Switzerland’s DXT Commodities wins litigation in Italy power price case

Swiss company DXT Commodities SA has won a litigation case before the Court of Milan in which the company was accused of nullifying contracts related to electricity prices.

DXT Commodities SA is an energy trading company and part of the Duferco Group, a dominant player in steel, shipping, energy and innovation. 

The case was brought by one of the leading producers of renewable energy in Italy, and resulted in a counterclaim by DXT Commodities for the payment of more than 37 million euros due under the aforementioned contracts. 

In the ruling, number 1491/2024, the Court of Milan rejected the action brought by the renewable energy producer and upheld DXT Commodities’ counterclaim.

Italian law firm Cappelli RCCD represented DXT Commodities SA in its successful defense against the allegations, with a team led by partners Silvio Riolo and Eugenio Pizzetti, and who were assisted by senior associate Andrea Stefano Carrieri and associate Nicolò Orlich.

In its ruling, the Court of Milan accepted the arguments put forward by DXT Commodities SA about the full validity of the derivative contracts entered into between the parties, and also addressed regulatory aspects, focused on the rules on exemption from the application of the MIFID regulations, and civil aspects, related to the possible consequences arising from the failure to indicate in the contractual documentation the costs and possible scenarios.

The court also affirmed a number of important principles regarding the nullity of derivative contracts in cases entered into between parties in conditions of equal information.