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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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 E.ON SE, E.ON Finanzanlagen GmbH and E.ON Iberia Holding GmbH v. Spain, ICSID Case No. ARB/15/35 
  • > Claimant : E.ON SE; E.ON Finanzanlagen GmbH; E.ON Iberia Holding GmbH
  • > Nationality : Germany, Germany, Germany
  • > Respondent : Spain
  • > Procedural rules applied : ICSID
  • > Chair : Mark Kantor
  • > Arbitrator appointed by Claimant : Andrés Jana Linetzky (Francisco Orrego Vicuña replaced)
  • Andrés Jana Linetzky
  • > Arbitrator appointed by Respondent : Laurence Boisson de Chazournes
  • > Invoked instruments : ECT
  • > Case status : Pending
  • > Year of registration : 2015

  • > Subject matter of the dispute: Legal reforms affecting the renewable energy sector
  • > Amount claimed: EUR 324.7 million
  • > Amount awarded: N/A
  • > Costs of arbitration: N/A
  • > Award legal costs: N/A
  • > Award costs of arbitration: N/A


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 OperaFund Eco-Invest SICAV PLC and Schwab Holding v. Spain, ICSID Case No. ARB/15/36 
  • > Claimant : OperaFund Eco-Invest SICAV PLC, Schwab Holding
  • > Nationality : Malta, Switzerland
  • > Respondent : Spain
  • > Procedural rules applied : ICSID
  • > Chair : Karl-Heinz Böckstiegel
  • > Arbitrator appointed by Claimant : August Reinisch
  • > Arbitrator appointed by Respondent : Philippe Sands
  • > Invoked instruments : ECT
  • > Articles mentioned : Article 36 (7)
  • , Article 26 (1)
  • , Article 26 (2)
  • , Article 26 (3)
  • , Article 26 (6)
  • , Article 26 (8)
  • , Article 21 (7)
  • , Article 21 (3)
  • , Article 16 (2)
  • , Article 10 (8)
  • , Article 10 (7)
  • , Article 10 (3)
  • , Article 10 (1)
  • , Article 1 (1)
  • , Article 1 (2)
  • , Article 1 (3)
  • , Article 1 (10)
  • , Article 1
  • , Article 2
  • , Article 10
  • , Article 13
  • , Article 16
  • , Article 21
  • , Article 25
  • , Article 26
  • , Article 40
  • , 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 : 2015

  • > Subject matter of the dispute: Legal reforms affecting the renewable energy sector
  • > Amount claimed: EUR 42 million 
  • > Amount awarded: USD 29.3 million
  • > Valuation method: income-based approach (discounted cash flow)
  • > Interest rate: host State's sovereign bonds (10-year)
  • > Costs of arbitration: USD 1,042,994.37
  • > Award legal costs: Claimants were awarded USD 2,206,586.56 (75% of legal costs) 
  • > Award costs of arbitration: Respondent bears 75% of the costs

 

ARBITRAL DECISIONS

13 August 2019

Dissent on Liability and Quantum of Professor Philippe Sands QC

6 September 2019

Award

RECTIFICATION PROCEEDING

28 October 2019 - Decision on the Rectification of the Award


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 Silver Ridge Power B.V. v. Italy, ICSID Case No. ARB/15/37 
  • > Claimant : Silver Ridge Power B.V.
  • > Nationality : Netherlands
  • > Respondent : Italy
  • > Procedural rules applied : ICSID
  • > Chair : Bruno Simma
  • > Arbitrator appointed by Claimant : Thomas Johnson
  • > Arbitrator appointed by Respondent : Bernardo Cremades
  • > Invoked instruments : ECT
  • > Articles mentioned : Article 47 (3)
  • , Article 47 (2)
  • , Article 26 (1)
  • , Article 26 (2)
  • , Article 26 (3)
  • , Article 26 (4)
  • , Article 26 (6)
  • , Article 25 (1)
  • , Article 25 (2)
  • , Article 21 (5)
  • , Article 21 (3)
  • , Article 21 (1)
  • , Article 13 (1)
  • , Article 10 (7)
  • , Article 10 (2)
  • , Article 10 (1)
  • , Article 1 (1)
  • , Article 1 (3)
  • , Article 1 (6)
  • , Article 1 (10)
  • , Article 1 (13)
  • , Article 1
  • , Article 2
  • , Article 10
  • , Article 13
  • , Article 16
  • , Article 21
  • , Article 25
  • , Article 26
  • , Article 33
  • , Article 42
  • , Article 46
  • > Breaches alleged :  
  • > Breaches found : No breach
  • > Case status : Award rendered
  • > Year of the award or agreement : 2021
  • > Year of registration : 2015

  • > Subject matter of the dispute: Legal reforms affecting the renewable energy sector
  • > Amount claimed: N/A
  • > Amount awarded: ZERO
  • > Costs of arbitration: USD 1,120,871.78
  • > Award legal costs: Each party bears its own legal costs  
  • > Award costs of arbitration: Parties share costs equally

 

ARBITRAL DECISION

26 February 2021

Award


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 SolEs Badajoz GmbH v. Spain, ICSID Case No. ARB/15/38 
  • > Claimant : SolEs Badajoz GmbH
  • > Nationality : Germany
  • > Respondent : Spain
  • > Procedural rules applied : ICSID
  • > Chair : Joan Donoghue
  • > Arbitrator appointed by Claimant : David Williams (Stanimir Alexandrov replaced)
  • > Arbitrator appointed by Respondent : Giorgio Sacerdoti (Anna Joubin-Bret replaced)
  • > Invoked instruments : ECT
  • > Articles mentioned : Article 26 (1)
  • , Article 26 (2)
  • , Article 26 (3)
  • , Article 26 (6)
  • , Article 21 (7)
  • , Article 21 (5)
  • , Article 16 (2)
  • , Article 13 (1)
  • , Article 1 (2)
  • , Article 1 (3)
  • , Article 1 (7)
  • , Article 1 (10)
  • , Article 1
  • , Article 13
  • , Article 16
  • , Article 21
  • , Article 25
  • , Article 26
  • > Breaches alleged :  
  • > Breaches found : (10.1) Fair and equitable treatment
  • > Case status : Award rendered
  • > Year of the award or agreement : 2019
  • > Follow-on proceedings : Award upheld by ICSID annulment committee
  • > Year of registration : 2015

  • > Subject matter of the dispute: Legal reforms affecting the renewable energy sector
  • > Amount claimed: EUR 81.8 million
  • > Amount awarded: EUR 40.49 million
  • > Valuation method: income-based approach (discounted cash flow)
  • > Interest rate: host State's sovereign bonds (10-year)
  • > Costs of arbitration: USD 714,012.15
  • > Award legal costs: Each party bears its own legal costs 
  • > Award costs of arbitration: Costs follow the award

 

ARBITRAL DECISION 

31 July 2019 

Award

RECTIFICATION PROCEEDING

5 December 2019 - Decision on the Rectification of the Award

ANNULMENT PROCEEDINGS

26 August 2020 -  Decision on Continuation of the Stay of Enforcement of the Award

22 February 2022 - Individual Opinion by Committee Member N. Fernando Pierola-Castro

16 March 2022 - Decision on Annulment


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 Belenergia S.A. v. Italy, ICSID Case No. ARB/15/40 
  • > Claimant : Belenergia S.A.
  • > Nationality : Luxemburg
  • > Respondent : Italy
  • > Procedural rules applied : ICSID
  • > Chair : Yves Derains
  • > Arbitrator appointed by Claimant : Bernard Hanotiau
  • > Arbitrator appointed by Respondent : Jose Carlos Fernandez Rozas
  • > Invoked instruments : ECT
  • > Articles mentioned : Article 26 (1)
  • , Article 26 (2)
  • , Article 26 (3)
  • , Article 26 (4)
  • , Article 26 (6)
  • , Article 24 (4)
  • , Article 21 (7)
  • , Article 17 (1)
  • , Article 10 (4)
  • , Article 10 (3)
  • , Article 10 (2)
  • , Article 10 (1)
  • , Article 1 (2)
  • , Article 1 (3)
  • , Article 1 (8)
  • , Article 1 (10)
  • , Article 2
  • , Article 16
  • , Article 21
  • , Article 25
  • , Article 26
  • , Article 46
  • > Breaches alleged :  
    • (10.2)-(10.3) Discriminatory measures
  • > Breaches found : No breach
  • > Case status : Award rendered
  • > Year of the award or agreement : 2019
  • > Year of registration : 2015

  • > Subject matter of the dispute: Legal reforms affecting the renewable energy sector
  • > Amount claimed: EUR 19.2 million
  • > Amount awarded: ZERO
  • > Costs of arbitration: USD 652,254.1
  • > Award legal costs: Each party bears its own legal costs  
  • > Award costs of arbitration: Parties share costs equally

 

ARBITRAL DECISION 

28 August 2019

Award


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 Hydro Energy 1 S.à.r.l. and Hydroxana Sweden AB v. Spain, ICSID Case No. ARB/15/42 
  • > Claimant : Hydro Energy 1 S.à.r.l., Hydroxana Sweden AB
  • > Nationality : Luxembourg, Sweden
  • > Respondent : Spain
  • > Procedural rules applied : ICSID
  • > Chair : Lawrence Collins
  • > Arbitrator appointed by Claimant : Peter Rees
  • > Arbitrator appointed by Respondent : Rolf Knieper
  • > Invoked instruments : ECT
  • > Articles mentioned : Article 36 (7)
  • , Article 26 (1)
  • , Article 26 (2)
  • , Article 26 (3)
  • , Article 26 (4)
  • , Article 26 (6)
  • , Article 21 (7)
  • , Article 21 (5)
  • , Article 21 (3)
  • , Article 16 (2)
  • , Article 13 (1)
  • , Article 10 (7)
  • , Article 10 (3)
  • , Article 10 (2)
  • , Article 10 (1)
  • , Article 1 (2)
  • , Article 1 (3)
  • , Article 1 (6)
  • , Article 1
  • , Article 2
  • , Article 10
  • , Article 13
  • , Article 16
  • , Article 21
  • , Article 25
  • , Article 26
  • > Breaches alleged :  
  • > Case status : Award rendered
  • > Year of the award or agreement : 2020
  • > Follow-on proceedings : Pending ICSID annulment proceedings
  • > Year of registration : 2015

  • > Subject matter of the dispute: Legal reforms affecting the renewable energy sector
  • > Amount claimed: EUR 132.1 million
  • > Amount awarded: EUR 30,875,000
  • > Costs of arbitration: USD 893,685.74
  • > Valuation method: income-based approach (discounted cash flow)
  • > Interest rate: EURIBOR (12-month) + 1% 
  • > Award legal costs: Each party bears its own legal costs  
  • > Award costs of arbitration: Parties share costs equally

 

ARBITRAL DECISIONS

9 March 2020 

Decision on Jurisdiction, Liability, and Directions on Quantum

5 August 2020

Award


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 Watkins Holdings S.à.r.l. and others v. Spain, ICSID Case No. ARB/15/44 
  • > Claimant : Northsea Spain S.L.; Parque Eólico La Boga, S.L.; Parque Eólico Marmellar, S.L.; Redpier, S.L.; Watkins (Ned) B.V.; Watkins Holdings S.à.r.l.; Watkins Spain, S.L.
  • > Nationality : Spain, Spain, Spain, Spain, Netherlands, Luxembourg, Spain
  • > Respondent : Spain
  • > Procedural rules applied : ICSID
  • > Chair : Cecil Abraham
  • > Arbitrator appointed by Claimant : Michael Pryles
  • > Arbitrator appointed by Respondent : Hélène Ruiz Fabri
  • > Invoked instruments : ECT
  • > Articles mentioned : Article 36 (7)
  • , Article 26 (1)
  • , Article 26 (3)
  • , Article 26 (6)
  • , Article 26 (7)
  • , Article 21 (7)
  • , Article 21 (1)
  • , Article 13 (1)
  • , Article 10 (9)
  • , Article 10 (8)
  • , Article 10 (1)
  • , Article 9 (4)
  • , Article 1 (2)
  • , Article 1 (3)
  • , Article 1 (10)
  • , Article 2
  • , Article 9
  • , Article 10
  • , Article 13
  • , Article 16
  • , 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 : 2020
  • > Follow-on proceedings : Pending ICSID annulment proceedings
  • > Year of registration : 2015

  • > Subject matter of the dispute: Legal reforms affecting the renewable energy sector
  • > Amount claimed: EUR 123.9 million
  • > Amount awarded: EUR 77 million
  • > Valuation method: income-based approach (discounted cash flow) 
  • > Interest rate: host State's sovereign bonds (10-year for pre-award; 10-year + 1% for post-award)
  • > Costs of arbitration: USD 680,255.62
  • > Award legal costs: Claimants were awarded 75% of their legal costs
  • > Award costs of arbitration: Respondent bears its own share of costs of arbitration and 75% of the claimants' share

 

ARBITRAL DECISIONS

9 January

Dissent on Liability and Quantum of Prof. Dr. Hélène Ruiz Fabri

21 January 2020

Award

RECTIFICATION PROCEEDING

13 July 2020 - Decision on the Rectification of the Award


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 Landesbank Baden-Württemberg and others v. Spain, ICSID Case No. ARB/15/45 
  • > Claimant : HSH Nordbank AG; Landesbank Baden-Württemberg; Landesbank Hessen-Thüringen Gironzentrale; Norddeutsche Landesbank-Girozentrale
  • > Nationality : Germany, Germany, Germany, Germany
  • > Respondent : Spain
  • > Procedural rules applied : ICSID
  • > Chair : Christopher Greenwood
  • > Arbitrator appointed by Claimant : Charles Poncet
  • > Arbitrator appointed by Respondent : Thomas Clay (Rodrigo Oreamuno replaced)
  • > Invoked instruments : ECT
  • > Articles mentioned : Article 47 (3)
  • , Article 36 (7)
  • , Article 27 (3)
  • , Article 26 (1)
  • , Article 26 (2)
  • , Article 26 (3)
  • , Article 26 (4)
  • , Article 26 (5)
  • , Article 26 (6)
  • , Article 26 (8)
  • , Article 25 (1)
  • , Article 10 (3)
  • , Article 10 (1)
  • , Article 1 (10)
  • , Article 1
  • , Article 2
  • , Article 10
  • , Article 13
  • , Article 16
  • , Article 25
  • , Article 26
  • , Article 46
  • > Case status : Pending
  • > Year of registration : 2015

  • > Subject matter of the dispute: Legal reforms affecting the renewable energy sector
  • > Amount claimed: EUR 482.5 million
  • > Amount awarded: N/A
  • > Costs of arbitration: N/A
  • > Award legal costs: N/A
  • > Award costs of arbitration: N/A 

 

ARBITRAL DECISION 

25 February 2019

Decision on the "Intra-EU" Jurisdictional Objection


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 Eskosol S.p.A. in liquidazione v. Italy, ICSID Case No. ARB/15/50 
  • > Claimant : Eskosol S.p.A. in liquidazione
  • > Nationality : Italy
  • > Respondent : Italy
  • > Procedural rules applied : ICSID
  • > Chair : Jean Kalicki
  • > Arbitrator appointed by Claimant : Guido Santiago Tawil
  • > Arbitrator appointed by Respondent : Brigitte Stern
  • > Invoked instruments : ECT
  • > Articles mentioned : Article 47 (3)
  • , Article 47 (2)
  • , Article 36 (7)
  • , Article 26 (1)
  • , Article 26 (2)
  • , Article 26 (3)
  • , Article 26 (4)
  • , Article 26 (6)
  • , Article 26 (7)
  • , Article 26 (8)
  • , Article 24 (4)
  • , Article 16 (1)
  • , Article 13 (1)
  • , Article 10 (7)
  • , Article 10 (1)
  • , Article 1 (2)
  • , Article 1 (3)
  • , Article 1 (5)
  • , Article 1 (6)
  • , Article 1 (7)
  • , Article 1 (10)
  • , Article 10
  • , Article 13
  • , Article 16
  • , Article 25
  • , Article 26
  • , Article 46
  • > Breaches alleged :  
  • > Breaches found : No breach
  • > Case status : Award rendered
  • > Year of the award or agreement : 2020
  • > Year of registration : 2015

  • > Subject matter of the dispute: Legal reforms affecting the renewable energy sector
  • > Amount claimed: EUR 196,717,000
  • > Amount awarded: ZERO
  • > Costs of arbitration: USD 765,634.54
  • > Award legal costs: Each party bears its own legal costs  
  • > Award costs of arbitration: Parties share costs equally

 

ARBITRAL DECISIONS

20 March 2017

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

12 June 2017 

Procedural Order No. 3 (Decision on Respondent’s Request for Provisional Measures)

7 May 2019 
Decision on Italy's Request for Immediate Termination and Italy's Jurisdictional Objection based on Inapplicability of the Energy Charter Treaty to Intra-EU

4 September 2020

Award


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 Littop Enterprises Limited, Bridgemont Ventures Limited and Bordo Management Limited v. Ukraine, SCC Case No. V 2015/092 

  • > Subject matter of the dispute: Claims arising out of government’s measures with respect to PJSC Ukrnafta’s operations, including alleged interference with the sales price of natural gas
  • > Amount claimed: USD 6.108 billion
  • > Amount awarded: ZERO
  • > Costs of arbitration: EUR 1,554,020
  • > Award legal costs: Each party bears its own legal costs  
  • > Award costs of arbitration: Costs follow the award

 

ARBITRAL DECISION

4 February 2021

Final Award


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