Jurisdiction(s):
United Kingdom

US DC Circuit weighs enforcement of ECT awards against Spain amid withdrawal move and intra-EU arbitration challenge in €359m NextEra and 9REN cases

Published on: 28 May 2024

Published by a Law360 reporter

Legal News

Article summary

On 22 May 2024, the Kingdom of Spain sent a letter to the appellate body, replying to a 20 May 2024 submission to the court from Dutch subsidiaries of US-based NextEra Energy Inc and Luxembourg-based 9REN Holding SARL. Those companies seek to enforce arbitral awards against Spain with a combined value of approximately €359.3m (roughly US$386m). Spain, meanwhile, asks the DC Circuit to deny enforcement, contending that the arbitration clause in the multilateral Energy Charter Treaty (ECT) does not apply to intra-European Union disputes between EU Member States and European investors.

Spain’s letter notes: ‘Spain and the EU have legally committed themselves to achieving carbon neutrality by 2050.’ It adds: ‘As the European Commission has observed, the Energy Charter Treaty (a 1990s agreement to develop fossil-fuel resources in the former Soviet bloc) is no longer compatible with the EU’s enhanced climate ambition.’ For example, the letter explains that the ECT requires signatories to facilitate the transit of energy products such as coal, natural gas and crude oil, and also obliges signatories to eliminate barriers to the transfer of technology, equipment and services that exploit fossil fuels...

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