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As of 1 June 2022, the Secretariat is aware of 150 investment arbitration cases instituted under the Energy Charter Treaty (sometimes invoked together with a bilateral investment treaty). A full list with information is available here

Since parties to investment arbitration under Article 26 ECT are not obliged to notify the Secretariat of the existence or substance of their dispute, some awards (and even the existence of some proceedings) remain confidential. The Secretariat compiles information (which cannot be considered as exhaustive) from delegates and public sources (including specialized reporting services such as Global Arbitration Review (GAR), Investment Arbitration Reporter (IAReporter) and ItaLaw). The Secretariat assumes no responsibility for eventual errors or omissions in these data and welcomes any additional information or clarification on specific cases (at legalaffairs@encharter.org or using the online contact form). Some case reports prepared by TDM/IACL can be found here. 

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 Antin Infrastructure Services Luxembourg S.à.r.l. and Antin Energia Termosolar B.V. v. Spain, ICSID Case No. ARB/13/31 
  • > Claimant : Antin Infrastructure Services Luxembourg S.à.r.l., Antin Energia Termosolar B.V.
  • > Nationality : Luxembourg, Netherlands
  • > Respondent : Spain
  • > Procedural rules applied : ICSID
  • > Chair : Eduardo Zuleta
  • > Arbitrator appointed by Claimant : Klaus Reichert (Francisco Orrego Vicuña replaced)
  • Francisco Orrego Vicuña
  • > Arbitrator appointed by Respondent : Christopher Thomas
  • > Invoked instruments : ECT
  • > Articles mentioned : Article 36 (7)
  • , Article 21 (7)
  • , Article 21 (5)
  • , Article 15 (3)
  • , Article 10 (1)
  • , Article 1 (2)
  • , Article 1 (3)
  • , Article 1 (5)
  • , Article 1 (6)
  • , Article 1 (7)
  • , Article 1 (8)
  • , Article 1 (10)
  • , Article 13
  • , Article 16
  • , Article 17
  • , Article 21
  • , Article 25
  • , Article 26
  • > Case status : Award rendered
  • > Year of the award or agreement : 2018
  • > Follow-on proceedings : Award upheld by ICSID annulment committee
  • > Year of registration : 2013

  • > Subject matter of the dispute: Legal reforms affecting the renewable energy sector
  • > Amount claimed: EUR 238 million
  • > Amount awarded: EUR 101 million
  • > Valuation method: income-based approach (discounted cash flow)
  • > Interest rate: host State's sovereign bonds (10-year)
  • > Costs of arbitration: N/A
  • > Award legal costs: Claimant was awarded GBP 2,447,008.61 (60% of legal costs)
  • > Award costs of arbitration: Respondent bears 60% of the costs

 

ARBITRAL DECISION

15 June 2018

Arbitral Award

RECTIFICATION PROCEEDING

29 January 2019 - Decision on Rectification of the Award

ANNULMENT PROCEEDING

21 October 2019 - Decision on the Continuation of the Provisional Stay of Enforcement of the Award

30 July 2021 - Decision on Annulment

ENFORCEMENT PROCEEDINGS (Australia - United States - European Union) 

Australia

1 August 2019 - Order of the Federal Court of Australia

EUROPEAN COMMISSION'S CASE ON STATE AID

19 July 2021 - The European Commission opens an in-depth investigation on compliance with the EU rules on State aid (press release)


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 MOL Hungarian Oil and Gas Company Plc v. Croatia, ICSID Case No. ARB/13/32 
  • > Claimant : MOL Hungarian Oil and Gas Company Plc
  • > Nationality : Hungary
  • > Respondent : Croatia
  • > Procedural rules applied : ICSID
  • > Chair : Franklin Berman
  • > Arbitrator appointed by Claimant : William Park
  • > Arbitrator appointed by Respondent : Brigitte Stern
  • > Invoked instruments : ECT
  • > Case status : Pending
  • > Year of registration : 2013

  • > Subject matter of the dispute: Claims arising out of the alleged failure by the Government to improve the gas trading business of the company in which MOL had invested (which was loss making), as well as alleged delays and irregularities in granting licenses and the criminal prosecution of claimant's chief executive
  • > Amount claimed: N/A
  • > Amount awarded: N/A
  • > Costs of arbitration: N/A 
  • > Award legal cost : N/A
  • > Award costs of arbitration: N/A  


ARBITRAL DECISIONS

2 December 2014

Decision on Respondent's Application under ICSID Arbitration Rule 41(5)


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 Eiser Infrastructure Limited and Energia Solar Luxembourg S.à.r.l. v. Spain, ICSID Case No. ARB/13/36 
  • > Claimant : Eiser Infrastructure Limited, Energia Solar Luxembourg S.à.r.l.
  • > Nationality : UK, Luxembourg
  • > Respondent : Spain
  • > Procedural rules applied : ICSID
  • > Chair : Andrea Carlevaris
  • John Crook
  • > Arbitrator appointed by Claimant : Thomas Johnson
  • Stanimir Alexandrov
  • > Arbitrator appointed by Respondent : Marcelo Kohen
  • Campbell McLachlan
  • > Invoked instruments : ECT
  • > Breaches alleged :  
  • > Case status : Pending ICSID resubmission proceeding
  • Award annulled by ICSID annulment committee
  • > Year of the award or agreement : 2017
  • > Follow-on proceedings : Award annulled by ICSID annulment committee
  • > Year of registration : 2013

  • > Subject matter of the dispute: Legal reforms affecting the renewable energy sector
  • > Amount claimed: 298 million EUR
  • > Amount awarded: N/A
  • > Costs of arbitration: N/A
  • > Award legal cost: N/A
  • > Award costs of arbitration: N/A

 

ARBITRAL DECISION (ORIGINAL PROCEEDING)

4 May 2017

Arbitral Award - English | Spanish

ANNULMENT PROCEEDING (Award of 4 May 2017)

11 June 2020

Decision on the Kingdom of Spain's Application for Annulment - English | Spanish

SUPPLEMENTARY DECISION PROCEEDING (Decision on Annulment of 11 June 2020)

28 July 2021- Decision on the Request for Supplementary Decision of the Decision on Annulment

ENFORCEMENT PROCEEDINGS (Award of 4 May 2017) (United States - Australia)

United States - State of New York [not in effect]

27 June 2017 - Order of the US District Court for the Southern District of New York

 

United States - District of Columbia -  dismissed by agreement of the parties

5 June 2021 - Order of the US District Court for the District of Columbia

RESUMBISSION PROCEEDING

On 11 June 2020, the ad hoc Committee issued a decision annulling the Award of 4 May 2017.

On 29 July 2021, the ICSID Secretary-General registered a request for resubmission of the dispute to a new tribunal.


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 Masdar Solar & Wind Cooperatief U.A. v. Spain, ICSID Case No. ARB/14/1 
  • > Claimant : Masdar Solar & Wind Cooperatief U.A.
  • > Nationality : Netherlands
  • > Respondent : Spain
  • > Procedural rules applied : ICSID
  • > Chair : John Beechey
  • > Arbitrator appointed by Claimant : Gary Born
  • > Arbitrator appointed by Respondent : Brigitte Stern
  • > Invoked instruments : ECT
  • > Articles mentioned : Article 36 (7)
  • , Article 21 (7)
  • , Article 10 (1)
  • , Article 1 (2)
  • , Article 1 (3)
  • , Article 1 (6)
  • , Article 1 (10)
  • , Article 13
  • , Article 16
  • , Article 17
  • , Article 25
  • , Article 26
  • > Case status : Award rendered but investors renounced their right to collect damages
  • > Year of the award or agreement : 2018
  • > Follow-on proceedings : ICSID annulment proceeding discontinued
  • > Year of registration : 2014

  • > Subject matter of the dispute: Legal reforms affecting the renewable energy sector
  • > Amount claimed: EUR 260 million
  • > Amount awarded: EUR 64.5 million
  • > Valuation method: income-based approach (discounted cash flow)
  • > Interest rate: host State's sovereign bonds (3-year for pre-award; 10-year for post-award)
  • > Costs of arbitration: USD 1,151,994.59
  • > Award legal costs: Each party bears its legal and other expenses
  • > Award costs of arbitration: Parties share costs equally

 

ARBITRAL DECISION

16 May 2018

Arbitral Award

SUPPLEMENTARY DECISION PROCEEDING

24 August 2018 - Decision on the Respondent's Application to Stay Enforcement of the Award

29 November 2018 - Decision on the Respondent's Request for a Supplementary Decision

ANNULLMENT PROCEEDING

20 May 2020 - Decision on the Kingdom of Spain's Request for a Continuation of the Stay of Enforcement of the Award

ENFORCEMENT PROCEEDINGS (United States - dismissed by agreement of the parties)

18 September 2019 - Memorandum Opinion of the US District Court for the District of Columbia

16 November 2020 - Stipulation of Dismissal with Prejudiece 


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 Blusun S.A., Jean-Pierre Lecorcier and Michael Stein v. Italy, ICSID Case No. ARB/14/3 
  • > Claimant : Blusun S.A., Jean-Pierre Lecorcier, Michael Stein
  • > Nationality : Belgium, France, Germany
  • > Respondent : Italy
  • > Procedural rules applied : ICSID
  • > Chair : James Crawford
  • > Arbitrator appointed by Claimant : Stanimir Alexandrov
  • > Arbitrator appointed by Respondent : Pierre-Marie Dupuy
  • > Invoked instruments : ECT
  • > Articles mentioned : Article 10 (1)
  • , Article 1 (2)
  • , Article 1 (3)
  • , Article 1 (5)
  • , Article 1 (6)
  • , Article 1 (7)
  • , Article 1 (8)
  • , Article 1 (10)
  • , Article 13
  • , Article 16
  • , Article 19
  • , Article 24
  • , Article 25
  • , Article 26
  • , Article 27
  • > Breaches alleged :  
  • > Breaches found : No breach
  • > Case status : Award rendered
  • > Year of the award or agreement : 2016
  • > Follow-on proceedings : Award upheld by ICSID annulment committee
  • > Year of registration : 2014

  • > Subject matter of the dispute: Legal reforms affecting the renewable energy sector
  • > Amount claimed: EUR 187.8 million
  • > Amount awarded: ZERO
  • > Costs of arbitration: USD 608,821.38
  • > Award legal costs: Each party bears its own legal costs   
  • > Award costs of arbitration: Parties share costs equally

 

ARBITRAL DECISION

 

27 December 2016

Award

ANNULLMENT PROCEEDINGS

13 April 2020 

Decision on Annullment


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 Financial Performance Holdings B.V. v. Russian Federation, PCA Case No 2015-02 
  • > Claimant : Financial Performance Holdings B.V.
  • > Nationality : Netherlands
  • > Respondent : Russian Federation
  • > Procedural rules applied : UNCITRAL (PCA)
  • > Chair : Stanimir Alexandrov
  • > Arbitrator appointed by Claimant : David Haigh
  • > Arbitrator appointed by Respondent : Raul Emilio Vinuesa
  • > Invoked instruments : ECT
  • > Case status : Withdrawn by investor
  • > Year of the award or agreement : 2016
  • > Year of registration : 2014

  • > Subject matter of the dispute: Claims arising out of certain loans/financing transactions that were made to Yukos Oil Company prior to its expropriation, but that were not recognised and repaid 
  • > Amount claimed: N/A
  • > Amount awarded : N/A
  • > Costs of arbitration: N/A
  • > Award legal costs: N/A
  • > Award costs of arbitration: N/A


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 NextEra Energy Global Holdings B.V. and NextEra Energy Spain Holdings B.V. v. Spain, ICSID Case No. ARB/14/11 
  • > Claimant : NextEra Energy Global Holdings, B.V. NextEra Energy Spain Holdings B.V.
  • > Nationality : Netherlands, Netherlands
  • > Respondent : Spain
  • > Procedural rules applied : ICSID
  • > Chair : Donald McRae
  • > Arbitrator appointed by Claimant : Yves Fortier
  • > Arbitrator appointed by Respondent : Laurence Boisson de Chazournes
  • > Invoked instruments : ECT
  • > Articles mentioned : Article 36 (7)
  • , Article 26 (1)
  • , Article 26 (6)
  • , Article 26 (7)
  • , Article 21 (7)
  • , Article 17 (1)
  • , Article 16 (2)
  • , Article 10 (8)
  • , Article 10 (7)
  • , Article 10 (3)
  • , Article 10 (1)
  • , Article 1 (2)
  • , Article 1 (3)
  • , Article 1 (6)
  • , Article 1 (7)
  • , Article 1 (10)
  • , Article 2
  • , Article 10
  • , Article 13
  • , Article 16
  • , Article 17
  • , Article 19
  • , Article 21
  • , Article 24
  • , Article 25
  • , Article 26
  • , Article 46
  • > Breaches alleged :  
  • > Breaches found : (10.1) Fair and equitable treatment
  • > Case status : Award rendered
  • > Year of the award or agreement : 2019
  • > Follow-on proceedings : Pending ICSID annulment proceedings
  • > Year of registration : 2014

  • > Subject matter of the dispute: Legal reforms affecting the renewable energy sector
  • > Amount claimed: EUR 521.4 million
  • > Amount awarded: EUR 290.6 million
  • > Valuation method: hybrid (return on the capitalised costs of assets on the basis of weighted average cost of capital + 200bps)
  • > Interest rate: host State's sovereign bonds (5-year)
  • > Costs of arbitration: USD 835,234.15
  • > Award legal costs: Claimants were awarded USD 4,147,031 and EUR 1,042,135.3 (1/3 of legal costs)
  • > Award costs of arbitration: Respondent bears 2/3 of the costs

 

ARBITRAL DECISIONS

12 March 2019

Decision on Jurisdiction, Liability and Quantum Principles

31 May 2019

Award 

ANNULLMENT PROCEEDINGS 

6 April 2020 - Decision on Stay of Enforcement of the Award

28 May 2020 - Decision Terminating the Stay of Enforcement of the Award

18 March 2022 - Decision on Annulment


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 InfraRed Environmental Infrastructure GP Limited and others v. Spain, ICSID Case No. ARB/14/12 
  • > Claimant : InfraRed Environmental Infrastructure GP Limited; European Investments (Morón) 1 Limited; European Investments (Morón) 2 Limited; European Investments (Olivenza) 1 Limited; European Investments (Olivenza) 2 Limited
  • > Nationality : UK, UK, UK, UK, UK
  • > Respondent : Spain
  • > Procedural rules applied : ICSID
  • > Chair : Stephen Drymer
  • > Arbitrator appointed by Claimant : William Park
  • > Arbitrator appointed by Respondent : Pierre-Marie Dupuy
  • > Invoked instruments : ECT
  • > Articles mentioned : Article 36 (1)
  • , Article 36 (7)
  • , Article 26 (1)
  • , Article 26 (4)
  • , Article 26 (6)
  • , Article 21 (7)
  • , Article 21 (5)
  • , Article 21 (3)
  • , Article 21 (1)
  • , Article 13 (1)
  • , Article 10 (7)
  • , Article 10 (2)
  • , Article 10 (1)
  • , Article 1 (2)
  • , Article 1 (10)
  • , Article 2
  • , Article 10
  • , Article 13
  • , Article 16
  • , Article 18
  • , Article 25
  • , Article 26
  • , Article 46
  • > Breaches alleged :  
  • > Breaches found : (10.1) Fair and equitable treatment
  • > Case status : Award rendered
  • > Year of the award or agreement : 2019
  • > Follow-on proceedings : Pending ICSID annulment proceedings
  • > Year of registration : 2014

  • > Subject matter of the dispute: Legal reforms affecting the renewable energy sector
  • > Amount claimed: EUR 75.7 million
  • > Amount awarded: EUR 28.2 million
  • > Valuation method: income-based approach (discounted cash flow)
  • > Interest rate: host State's sovereign bonds (10-year)
  • > Costs of arbitration: USD 1,285,515.4
  • > Award legal costs: Claimants were awarded 66.66% of their legal costs
  • > Award costs of arbitration: Costs follow the award

 

ARBITRAL DECISION

2 August 2019

Award 


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 Elektrogospodarstvo Slovenije - razvoj in inzeniring d.o.o. v. Bosnia and Herzegovina, ICSID Case No. ARB/14/13 
  • > Claimant : Elektrogospodarstvo Slovenije - razvoj in inzeniring d.o.o.
  • > Nationality : Slovenia
  • > Respondent : Bosnia and Herzegovina
  • > Procedural rules applied : ICSID
  • > Chair : Christopher Greenwood
  • > Arbitrator appointed by Claimant : Jan Paulsson
  • > Arbitrator appointed by Respondent : Maja Stanivuković
  • > Invoked instruments : ECT and BIT
  • > Case status : Pending
  • > Year of registration : 2014

  • > Subject matter of the dispute: Claims arising out of alleged outstanding payments to the claimant for its contribution of funds towards the construction of a thermal power plant in Bosnia and Herzegovina, as well as compensation due for undelivered electricity, said thermal plan being currently wholly owned by the government of Republika Srpska
  • > BIT invoked: Slovenia-Bosnia and Herzogovina BIT
  • > Amount claimed: N/A
  • > Amount awarded: N/A 
  • > Costs of arbitration: N/A
  • > Award legal costs: N/A
  • > Award costs of arbitration: N/A  


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  RENERGY S.à.r.l. v. Spain, ICSID Case No. ARB/14/18 
  • > Claimant : RENERGY S.à.r.l.
  • > Nationality : Luxembourg
  • > Respondent : Spain
  • > Procedural rules applied : ICSID
  • > Chair : Bruno Simma
  • > Arbitrator appointed by Claimant : Christoph Schreuer
  • > Arbitrator appointed by Respondent : Philippe Sands
  • > Invoked instruments : ECT
  • > Articles mentioned : Article 36 (7)
  • , Article 34 (3)
  • , Article 26 (1)
  • , Article 26 (2)
  • , Article 26 (3)
  • , Article 26 (4)
  • , Article 26 (5)
  • , Article 26 (6)
  • , Article 26 (7)
  • , Article 26 (8)
  • , Article 21 (7)
  • , Article 21 (5)
  • , Article 21 (3)
  • , Article 21 (1)
  • , Article 17 (1)
  • , Article 16 (2)
  • , Article 13 (1)
  • , Article 13 (3)
  • , Article 10 (8)
  • , Article 10 (7)
  • , Article 10 (3)
  • , Article 10 (2)
  • , Article 10 (1)
  • , Article 1 (2)
  • , Article 1 (3)
  • , Article 1 (6)
  • , Article 1 (7)
  • , Article 1 (8)
  • , Article 1 (9)
  • , Article 1 (10)
  • , Article 1
  • , Article 2
  • , Article 13
  • , Article 16
  • , Article 17
  • , Article 25
  • , Article 26
  • , Article 27
  • , Article 28
  • , Article 36
  • , Article 40
  • , Article 42
  • , Article 46
  • , Article 47
  • > Breaches alleged :  
  • > Breaches found : (10.1) Fair and equitable treatment
  • > Case status : Award rendered
  • > Year of the award or agreement : 2022
  • 2014

  • > Subject matter of the dispute: Legal reforms affecting the renewable energy sector
  • > Amount claimed: EUR 141 million
  • > Amount awarded: EUR 32,896,240
  • > Valuation method: income-based approach (discounted cash flow)
  • > Interest rate: host State's sovereign bonds (10-year)
  • > Costs of arbitration: USD 1,801,865.44
  • > Award legal costs: Each party bears its own legal costs
  • > Award costs of arbitration: Parties share costs equally  

 


ARBITRAL DECISIONS

5 June 2022

Award

22 April 2022

Dissent on Liability and Quantum, Professor Philippe Sands QC


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