2015
Watkins and others v. Spain Watkins Holdings S.à r.l. and others v. Kingdom of Spain (ICSID Case No. ARB/15/44)
Spain
Luxembourg

Netherlands
Investments in renewable energy generation enterprises (wind farms).
Claims arising out of a series of energy reforms undertaken by the Government affecting the renewables sector, including a 7 per cent tax on power generators’ revenues and a reduction in subsidies for renewable energy producers.
Tertiary: D - Electricity, gas, steam and air conditioning supply
35 - Electricity, gas, steam and air conditioning supply
ICSID (International Centre for Settlement of Investment Disputes)
ICSID (International Centre for Settlement of Investment Disputes)
Pryles, M. C.
Ruiz Fabri, H.
Abraham, C. W. M.
Decided in favour of investor
123.90 mln EUR (137.40 mln USD)
77.00 mln EUR (85.30 mln USD)
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Umbrella clause
Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims
ICSID annulment proceedings
ICSID annulment proceedings
Award/decision upheld
Boo, L. (President)

Adekoya, O. (Member)

Jiménez Figueres, D. (Member)