewable energy sources (RES) – and the liberalisation of the electricity and natural gas markets. Greece is also expected to create energy investment opportunities due to the availability of RES potential in the country and ongoing substantial infrastructure projects.
During 2017, a group of experts worked on the modelling and organisation of the Energy Exchange with the intention that it would be established and begin operating in the first half of 2018. As such, the Ministry of Energy and Environment recently presented, through a public consultation, the draft Energy Exchange Law, which would amend the Target Model Law and the Energy Law.
In 2016 Law 4389/2016 introduced the sale by auction of electricity forward products with physical delivery by the Greek vertically integrated Public Power Corporation (PPC) to eligible electricity suppliers. The purpose of these auctions is to reduce the PPC's retail market share in the interconnected system, enhance competition and provide better quality products and lower prices to consumers.
Two international tenders granting exploration and exploitation rights for the block areas of Southwest and West Crete, as well as the Ionian Sea, were recently published in the Official Gazette. This publication follows the expressions of interest by the consortium Total-ExxonMobil-Hellenic Petroleum for Southwest and West Crete and Energean Oil and Gas for the Ionian Sea. The expected announcement by the Official Journal of the European Union will also allow other interested stakeholders to submit offers.
The First-Instance Court of Athens recently found an ophthalmologist liable for injury suffered by his patient when the latter lost vision from one eye following the intraocular administration of the medicine Avastin, which had no regulatory approval for intraocular use. This case is special because the off-label use of Avastin is based on financial considerations, a parameter which is not perceived as acceptable by medical or regulatory guidelines in most countries.
The Athens First Instance Court recently heard a case involving a law firm which sought to be indemnified from its professional indemnity underwriter. The policy covered a lawyer's professional liability while providing services within Greece and under Greek law. The insured claimed that he was entitled to indemnity not because the policy provided such cover, but rather because, among other things, he had requested such cover and the insurer had failed to include it in the policy.
The Hellenic Association of Insurance Companies recently hosted the 18th Hydra Insurance and Reinsurance Meeting. At the meeting, insurers and reinsurers from 24 countries around the world discussed specific concerns and issues that directly affect the industry, including how technological advancements have affected motor and health insurance and may do so in the future and how the vast majority of the population is unprotected against financial losses from catastrophic risks.
The Supreme Court for civil matters, sitting in plenary session, has issued a judgment on the validity of 'claims-made' policy clauses. Ending a long period of judicial uncertainty, the Supreme Court ruled that, insofar as insurance contracts covering professional risks are concerned, the claims-made principle is fully valid and enforceable. The insurance market has thus breathed a sigh of relief.
The Ministry of Infrastructure, Transport and Networks recently approved and made available to interested bidders the final version of the draft concession agreement for the new international airport in Kasteli, Crete. This bidding phase highlights that the Greek aviation sector is undergoing a significant transformation, one which will result in a major shift in the operation of Greek airports from the public sector to the private sector.