Summary

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Case Report (free download)

Case Report by Ana María Sánchez Silva, Editor Diego Luis Alonso Massa

Summary

Claimants brought an action for relief against Colombia ('Respondent' or 'Colombia') pursuant to the Spain - Colombia BIT ('BIT' or 'Treaty') alleging Colombia had breached, inter alia, fair and equitable treatment, full protection and security, most-favoured nation and expropriation standards under the BIT in relation to its investment in an operating electricity distribution and marketing company ('Company') located in the Colombian Caribbean Coast. The dispute between the parties arises, in particular, with regards to Colombia's decision to place the Company, Electricaribe S.A. E.S.P., into administrative receivership in November 206 and its subsequent decision to liquidate the Company . Finally, the Tribunal dismissed Claimants' claims, and also determined that it lacked jurisdiction over Respondent's counterclaims, and that each party shall bear their own cost of legal representation and assistance.

Main issues

Scope of Colombia's obligations under the BIT between Spain and Colombia, specifically as regards the regulation of the electricity sector in Colombia's territory.

Naturgy Energy Group, S.A. and Naturgy Electricidad Colombia S.L. v The Republic of Colombia (ICSID Case No. UNCT/18/1) - Award - 12 March 2021

Case report provided by International Arbitration Case Law (IACL)

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