Reproduced from www.worldbank.org/icsid with permission of ICSID.
1. This case concerns a dispute resubmitted to the International Centre for Settlement of Investment Disputes ("ICSID" or the "Centre") on the basis of the Dominican Republic- Central America-United States Free Trade Agreement ("DR-CAFTA" or the "Treaty"), which entered into force in Guatemala on 1 July 2006, and in the United States on 1 March 2006, and the Convention on the Settlement of Investment Disputes between States and Nationals of Other States, which entered into force on 14 October 1966 (the "ICSID Convention"). The dispute relates to the operation of an electricity distribution company in Guatemala, and arose from the alleged violation by the regulatory body for the electricity sector in Guatemala, the National Electric Energy Commission (the "CNEE", from its name in Spanish, Comisión Nacional de Energía Eléctrica), of the regulatory framework for setting tariffs for distribution of energy by EEGSA, the electricity company in which the Claimant had an indirect share.
155. For the reasons set forth above, the Tribunal, by a majority, decides as follows:
A. Claimant is entitled by way of damages to recover the cash flow shortfall between the 21 October 2010 sale date and the end of the 20082013 Tariff Period on 31 July 2013, i.e., the sum of US$ 26,793,001, calculated as at 21 October 2010;
B. Claimant is entitled by way of damages to recover `pre-sale interest' up to the date of the sale on 21 October 2010, in the sum of US$ 838,784, calculated as at 21 October 2010;
C. The US Prime rate of interest plus 2%, payable both pre- and post-Award until the date of payment, is the rate of interest applicable to the sums owing as of 21 October 2010;
D. All other claims are dismissed;
E. On the matter of costs,
i. Respondent shall bear its own costs and reimburse 75% of Claimant's costs, including its contribution to the costs and expenses incurred by ICSID, arising in the proceedings before the Original Tribunal;
ii. Each Party shall pay the costs and expenses relating to the Annulment proceedings as determined in paragraph 382 of the Annulment Decision;
iii. Each Party shall bear its own costs and one half of the costs and expenses incurred by ICSID in the proceedings before this Tribunal.
Dr. Stanimir Alexandrov
Prof. Brigitte Stern
Prof. Vaughan Lowe, Q.C.