ICSID - International Centre for Settlement of Investment Disputes
ICSID - International Centre for Settlement of Investment Disputes
28/08/2024 | Press release | Distributed by Public on 29/08/2024 22:41
IC Power Ltd and Kenon Holdings Ltd v. Republic of Peru (ICSID Case No. ARB/19/19)
IC Power Ltd and Kenon Holdings Ltd v. Republic of Peru (ICSID Case No. ARB/19/19)
Proceeding
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Subject of Dispute:Electricity distribution and sale concession
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Economic Sector:Electric Power & Other Energy
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Instrument(s) Invoked: (i)FTA Peru-Singapore
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Applicable Rules:ICSID Convention - Arbitration Rules
(a) Original Proceeding
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Claimant(s)/Nationality(ies): (i)IC Power Ltd (Singaporean), Kenon Holdings Ltd (Singaporean)
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Respondent(s):Republic of Peru (Peruvian)
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Date Registered:June 27, 2019
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Date of Constitution of Tribunal:October 30, 2019
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Composition of Tribunal
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President:Luca G. RADICATI DI BROZOLO (British, Italian) - Appointed by the Parties
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Arbitrators:David R. HAIGH (Canadian) - Appointed by the Claimant(s)
Eduardo SIQUEIROS T (Mexican) - Appointed by the Respondent(s)
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Party Representatives
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Claimant(s):Freshfields Bruckhaus Deringer, Washington, D.C., U.S.A.
Philippi Prietocarrizosa Ferrero DU& Uría, Lima, Peru -
Respondent(s):Ministry of Economy and Finances, Lima, Peru
Sidley Austin, Washington D.C., U.S.A.
Stanimir A. Alexandrov, Washington, D.C., U.S.A.
Estudio Navarro & Pazos Abogados, Lima, Peru -
Language(s) of Proceeding:English,Spanish
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Status of Proceeding:Concluded
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Outcome of Proceeding:October 3, 2023 -
The Tribunal renders its award.
(b) Rectification and Supplementary Decision Proceeding
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Applicant(s)/Requesting Party(ies): (i)Claimant(s)
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Date Registered:November 16, 2023
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Party Representatives
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Claimant(s):Freshfields Bruckhaus Deringer US, Washington, D.C., U.S.A.
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Respondent(s):Ministry of Economy and Finances, Lima, Peru
Stanimir A. Alexandrov, Washington, D.C., U.S.A.
Baker Botts, Washington, D.C., U.S.A. and London, U.K.
Estudio Navarro & Pazos Abogados, Lima, Peru -
Language(s) of Proceeding:English,Spanish
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Status of Proceeding:Concluded
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Outcome of Proceeding:May 3, 2024 - The Tribunal issues a decision on the rectification of the award.
(c) Rectification Proceeding
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Applicant(s)/Requesting Party(ies): (i)Respondent(s)
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Date Registered:December 5, 2023
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Party Representatives
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Claimant(s):Freshfields Bruckhaus Deringer US, Washington, D.C., U.S.A.
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Respondent(s):Ministry of Economy and Finances, Lima, Peru
Stanimir A. Alexandrov, Washington, D.C., U.S.A.
Baker Botts, Washington, D.C., U.S.A.
Estudio Navarro & Pazos Abogados, Lima, Peru -
Status of Proceeding:Concluded
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Outcome of Proceeding:May 3, 2024 - The Tribunal issues a decision on the rectification of the award.
(d) Annulment Proceeding
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Applicant(s)/Requesting Party(ies): (i)Respondent(s)
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Date Registered:August 28, 2024
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Party Representatives
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Status of Proceeding:Pending
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Latest Development:August 28, 2024 -
The Secretary-General registers an application for partial annulment of the award filed by the Republic of Peru.
(a) Original Proceeding
Published Decisions
Procedural Order No. 1
Procedural Order No. 2
Procedural Order No. 3
Procedural Order No. 4
Procedural Order No. 5
Award
Available on the ICSID Website
Procedural Order No. 1 (February 27, 2020)English (Original)
Procedural Order No. 2 (May 6, 2020)English (Original)
Procedural Order No. 3 (October 25, 2021)English (Original)
Procedural Order No. 4 (November 15, 2021)English (Original)
Procedural Order No. 5 (November 28, 2021)English (Original)
Award (October 3, 2023)English (Original); Spanish (Original)
(b) Rectification and Supplementary Decision Proceeding
Published Decisions
Decision on Rectification
Available on the ICSID Website
Decision on Rectification (May 3, 2024)English (Original); Spanish (Original)
(a) Original Proceeding
| Date | Development |
| June 27, 2019 |
The Secretary-General registers a request for the institution of arbitration proceedings. |
| September 6, 2019 |
Following appointment by the Claimants, David R. Haigh (Canadian) accepts his appointment as arbitrator. |
| October 3, 2019 |
Following appointment by the Respondent, Eduardo Siqueiros (Mexican) accepts his appointment as arbitrator. |
| October 30, 2019 |
Following appointment by the parties, Luca G. Radicati di Brozolo (Italian/British) accepts his appointment as presiding arbitrator. |
| October 30, 2019 |
The Tribunal is constituted in accordance with Article 37(2)(b) of the ICSID Convention. Its members are: Luca G. Radicati di Brozolo (Italian/British), President, appointed by agreement of the parties; David R. Haigh (Canadian), appointed by the Claimants; and Eduardo Siqueiros (Mexican), appointed by the Respondent. |
| January 31, 2020 |
The Tribunal holds a first session by telephone conference. |
| February 27, 2020 |
The Tribunal issues Procedural Order No. 1 concerning procedural matters. |
| May 6, 2020 |
The Tribunal issues Procedural Order No. 2 concerning procedural matters. |
| June 5, 2020 |
The Claimant files a memorial on the merits. |
| February 13, 2021 |
The Respondent files a memorial on jurisdiction and a counter-memorial on the merits. |
| May 25, 2021 |
The Claimant files a counter-memorial on jurisdiction and a reply on the merits. |
| September 3, 2021 |
The Respondent files a reply on jurisdiction and a rejoinder on the merits. |
| October 25, 2021 |
The Tribunal issues Procedural Order No. 3 concerning procedural matters. |
| November 2, 2021 |
The Claimants file a rejoinder on jurisdiction. |
| November 4, 2021 |
The Respondent files a request for reconsideration of the Tribunal's Procedural Order No. 3 of October 25, 2021. |
| November 7, 2021 |
The Claimants file observations on the Respondent's request of November 4, 2021. |
| November 12, 2021 |
The Tribunal holds a pre-hearing organizational meeting with the parties by video conference. |
| November 15, 2021 |
The Tribunal issues Procedural Order No. 4 concerning the Respondent's request of November 4, 2021. |
| November 28, 2021 |
The Tribunal issues Procedural Order No. 5 concerning the organization of the hearing. |
| December 3, 2021 |
The Claimants file a request for the Tribunal to decide on the admissibility of new evidence. |
| December 9, 2021 |
The Respondent files observations on the Claimants' request of December 3, 2021. |
| December 10, 2021 |
The Tribunal decides on the admissibility of new documents. |
| December 13, 2021 - December 20, 2021 |
The Tribunal holds a hearing on the merits by video conference. |
| March 21, 2022 |
Each party files a post-hearing brief. |
| May 19, 2023 |
Each party files a submission on costs. |
| June 8, 2023 |
The Tribunal declares the proceeding closed in accordance with ICSID Arbitration Rule 38(1). |
| October 3, 2023 |
The Tribunal renders its award. |
(b) Rectification and Supplementary Decision Proceeding - 1
| Date | Development |
| November 16, 2023 |
The Secretary-General registers a request for supplementary decision and rectification of the award filed by IC Power Ltd and Kenon Holdings Ltd. |
| December 6, 2023 |
The Republic of Peru files observations on IC Power Ltd and Kenon Holdings Ltd.'s request of November 10, 2023. |
| December 13, 2023 |
IC Power Ltd and Kenon Holdings Ltd. file a response to the Republic of Peru's observations of December 6, 2023. |
| December 20, 2023 |
The Republic of Peru files further observations on IC Power Ltd and Kenon Holdings Ltd.'s response of December 13, 2023. |
| February 5, 2024 |
Each party files a submission on costs. |
| February 11, 2024 |
The Republic of Peru files observations on IC Power Ltd and Kenon Holdings Ltd.'s submission of costs. |
| February 19, 2024 |
IC Power Ltd and Kenon Holdings Ltd. file a response to the Republic of Peru's observations of February 11, 2024. |
| February 28, 2024 |
The Republic of Peru files observations on IC Power Ltd and Kenon Holdings Ltd. 's response of February 19, 2024. |
| March 8, 2024 |
The Republic of Peru files an updated submission on costs. |
| March 13, 2024 |
The Tribunal declares the proceeding closed in accordance with ICSID Arbitration Rule 38(1). |
| May 3, 2024 |
The Tribunal issues a decision on the rectification of the award. |
(c) Rectification Proceeding - 2
| Date | Development |
| December 5, 2023 |
The Secretary-General registers a request for rectification of the award filed by the Republic of Peru. |
| December 7, 2023 |
IC Power Ltd and Kenon Holdings Ltd. file observations on the Republic of Peru's request of November 17, 2023. |
| February 5, 2024 |
Each party files a submission on costs. |
| February 11, 2024 |
The Republic of Peru files observations on IC Power Ltd and Kenon Holdings Ltd.'s submission of costs. |
| February 19, 2024 |
IC Power Ltd and Kenon Holdings Ltd. file a response to the Republic of Peru's observations of February 11, 2024. |
| February 28, 2024 |
The Republic of Peru files observations on IC Power Ltd and Kenon Holdings Ltd. 's response of February 19, 2024. |
| March 8, 2024 |
The Republic of Peru files an updated submission on costs. |
| March 13, 2024 |
The Tribunal declares the proceeding closed in accordance with ICSID Arbitration Rule 38(1). |
| May 3, 2024 |
The Tribunal issues a decision on the rectification of the award. |
(d) Annulment Proceeding
| Date | Development |
| August 28, 2024 |
The Secretary-General registers an application for partial annulment of the award filed by the Republic of Peru. |