Summary

The Republic of Bulgaria won international arbitration case ICSID Case No. ARB/16/24 before the International Centre for Settlement of Investment Disputes, Washington, USA, filed on 26 July 2016 by ČEZ a.s., Czech Republic. On January 29, 2026, the arbitral tribunal issued a decision rejecting all of CEZ's claims and ruling that the actions of the Republic of Bulgaria through the Energy and Water Regulatory Commission, the Ministry of Economy, the Ministry of Energy, as well as the Administrative Court of Sofia City, the Administrative Court of Varna, and the Supreme Administrative Court did not constitute violations of the standards for the treatment of foreign investments under the Energy Charter Treaty.