Summary

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Case Report (free download)

Case Report by Luigi Sammartino, Editor Ignacio Torterola

Summary

Claimants brought an action for relief against Italy pursuant to the Energy Charter Treaty ('ECT') alleging that Italy breached, inter alia, the fair and equitable treatment Standard and Claimant's legitimate expectations, undertook unreasonable and discriminatory measures amounting to a breach of the Impairment Clause, and violated the Umbrella Clause in relation to their investments in several photovoltaic plants in Italy. Nonetheless, the Tribunal decided that the Italian Republic has neither breached its obligations under Part III of the ECT nor under international law with respect to Claimants' investments. Claimants were also ordered to pay all costs of the arbitration proceedings.

Main issues

jurisdictional issues on to the conformity between EU and International investment law, particularly with reference to the ECJ Achmea judgment; frustration of legitimate expectations of the investor through several modifications of energy incentive legislation.

Sunreserve Luxco Holdings v Italy (SCC Arbitration V - 2016/32), Final Award of 25 March 2020

Case report provided by International Arbitration Case Law (IACL)

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