Summary

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Case Report (free download)

Case Report by Jake Lowther, Editor Ignacio Torterola

Summary

The Claimants brought an action for relief against the Kingdom of Spain ('Spain') pursuant to the Energy Charter Treaty ('ECT') alleging Spain breached the fair and equitable treatment protection in Art. 10(1) ECT in relation to its investments in photovoltaic facilities and hydroelectric facilities located in Spain. Following preliminary objections, the Tribunal considered the evolution of the Spanish renewable energy policy including the imposition of a seven per cent tax on power generators' revenues and a reduction in subsidies for renewable energy producers to determine the liability of Spain, but in a Decision left open the precise sum payable as damages and costs. Following the satisfactory joint computation of damages by the parties, the Tribunal rendered its Award, incorporating the Decision and a Separate and Partial Dissenting Opinion, largely in favour of the Claimants.

Main issues

Jurisdiction - Competence of the Arbitral Tribunal; Treaty Obligations - Fair and Equitable Treatment; Damages - Determination of Value of Compensation

Cube Infrastructure Fund SICAV and Others v Kingdom of Spain (ICSID Case No. ARB/15/20) - Award and Dissenting Opinion - 15 July 2019

Case report provided by International Arbitration Case Law (IACL)

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