مجلة البحوث الاقتصادية المتقدمة

The Implications Of Applying The Doctrine Of Force Majeure To Contracts - A Case Study Of Algerian Energy Exchange Contracts

Auteurs : Messaadia Djamel .

Résumé

Abstract: The global energy market is subject to price and quantity fluctuations as a result of several factors. In this regard, energy supply contracts, particularly those for Algerian gas supplied to the European market, are characterized by long-term durations, while the prices of these products are highly sensitive to wars and pandemics such as COVID-19. Consequently, maintaining the contracts unchanged during the occurrence of such events causes Algeria considerable losses. Algerian exports, particularly gas exports, may also increase, as long-term energy contracts can be modified by resorting to the application of force majeure or, at least, contractual rebalancing, in accordance with the theory of unforeseen circumstances. It will be demonstrated that Algeria can achieve additional revenues, or reduce losses, all by recognizing the opportunity to benefit from contracts affected by force majeure, whether such contracts concern Algerian exports or competitors’ exports. Keywords: Jel Classification Codes : K12 ; Q40 ; F13

Mots clés

Force Majeure Circumstances ; Energy ; Energy Contracts