Introduction

Six awards have now been handed down out of almost 40 investment treaty arbitrations arising from Spain's reforms in the renewable energy ("RE") sector. In four out of the six awards, tribunals held Spain liable and awarded damages to the claimants. Having critically assessed these decisions, in this paper I propose a modified conceptual approach to damages assessment, with the aim of achieving a more accurate estimate of loss and a more balanced award, in accordance with the applicable legal standard. The arbitral decisions reviewed in this article are: 1) ...