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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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