Summary

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Case Report (free download)

Case Report by Anna Rivetti, Editor Ignacio Torterola

Summary

The Claimants brought an action for reparation and restitution against the Kingdom of Spain ('Spain') pursuant to the Energy Charter Treaty ('ECT') alleging that Spain breached the fair and equitable treatment protection in Art. 10(1) ECT by failing to protect the Claimants' legitimate expectations in relation to their EUR 91 million investment in wind installations located in Spain. The measures adopted by Spain between 2012 and 2014 altered the applicable legal and regulatory framework which the Claimants relied upon when they made their investment, and this could indicate Spain's failure to comply with its obligation under Article 10(1) of the ECT. The Tribunal unanimously decided on the matter of jurisdiction. On the merits of the case and quantum, by majority the Tribunal rendered its Award largely in favor of the Claimants while one member of the Tribunal rendered a Dissenting Opinion.

Main issues

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

Watkins Holdings S.a r.l. and others v Kingdom of Spain - Award and Dissent on Liability and Quantum Professor Dr Hélène Ruiz Fabri - 21 January 2020

Case report provided by International Arbitration Case Law (IACL)

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