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Dissenting arbitrator considers that Spain created – and breached – the claimants’ legitimate expectations
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Tribunal fails to find any breach of transparency requirements
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New measures taken to reduce tariff deficit meet proportionality requirement
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Implemented new measures were reasonable considering the goals sought to be achieved by Spain
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Tribunal majority fails to find any legitimate expectations of stability of regulatory regime
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FET standard requires reasonableness, proportionality, and transparency
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Legitimate expectations require clear and specific commitment from state
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ECT does not contain standalone stability obligation
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EU law can be considered as a fact
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Additional measures introduced after the initiation of the arbitration are admissible and within the tribunal’s jurisdiction
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TVPEE qualifies as a taxation measure based on four-factor test and was not adopted in bad faith
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Tribunal rejects intra—EU objection based on involvement of German shareholders
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EBL’s partial involvement and stake in the project not a barrier to tribunal’s jurisdiction over Tubo Sol’s full claims
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Background: Withdrawal of renewable energy incentives regime results in arbitration claim from partial owners of CSP plant
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Discrimination claim upheld despite lack of comparator
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Newly unearthed arbitral award finds breach of customs stabilization law
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