Arbitral Digest

Matter

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

ICSID investment arbitration over Spain’s withdrawal of renewable-energy incentives, the ECT stability obligation, and U.S. enforcement of the award.

  • Investor-state arbitration
  • Energy arbitration
  • Recognition and enforcement of arbitral awards
  • Setting aside arbitral awards
  • Parallel proceedings
  • Jurisdiction and arbitration agreements
Case no.
ARB/16/4
Seat
France
Industry type
Electricity, gas, steam and air conditioning supply
Applicable rules
ICSID Arbitration Rules in force as of April 2006

Procedural record

  1. 17 March 2021France

    17 March 2021France

    Decision on Jurisdiction and Liability

    International Centre for Settlement of Investment Disputes

    Decision summary
    By majority, the Tribunal found that the Energy Charter Treaty and the European state aid regime apply concurrently; the retroactive claw-back of subsidies breached the stability obligation in Article 10(1), first and second sentences, of the Energy Charter Treaty; there was no other breach of the Treaty; and all other claims were rejected. The Parties were directed to seek agreement on the impact of the claw-back feature and, if they did not agree within three months, either party could request the Tribunal to decide the outstanding issues.

    Participants

    Eurus Energy Holdings Corporation
    Kingdom of Spain
    International Centre for Settlement of Investment Disputes

    Authorities cited

    8
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States
      treaty
    • ICSID Institution Rules
      rules
    • ICSID Rules of Procedure for Arbitration Proceedings (ICSID Arbitration Rules in effect as of April 2006)
      rules
    • Slovak Republic v Achmea BV (Case C-284/16, ECLI:EU:C:2018:158) (Judgment of 6 March 2018, Case C-284/16, ECLI:EU:C:2018:158)
      case law
    • Vattenfall AB and others v Federal Republic of Germany (ICSID Case No. ARB/12/12), Decision on the Achmea Issue, 31 August 2018 (ICSID Case No. ARB/12/12, Decision on the Achmea Issue, 31 August 2018)
      case law
    • Declaration of the Representatives of the Governments of the Member States of 15 January 2019 on the legal consequences of the judgment of the Court of Justice in Achmea and on investment protection in the European Union (15 January 2019)
      statute
    • European Commission Decision C(2017) 7384 on State Aid SA.40348 (2015/NN) (Decision of 10 November 2017 regarding support for electricity generation from renewable energy sources, cogeneration and waste)
      statute
    • Eureko B.V. v Slovak Republic (PCA Case No. 2008-13), Award on Jurisdiction, Arbitrability and Suspension, 26 October 2010 (PCA Case No. 2008-13, Award on Jurisdiction, Arbitrability and Suspension, 26 October 2010)
      case law
  2. 17 March 2021France

    17 March 2021France

    Partial Dissent

    International Centre for Settlement of Investment Disputes

    Decision summary
    Oscar M. Garibaldi dissented from the majority's decisions concerning the application of EU law, the claims based on Article 10(1) of the Energy Charter Treaty, and the effects of EU law on state aid. He concurred that the claw-back feature breached the first two sentences of Article 10(1), but on different reasoning, and stated that the Claimant's claims based on the first three sentences should have been upheld.

    Participants

    Eurus Energy Holdings Corporation
    Kingdom of Spain
    International Centre for Settlement of Investment Disputes
    Arbitrator
    Oscar M. Garibaldi

    Authorities cited

    3
    • Slovak Republic v Achmea BV (Case C-284/16, ECLI:EU:C:2018:158) (Judgment of 6 March 2018, Case C-284/16, ECLI:EU:C:2018:158)
      case law
    • Vattenfall AB and others v Federal Republic of Germany (ICSID Case No. ARB/12/12), Decision on the Achmea Issue, 31 August 2018 (ICSID Case No. ARB/12/12, Decision on the Achmea Issue, 31 August 2018)
      case law
    • European Commission Decision C(2017) 7384 on State Aid SA.40348 (2015/NN) (Decision of 10 November 2017 regarding support for electricity generation from renewable energy sources, cogeneration and waste)
      statute

    1 year, 7 months and 28 days later · 607 days

  3. 14 November 2022France

    14 November 2022France

    Arbitral Award dated 14 November 2022

    International Centre for Settlement of Investment Disputes

    Decision summary
    The tribunal awarded Eurus €106,200,000, plus interest and various fees, for Spain’s breach of the Energy Charter Treaty.

    Participants

    Eurus Energy Holdings Corporation
    Kingdom of Spain
    International Centre for Settlement of Investment Disputes

    6 months and 1 day later · 182 days

  4. 15 May 2023France

    15 May 2023France

    Decision on Rectification

    International Centre for Settlement of Investment Disputes

    Decision summary
    The Decision on Rectification further specified the amount of the ICSID award.

    Participants

    Eurus Energy Holdings Corporation
    Kingdom of Spain
    International Centre for Settlement of Investment Disputes

    3 years, 4 months and 9 days later · 1228 days

  5. 24 September 2026United States

    24 September 2026United States

    Memorandum Opinion of the United States District Court for the District of Columbia in the case 25-1842 (RDM) dated 24 September 2026

    United States District Court for the District of Columbia

    Case no.
    25-1842 (RDM)
    Decision summary
    The court granted substitution of Blasket Renewable Investments LLC for Eurus, denied Spain’s motion to dismiss or stay, and entered judgment enforcing the ICSID award in Blasket’s favor for the full amount specified in the award and the Decision on Rectification. It held that the award was entitled to full faith and credit and rejected Spain’s objections based on assignability, jurisdiction, international comity, foreign sovereign compulsion, and the act of state doctrine.

    Participants

    Application
    Motion to substitute Blasket Renewable Investments LLC for Eurus as petitioner — Granted
    Application
    Kingdom of Spain’s motion to dismiss or stay the enforcement action — Denied
    Application
    Petition to enforce the ICSID arbitral award and enter judgment — Granted
    Blasket Renewable Investments LLC
    Eurus Energy Holdings Corporation
    Kingdom of Spain
    United States District Court for the District of Columbia
    Judge
    Randolph D. Moss

    Authorities cited

    8
    • Convention on the Settlement of Investment Disputes between States and Nationals of Other States, 17 U.S.T. 1270, 575 U.N.T.S. 159
      treaty
    • United States Code, Title 22, Section 1650a (22 U.S.C. § 1650a)
      statute
    • Energy Charter Treaty, 2080 U.N.T.S. 95
      treaty
    • Federal Rules of Civil Procedure, Rule 25(c)
      rule
    • Valores Mundiales, S.L. v. Bolivarian Republic of Venezuela (87 F.4th 510 (D.C. Cir. 2023))
      case law
    • Micula v. Romania (101 F.4th 47 (D.C. Cir. 2024))
      case law
    • Blue Ridge Investments, LLC v. Republic of Argentina (902 F. Supp. 2d 367 (S.D.N.Y. 2012))
      case law
    • OperaFund Eco-Invest SICAV PLC and others v. Kingdom of Spain ([2025] EWHC 2874 (Comm), 11 November 2025)
      case law

Matter record

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