Costs are split equally between the parties

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Tribunal finds no promise to freeze incentives levels for 20 years

Tribunal delves into definition of legitimate expectations under ECT’s FET standard

Tribunal finds no useful comparator in non-PV energy producers to assess if Italy’s conduct was discriminatory

Alleged loss of future rights does not amount to retroactive application of the law

Tribunal draws distinction between unreasonable and arbitrary measures under non-impairment requirement

Transparency does not require prior warning of potential future amendments

Italy’s measures were proportional to the public interest pursued

Assessment of stable conditions clause should consider evolution of technologies and costs

Amendments did not affect promise of fair return on investment

Stable conditions requirement finds limit in state’s right to regulate to pursue proportionate public interest

Tribunal sees no point in looking at international law to assess nature of Italian contracts

“Accessory contracts” are public contracts that do not give rise to obligations under ECT’s umbrella clause

Arbitrators identify four independent obligations under Article 10(1) of ECT

Tribunal considers change of control irrelevant in assessment of date of investment in PV plants

Proper remedy to implement intra-EU incompatibility is amendment, termination, or withdrawal from the ECT

Arbitrators find that EU law and ECT constitute independent “sub-systems” of international law

Tribunal sees no conflict between Article 26 of the ECT and the TFEU, since it is not called to decide on legal matters of Italian or EU law

Tribunal attaches little relevant to European contacting parties’ declarations, finding more convincing elements in absence of disconnection clause

Tribunal finds no ground for prevalence of EU treaties over ECT provisions

Treaty’s open offer to arbitrate and acceptance through request for arbitration meet formal requirements set out under Article 25(1) of the ICSID Convention

Diverging rulings on intra-EU ECT arbitration call for analysis of relation between EU law and Italy’s consent to arbitrate investor-state disputes

ECT fork-in-the-road clause does not apply to claims that fail to meet triple identity test

Claimants are allowed to resubmit claims that were withdrawn from local courts

Exclusive forum selection clause does not preclude tribunal’s jurisdiction

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