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Resort to administrative remedies is not mandatory under Guatemalan law, hence local remedies’ requirement under the FTA does not apply
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Fork-in-the-road clause applies only to treaty claims
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Tribunal lacks sufficient elements to decide limitation period objection
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Explicit reservation prevents investors from relying on MFN clause to invoke umbrella clauses contained in treaties concluded before FTA’s entry into force
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Available evidence does not allow tribunal to adopt preliminary decision on the nature of claims, which is thus deferred to the merits
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Tribunal sees no obligation under FTA to adopt definitive decision on all preliminary objections raised by the state
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Background: Energy companies lodge treaty claims, alleging multi-level opposition by state organs to electricity infrastructure project
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