ICSID - International Centre for Settlement of Investment Disputes

09/19/2023 | Press release | Distributed by Public on 09/19/2023 16:44

Eurus Energy Holdings Corporation v. Kingdom of Spain (ICSID Case No. ARB/16/4)

Eurus Energy Holdings Corporation v. Kingdom of Spain (ICSID Case No. ARB/16/4)

  • Subject of Dispute:
    Renewable energy generation enterprise
  • Economic Sector:
    Electric Power & Other Energy
  • Instrument(s) Invoked: (i)
    ECT (Energy Charter Treaty)
  • Applicable Rules:
    ICSID Convention - Arbitration Rules

(a) Original Proceeding

  • Claimant(s)/Nationality(ies): (i)
    Eurus Energy Holdings Corporation (Japanese)
  • Respondent(s):
    Kingdom of Spain (Spanish)
  • Date Registered:
    March 1, 2016
  • Date of Constitution of Tribunal:
    May 2, 2016
  • Composition of Tribunal

  • President:
    Anne HOFFMANN (German) - Appointed by the Secretary-General
  • Arbitrators:
    Oscar M. GARIBALDI (Argentine, U.S.) - Appointed by the Claimant(s)
    Andrea GIARDINA (Italian) - Appointed by the Respondent(s)
  • Party Representatives

  • Claimant(s):
    Freshfields Bruckhaus Deringer, Tokyo, Japan
  • Respondent(s):
    Abogacía General del Estado, Ministry of Justice of the Government of Spain
  • Language(s) of Proceeding:
    English,Spanish
  • Status of Proceeding:
    Concluded
  • Outcome of Proceeding:
    November 14, 2022 - The Tribunal renders its Award.

(b) Rectification Proceeding

  • Applicant(s)/Requesting Party(ies): (i)
    Claimant(s)
  • Date Registered:
    January 5, 2023
  • Party Representatives

  • Claimant(s):
    Freshfields Bruckhaus Deringer, Tokyo, Japan, Paris, France, Singapore, and Madrid, Spain
  • Respondent(s):
    Abogacía General del Estado, Ministry of Justice of the Government of Spain
  • Language(s) of Proceeding:
    English,Spanish
  • Status of Proceeding:
    Concluded
  • Outcome of Proceeding:
    May 15, 2023 - The Tribunal issues a decision on the rectification of the award.

(c) Annulment Proceeding

  • Applicant(s)/Requesting Party(ies): (i)
    Respondent(s)
  • Date Registered:
    September 19, 2023 (Respondent(s))
  • Party Representatives

  • Claimant(s):
    Freshfields Bruckhaus Deringer, Tokyo, Japan
  • Respondent(s):
    Abogacía General del Estado, Ministry of Justice of the Government of Spain
  • Language(s) of Proceeding:
    English,Spanish
  • Status of Proceeding:
    Pending
  • Latest Development:
    September 19, 2023 - The Secretary-General registers an application for annulment of the award filed by the Kingdom of Spain and notifies the parties of the provisional stay of enforcement of the award.

(a) Original Proceeding

Published Decisions

Decision on Jurisdiction and Liability

Partial Dissent by Oscar M. Garibaldi

Award of the Tribunal(English;)

Available on the ICSID Website

Decision on Jurisdiction and Liability (March 17, 2021)English (Original); Spanish (Original)

Partial Dissent by Oscar M. Garibaldi (March 17, 2021)English (Original); Spanish (Original)

(a) Original Proceeding

Date Development
March 1, 2016 The Secretary-General registers a request for the institution of arbitration proceedings.
April 11, 2016 Following appointment by the Claimants, Oscar M. Garibaldi (Argentina/U.S.) accepts his appointment as arbitrator.
April 15, 2016 Following appointment by the Respondent, Andrea Giardina (Italian) accepts his appointment as arbitrator.
May 2, 2016

Following appointment by agreement of the parties, James Crawford (Australian) accepts his appointment as presiding arbitrator.

May 2, 2016

The Tribunal is constituted in accordance with 37(2)(a) of the ICSID Convention. Its members are: James Crawford (Australian), President, appointed by agreement of the parties; Oscar Garibaldi (Argentine/U.S.), appointed by the Claimants; and Andrea Giardina (Italian), appointed by the Respondent.

July 20, 2016 The Tribunal holds a first session by telephone conference.
September 7, 2016 The Tribunal issues Procedural Order No. 1 concerning procedural matters.
November 18, 2016 The Claimants file a memorial on the merits.
April 12, 2017

The Respondent files a counter-memorial on the merits and memorial on jurisdiction.

June 13, 2017 The Tribunal issues Procedural Order No. 2 concerning production of documents.
September 29, 2017 The Claimants file a reply on the merits.
December 22, 2017

The Respondent files a rejoinder on the merits and a reply on jurisdiction.

February 8, 2018

The Claimants file a rejoinder on jurisdiction.

March 28, 2018

The Claimants request to introduce into the record certain documentary evidence.

April 17, 2018

The Respondent responds and requests to introduce into the record certain documentary evidence.

April 27, 2018

The Claimants respond to the Respondent's request of April 17, 2018.

May 17, 2018

The Tribunal issues Procedural Order No. 3 on the admissibility of new evidence.

June 5, 2018

The Tribunal holds a pre-hearing organizational meeting with the parties by telephone conference.

June 11, 2018

The Tribunal issues Procedural Order No. 4 concerning the withdrawal of claims.

June 12, 2018

The Tribunal issues Procedural Order No. 5 concerning the organization of the hearing.

July 18, 2018 - July 23, 2018

The Tribunal holds a hearing on jurisdiction and the merits in Paris.

September 14, 2018

Each party files a submission on costs.

November 5, 2018

A non-disputing party files an application pursuant to ICSID Arbitration Rule 37(2).

November 8, 2018

The Claimant files observations on the non-disputing party's application.

November 13, 2018

The Respondent files observations on the non-disputing party's application.

December 4, 2018

The Claimant files further observations on the non-disputing party's application.

December 5, 2018

The Respondent files further observations on the non-disputing party's application.

December 21, 2018

The Tribunal issues Procedural Order No. 6 concerning the non-disputing party's application to file a written submission pursuant to ICSID Arbitration Rule 37(2).

January 4, 2019

A non-disputing party files a request to alter the Tribunal's Procedural Order No. 6 dated December 21, 2018.

January 9, 2019

Each party files observations on the non-disputing party's request of January 4, 2019.

January 16, 2019

The Tribunal issues Procedural Order No. 7 concerning the non-disputing party's request of January 4, 2019.

January 25, 2019

The Respondent files a request for the Tribunal to decide on the admissibility of a new document.

January 31, 2019

Each party files further observations on the non-disputing party's request of January 4, 2019.

February 4, 2019

The Claimant files observations on the Respondent's request of January 25, 2019.

April 11, 2019

The Respondent files a request for the Tribunal to decide on the admissibility of a new document.

April 15, 2019

The Claimant files observations on the Respondent's request of April 11, 2019.

April 17, 2019

The Respondent files further observations to its request of April 11, 2019.

April 29, 2019

The Claimant files further observations on the Respondent's request of April 11, 2019.

May 3, 2019

The Tribunal decides on the admissibility of new documents.

May 9, 2019

The Claimant files comments on a new document.

May 24, 2019

The Respondent files comments on a new document.

May 29, 2019

The Respondent files comments on new documents.

June 11, 2019

The Claimant files comments on new documents.

June 18, 2019

The Claimant files comments on a new document.

July 2, 2019

The Respondent files comments on a new document.

August 27, 2019

The Respondent files comments on a new document.

September 2, 2019

The Claimant files comments on a new document.

October 10, 2019

The Respondent files comments on a new document.

October 23, 2019

The Claimant files comments on a new document.

December 23, 2019

The Respondent files comments on a new document.

January 9, 2020

The Claimant files comments on a new document.

March 9, 2020

The Respondent files a request for the Tribunal to decide on the admissibility of a new document.

March 10, 2020

The Claimant files observations on the Respondent's request of March 9, 2020.

March 12, 2020

The Tribunal decides on the admissibility of a new document.

March 13, 2020

The Respondent files a new document.

June 17, 2020

The Respondent files a request for the Tribunal to decide on the admissibility of a new document.

June 18, 2020

The Claimant files observations on the Respondent's request of June 17, 2020.

June 24, 2020

The Tribunal decides on the admissibility of a new document.

June 25, 2020

The Respondent files a new document.

October 20, 2020

The Respondent files comments on a new document.

November 3, 2020

The Claimant files comments on a new document.

March 17, 2021

The Tribunal issues a decision on jurisdiction and liability; attached to the decision is a partial dissenting opinion by arbitrator Oscar M. Garibaldi.

June 1, 2021

Following the passing away of arbitrator James Crawford (Australian), the Secretary-General notifies the parties of the vacancy on the Tribunal and the proceeding is suspended pursuant to ICSID Arbitration Rule 10(2).

October 4, 2021

The Tribunal is reconstituted. Its members are: Anne Hoffmann (German), President, appointed by the Secretary-General pursuant to the parties' agreement; Oscar Garibaldi (Argentine/U.S.), appointed by the Claimant; and Andrea Giardina (Italian), appointed by the Respondent. The proceeding is resumed pursuant to ICSID Arbitration Rule 12.

December 10, 2021

Each party files a submission on quantum.

January 21, 2022

The Tribunal poses questions to the parties.

February 8, 2022

Each party files answers to the questions posed by the Tribunal on January 21, 2022.

May 30, 2022

Each party files a submission on costs.

June 16, 2022

Each party files observations on the other party's submission on costs.

October 24, 2022

The Tribunal declares the proceeding closed in accordance with ICSID Arbitration Rule 38(1).

November 14, 2022

The Tribunal renders its Award.

(b) Rectification Proceeding

Date Development
January 5, 2023

The Secretary-General registers a request for rectification of the award filed by Eurus Energy Holdings Corporation.

January 30, 2023

Eurus Energy Holdings Corporation files a submission on the rectification or supplementation of the arbitral award.

February 20, 2023

The Kingdom of Spain files a response to Eurus Energy Holdings Corporation's submission of January 30, 2023.

March 31, 2023

Each party files a submission on costs.

April 27, 2023

The Tribunal declares the proceeding closed in accordance with ICSID Arbitration Rules 46 and 49(4).

May 15, 2023

The Tribunal issues a decision on the rectification of the award.

(c) Annulment Proceeding

Date Development
September 19, 2023

The Secretary-General registers an application for annulment of the award filed by the Kingdom of Spain and notifies the parties of the provisional stay of enforcement of the award.