Ulysseas v. Ecuador Ulysseas, Inc. v. The Republic of Ecuador (PCA No. 2009-19) (PCA Case No. 2009-19)
United States of America
Rights under two power barge agreements concluded between claimant, a special purpose vehicle owned by the US hedge fund Elliott Associates, and Ecuador's electricity regulator Conelec to generate electricity during a period of severe national shortages.
Claims arising out of several Government measures that allegedly altered the legal and regulatory framework governing the power sector in Ecuador, including the payment system applicable to private thermoelectric generators like Ulysseas, and the State's subsequent withdrawal of claimant's operating permit due to alleged contractual breaches.
Tertiary: D - Electricity, gas, steam and air conditioning supply
35 - Electricity, gas, steam and air conditioning supply
PCA (Permanent Court of Arbitration)
Bernardini, P.
Pryles, M. C.
Stern, B.
Decided in favour of State
57.00 mln USD
Data not available
Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

Arbitrary, unreasonable and/or discriminatory measures
None - all claims dismissed at the merits stage