Breaking: Tribunal majority dismisses renewables claim against Italy on the merits; dissenter would have found that modification of feed-in tariffs through the Spalma Incentivi decree violated the ECT

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Tribunal majority in STEAG v. Spain finds that the state breached the claimant’s legitimate expectations, but applies discounts to damages; Pierre-Marie Dupuy dissents

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Analysis: Majority in ESPF v. Italy finds “clear and specific commitment” by Italy to pay fixed feed-in-tariffs; Laurence Boisson de Chazournes disagrees

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Tribunal majority holds that investor in Spanish solar power plants merely had a legitimate expectation of a reasonable rate of return; David Haigh disagrees, seeing specific promises of stability

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Analysis: In Watkins v. Spain award, majority finds that changes to Spain’s renewable energy incentives trigger ECT violations; dissenter says majority decision lacks “clarity”

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Ecuador ordered to pay Perenco $449 million (US) for decade-old energy windfall levy, but investor must pay $54 million (US) towards environmental cleanup

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In split ruling in OperaFund and Schwab Holding v. Spain case, Boeckstiegel and Reinisch hold Spain liable for breaking stability commitment to solar investors, but Phillipe Sands dissents

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Revealed: reasons why Van Houtte, Beechey, and Landau saw no legitimate expectation to stabilization of Czech solar feed-in-tariffs; newly-seen award also deemed intra-EU objection untimely

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ANALYSIS: $2.7 billion award by Fortier and Brower surfaces as a result of Nigerian efforts to block enforcement; ruling in favor of Shell and Exxon entities touched on constitutional questions, as well as tax stabilization

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Investigation: newly-unearthed ICC award analyses whether local community opposition to project is a political risk for which African state had pledged to indemnify investors

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Czech solar award comes to light, offering clarity as to tribunal’s handling of jurisdictional questions – including whether “investor” must be defined in light of domestic law

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For majority of Kaufmann-Kohler and Tomka in Czech solar case, investor had no legitimate expectation to fixed feed-in-tariffs

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In dissent in Czech solar case, Gary Born sees a legitimate expectation to fixed feed-in-tariffs, and complains that co-arbitrators deprive state of ability to provide meaningful “legislative guarantees” to foreign investors

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Award in Crawford-chaired Energy Charter case (JKX v. Ukraine) is upheld in UK courts

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Czech Republic emerges victorious in first of a string of investment treaty arbitrations over solar energy changes

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At merits stage of Caratube II case, majority of tribunal sees an unlawful expropriation of oil contract rights, following from shifting political winds

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After-life of 1994 Kazakh foreign investment law continues to be debated, this time as English court refuses to set aside 2013 award that had declined jurisdiction over investor’s arbitration claim

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On the wires: Philippines liable for BIT breach; investor that won emergency orders vs. Ukraine does not fare as well in final result; Iranians pursue Bahrain over bank closure

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Arbitrators hold that repealed Kazakh investment law – including arbitration and stablization clauses – continues to apply to investment made before law’s repeal

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Tercier-led tribunal sees breach of ECT and US BIT in relation to electricity tariff-capping and a requirement to reinvest profits, but awards no compensation

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ANALYSIS: where do matters stand with respect to Energy Charter Treaty claims against Spain?

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A second arbitral tribunal at Stockholm weighs in with an ECT verdict in a Spanish renewables dispute

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In latest arbitral ruling on Ecuador’s decade-old windfall oil levy, arbitrators find that 99% claw-back – but not a 50% claw-back – breached investment treaty

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ANALYSIS: European Commission’s newly-released investment treaty model departs in significant ways from recently-concluded Canada pact

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Majority of Kaufmann-Kohler and Stern reject claim that Ecuador’s windfall profits tax is an expropriation of Burlington’s investment

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ANALYSIS: Choice of BIT arbitration over contractual remedies fails to pay off in Ulysseas v. Ecuador case; stabilization clause also hurts case

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Moldova loses another treaty arbitration with Russian investor, but shows signs of cooperation with the arbitration system

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ANALYSIS: ICSID Committee rejects bid to annul award in Peruvian energy tax stabilization dispute

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Hungary prevails in first of three Energy Charter Treaty (ECT) arbitrations over power pricing disputes; arbitrators affirm that “politics” is not a dirty word

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ANALYSIS: ECT’s stability clause does not immunize foreign investors from legal changes in Hungary; arbitrators see no clash between ECT and Hungary’s EU law obligations

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Tax exclusion clause in US-Ecuador BIT foils some claims by US energy company (Burlington Resources) hit by energy windfall levy; arbitrators will hear expropriation claim

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Failure by oil corp to give Ecuador prior notice of treaty violations thwarts claims rooted in indigenous opposition to oil development

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Mongolia mining arbitrations proliferate; one of three known treaty claims could see debate as to scope for arbitration under Communist-style investment treaty

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ANALYSIS: Multitude of safeguards and exceptions make for baroque Canadian BITs with Romania, Latvia, Czech Republic

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ICSID tribunal awards $18.4 Million to Duke Energy for breach of tax stability pledges by Peru; Other claims rejected

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