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Investor´s legitimate confidence in the stability of a regulatory regime versus legitimate right of a State to regulatory changes

The ICSID tribunal composed of Hi-Taek Shin (President), August Reinisch and Mónica Pinto has issued final award on 9 November in favour of JGC Holdings, ordering the Kingdom of Spain to pay to JGC, a Japanese investor €23.5 million plus interest and costs after finding that changes to the state’s renewable energy regime frustrated its legitimate expectations. The investor originally had claimed €161 million plus interest.

A resumée of the case can be found under


Las month (14.3.2022) Spain has initiated an annulment proceeding against the award. On March 31, the ad hoc Committee has been constituted in accordance with Article 52(3) of the ICSID Convention: Dyalá Jiménez (Costa Rican); Tina Cicchetti (Canadian/Italian); Ucheora Onwuamaegbu (British/Nigerian); all members have been appointed by the Chairman of the Administrative Council.