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Each party to cover own costs
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Despite continuing breach by Argentina, tribunal refuses to award compensation for future lost profits
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“Actual loss” deemed proper standard for determining compensation
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Dispute qualifies as legal dispute over an investment
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Consent requirements satisfied
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LG&E has standing to claim under BIT; contractual dispute resolution clause no bar to jurisdiction
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Later disputed measures also within tribunal’s jurisdiction
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Tribunal sees no expropriation of claimants’ investment, gives nod to states’ right to regulate
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Tribunal sees predictable business environment and investor expectations as part of FET, finds the standard breached
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Non-precluded measures clause in U.S.-Argentina BIT is not self-judging
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Argentina’s breaches partially excused by state of necessity
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Lack of discriminatory intent does not prevent BIT breach; Argentina’s measures not arbitrary
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Umbrella clause covers unilateral obligations undertaken through national legislation
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