Spanish Court Annuls $1.6B Compensation

Spain's constitutional court has annulled 1.4 billion euros ($1.66 billion) of compensation granted to the owners of the Castor underwater gas storage facility, an affiliate of Spanish builder ACS.

Meant to store almost a third of Spain's daily gas consumption, Castor stopped gas injections after more than 200 minor earthquakes were detected in 2013.

The joint-venture which built the plant, which included ACS and Canada's Dundee Energy, was paid 1.35 billion euros in 2014 in compensation for not being able to operate the site.

The government said in May that it would not reopen the facility.