The tribunal found that Novenergia’s investments were achieving a reasonable rate of return. However, the tribunal held that it was sufficient for the claim to succeed that Novenergia could show “quantifiable prejudice” compared with its position when it initially made its investment.
With the global financial crisis, solar power incentives schemes became unbearably costly and Spain repealed those incentives. Consequently, many investors brought arbitration claims under the Energy Charter Treaty.
Despite the fact that the ECT was initiated and designed by the EU, there are compelling grounds to doubt the compatibility of the ECT’s arbitration clause with the principles underpinning the EU’s judicial system.
In a second international ruling against retroactive cuts in renewables support introduced by the Spanish government in 2013, a Swedish arbitration panel has awarded a Luxembourg-based investment firm €53 million compensation.
The case is one of several brought to courts in Europe by Moldovan businessman Anatolie Stati who is attempting to force the Kazakh government to pay up in a dispute about his energy investments in the oil-rich country.
The EC claimed intra-EU investment treaty arbitration is in breach of EU law. If the CJEU were to confirm the decision of the EC, the application of the ICSID Convention within the EU would be seriously endangered.
Pensés au départ pour pallier le manque de stabilité des investissements dans des pays réputés instables, les mécanismes d’arbitrage international se sont peu à peu érigés en véritables vecteurs d’influence pour les entreprises.
The preferential protection of bilateral investments between Tanzania and the Netherlands is likely to cease next month but the protection for investments made before the date of termination continues to apply for a period of 15 years (until 1 April 2034).
It has taken a second FOI case and another two years to reveal that Australian taxpayers were only awarded half of the costs of defending Australia’s tobacco plain packaging laws against tobacco giant Philip Morris in March 2017.
La Cancillería y su Dirección General de Relaciones Económicas Internacionales (DIRECON), se están defendiendo del mar de críticas contra el Tratado Integral y Progresista de Asociación Transpacífico (CPTPP), conocido como TPP-11, a punta de argumentos engañosos y derechamente falsos.