Venture Global and Edison settle arbitration dispute over early Calcasieu Pass LNG sales

By Curtis Williams and Francesca Landini

March 26 (Reuters) - Venture Global VG.N and Edison EDNn.MI said on Thursday they had reached an agreement to settle a long-running arbitration dispute related to accusations that the American exporter of liquefied natural gas failed to provide the Italian firm with contractual shipments.

Completion of the Edison settlement is expected by the end of June 2026, when the arbitration will be formally terminated, the companies said in a joint statement.

“The agreement fully resolves the arbitration in its entirety,” they said.

Edison and several energy companies including BP BP.L, Shell SHEL.L, Repsol REP.MC, Galp GALP.LS and Orlen PKN.WA filed for arbitration after accusing Venture Global of selling LNG on the spot market at higher prices following Russia’s invasion of Ukraine, rather than supplying contracted volumes from initial production at the Calcasieu Pass plant in Louisiana. Venture Global has argued it was permitted to conduct the spot sales because commercial operations were delayed by problems with a faulty power‑island system.

The U.S. exporter has logged one loss, two settlements and two victories to date. Its shares have zigzagged throughout the ordeal, and have more recently been boosted by ongoing turmoil in the Middle East that has shut-in LNG capacity in Qatar.

As part of the deal with Edison, Venture Global will supply Edison with additional LNG cargoes beyond those in their long‑term contract, primarily to support deliveries to the Italian market. The first cargo is scheduled to arrive in May 2026 at the Adriatic LNG terminal. The companies said the agreement marks a significant step in strengthening their commercial cooperation and sets a foundation for further future deliveries amid ongoing geopolitical disruptions.

“Both parties welcome this agreement, as it further consolidates long‑term deliveries and enhances the commercial partnership between Venture Global and Edison,” the statement added.

Edison, a subsidiary of France’s EDF, signed a 20‑year contract in 2017 to buy LNG from Venture Global but did not receive its first cargo until April 2025. The company launched its arbitration case at the London Court of International Arbitration in May 2023.

Venture Global in August prevailed in the arbitration brought against it by Shell, and it won the case brought by Repsol in January. Its sole loss came in an October 2025 ruling in favor of BP. On Monday, Venture Global CEO Mike Sabel said the company was in discussions to settle its remaining arbitration matters.

Venture Global shares rose 0.6% in post-market trading on Thursday after news of the deal broke. They're up 78% over the past month.