Antin Infrastructure Services Luxembourg Sàrl and Antin Energia Termosolar BV v Spain, Award, ICSID Case No ARB/13/31, IIC 1439 (2018), 25th May 2018, despatched 15th June 2018

Whether Article 26 of the Energy Charter Treaty (‘ECT’) resulted in a limitation that would bar any claim by investors of European Union (‘EU’) Member States against another EU Member State that is party to the ECT.

Whether the arbitral tribunal’s jurisdiction ratione materiae was limited only to claims by investors with direct ownership of shares and loans from them.

Whether the arbitral tribunal had jurisdiction to hear claims related to a tax on the value of electricity production, given the exclusion of taxation measures contained in Article 21 of the ECT.

Whether the removal of the essential features of a regulatory framework relied upon by an investor in making a long-term investment amounted to a breach of the fair and equitable treatment standard contained in Article 10(1) of the ECT.