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  3. Part VI: Transitional Provisions
  4. Article 29: Interim Provisions on Trade-Related Matters
  5. 29(2)

(a) Trade in Energy Materials and Products and Energy-Related Equipment between Contracting Parties at least one of which is not a member of the WTO shall be governed, subject to subparagraph (b) and to the exceptions and rules provided for in Annex W, by the provisions of the WTO Agreement, as applied and practised with regard to Energy Materials and Products and Energy-Related Equipment by members of the WTO among themselves, as if all Contracting Parties were members of the WTO.

(b) Such trade of a Contracting Party which is a state that was a constituent part of the former Union of Soviet Socialist Republics may instead be governed, subject to the provisions of Annex TFU, by an agreement between two or more such states, until 1 December 1999 or the admission of that Contracting Party to the WTO, whichever is the earlier.

Notwithstanding the listing of paragraph 6 of article XXIV of the GATT 1994 in Annex W (A)(1)(a)(i), any signatory affected by an increase in customs duties or other charges of any kind imposed on or in connection with importation or exportation referred to in the first sentence of that paragraph, is entitled to seek consultations in the Charter Conference.

(a) Where a provision of [WTO]1 referred to in this paragraph provides for joint action by [Members of the WTO]2, it is intended that the Charter Conference take such action.3

 

1Editor's note: original "GATT 1947 or a Related Instrument", adapted by editors.

2Editor's note: original "parties to the GATT", adapted by editors.

3Editor's note: part (b) of the Understanding became irrelevant following the entry into force of the Amendment to the Trade-Realted Provisions of the Energy Charter Treaty.

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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