RWE Innogy GmbH and RWE Innogy Aersa S.A.U. v. Kingdom of Spain, International Centre for Settlement of Investment Disputes (ICSID) Case No. ARB/14/34 - Journal of Damages in International Arbitration, Vol.7 No.2
AWARD, DECEMBER 18, 2020
DECISION ON JURISDICTION, LIABILITY AND CERTAIN ISSUES OF QUANTUM, DECEMBER 30, 2019
RWE Innogy GmbH and RWE Innogy Aersa S.A.U. (the Claimants)
Kingdom of Spain (the Respondent or Spain)
Claimants and Respondent are hereinafter referred to individually as a Party and collectively as the Parties.
Energy Charter Treaty (ECT)
Members of the Tribunal
Samuel Wordsworth QC (president), Judd Kessler (Claimants’ appointee), Anna Joubin-Bret (Respondent’s appointee)
Beginning in the mid-1990s, Spain introduced a program of legislative and regulatory measures to attract investment to build renewable energy capacity. These measures included Royal Decree (RD) 661/2007, which offered to investors guaranteed feed-in tariff rates that were significantly higher than existing rates. Between April 2001 and December 2011, the Claimants acquired stakes in four hydroelectric plants and 16 wind farms in Spain to which the regulatory measures were applicable.