FDI Update reports on recent legislation, international arbitration cases and enforcement decisions. It also brings news and insights from Turkey, the Middle East, Africa and CIS to guide investors that target foreing markets for expansion.
Feed-in Tariff Schemes in the Renewables Industry (II): Legitimate Expectations and Damages Considerations in the Spanish cases
In the first of the series of articles on Feed-in Tariff (FIT) disputes in the EU, we discussed in October 2019 the development of FIT policies in Spain, Czech Republic and Italy. We explored investment treaty arbitration cases concluded in 2019 and reviewed the reasoning of select issues in arbitral awards including Achmea Judgment of the CJEU, taxation carve-out under Article 21 of the Energy Charter Treaty (ECT) and the concept of legitimate expectations. In this second article, we will explore reasoning of tribunals in quantification of damages. Before doing so, however, we will review BayWa v. Spain, one of the three cases that have been concluded since the publication of our first review on the FIT cases.