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Decision on Jurisdiction, Liability and Certain Issues of Quantum

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Decision on Jurisdiction, Liability and Certain Issues of Quantum INTERNATIONAL CENTRE FOR SETTLEMENT OF INVESTMENT DISPUTES In the arbitration proceeding between RWE INNOGY GMBH AND RWE INNOGY AERSA S.A.U. Claimants and KINGDOM OF SPAIN Respondent ICSID Case No. ARB/14/34 DECISION ON JURISDICTION, LIABILITY, AND CERTAIN ISSUES OF QUANTUM Members of the Tribunal Ms. Anna Joubin-Bret, Arbitrator Mr. Judd L. Kessler, Arbitrator Mr. Samuel Wordsworth QC, President Secretary of the Tribunal Ms. Mercedes Cordido-Freytes de Kurowski Date of dispatch to the Parties: December 30, 2019 REPRESENTATION OF THE PARTIES Representing RWE Innogy GmbH and Representing Kingdom of Spain: RWE Innogy Aersa S.A.U: Mr. Antonio Vázquez-Guillén Mr. José Manuel Gutiérrez Delgado Ms. Marie Stoyanov Mrs. Elena Oñoro Sainz Ms. Virginia Allan Mr. Roberto Fernández Castilla Mr. David Ingle Mrs. María José Ruiz Sánchez Mr. Pablo Torres Mr. Diego Santacruz Descartín Ms. Patricia Rodríguez Mr. Antolín Fernández Antuña Allen & Overy LLP Mr. Javier Torres Gella Serrano 73 Ms. Amaia Rivas Kortazar 28006 Madrid Mrs. Patricia Froehlingsdorf Nicolás Spain Mr. Pablo Elena Abad Mr. Alberto Torró Molés and Mr. Rafael Gil Nievas Ms. Alicia Segovia Marco Mr. Jeffrey Sullivan Abogacía General del Estado Gibson, Dunn & Crutcher LLP Depto. Arbitrajes Internacionales Temple Avenue c/Marqués de la Ensenada, 14-16 London, EC4Y 0HB 2ª. Planta United Kingdom 28004 Madrid Spain i TABLE OF CONTENTS INTRODUCTION AND PARTIES ................................................................................... 1 PROCEDURAL HISTORY ................................................................................................ 1 REGISTRATION OF THE REQUEST FOR ARBITRATION .................................................. 1 CONSTITUTION OF THE TRIBUNAL ................................................................................ 2 WRITTEN AND ORAL PHASES OF THE PROCEEDING ..................................................... 2 THE PARTIES’ CLAIMS AND REQUESTS FOR RELIEF ....................................... 23 THE CLAIMANTS’ CLAIMS ........................................................................................... 23 THE CLAIMANTS’ REQUESTS FOR RELIEF .................................................................. 24 THE RESPONDENT’S POSITION .................................................................................... 26 LEGAL AND FACTUAL BACKGROUND ................................................................... 28 THE SPECIAL REGIME: LEGAL AND ECONOMIC FRAMEWORK ................................... 28 The 1997 Electricity Law (Law 54/1997) .......................................................... 28 Royal Decree 2818/1998 (“RD 2818/1998”) and the Plan for Renewable Energy Promotion 2000-2010 (“2000 PER”) .................................................... 31 Royal Decree 436/2004 and Further Implementing Regulations, including Royal Decree No. 661/2007 ................................................................................. 33 Royal Decree 436/2004 (“RD 436/2004”) ................................................... 33 The 2005-2010 Plan for Renewable Energy (“2005 PER”) ....................... 37 Royal Decree Law 7/2006 (“RDL 7/2006”) ................................................. 38 Royal Decree No. 661/2007 of 25 May 2007 (“RD 661/2007”) .................. 40 Royal Decree Law 6/2009 (“RDL 6/2009”) and the Pre-Assignment Register ............................................................................................................... 48 Further developments in the Special Regime 2009-2010 ........................... 50 THE CLAIMANTS’ INVESTMENTS IN SPAIN ................................................................. 54 SPAIN’S MEASURES AND THE NEW REGIME ............................................................... 62 The CNE report of 7 March 2012; the MOU of 20 July 2012 .................... 63 Law 15/2012 .................................................................................................. 64 RDL 2/2013, RDL 9/2013 and Law 44/2013 ............................................... 65 The impact of Spain’s measures on the Claimants’ investments ............... 69 European Commission State Aid Procedures ............................................. 71 THE SUPREME COURT JUDGMENTS ............................................................................ 73 JURISDICTION ................................................................................................................ 74 JURISDICTIONAL OBJECTIONS .................................................................................... 74 ii THE CLAIMANTS’ CORPORATE RESTRUCTURING ...................................................... 76 THE INTRA-EU OBJECTION ........................................................................................ 77 The Parties’ Positions ......................................................................................... 77 The Respondent’s Position ........................................................................... 77 The Claimants’ Position ............................................................................... 83 The European Commission’s Amicus Curiae Submission ............................... 87 The Achmea Judgment ....................................................................................... 88 The Respondent’s Position on the Achmea Judgment ............................... 90 The Claimants’ Position on the Achmea Judgment ................................... 92 The European Commission’s Updated Amicus Curiae Submission ............... 94 The Respondent’s Position on the EC’s Updated Submission ................... 96 The Claimants’ Position on the EC’s Updated Submission ....................... 97 The Declarations of 15-16 January 2019 .......................................................... 97 The Respondent’s Position on the 2019 Declarations ................................ 99 The Claimants’ Position on the 2019 Declarations .................................. 101 The Tribunal’s Analysis ................................................................................... 102 The law applicable to the intra-EU objection ............................................ 102 Interpretation and application of Article 26(1) ECT pursuant to the VCLT . ..................................................................................................................... 105 The Respondent’s argument that EU law applies and prevails ................ 115 Conclusion re the intra-EU objection ........................................................ 123 THE TAX OBJECTION ................................................................................................. 123 The Parties’ Positions ....................................................................................... 123 The Respondent’s Position ......................................................................... 123 The Claimants’ Position ............................................................................. 125 The Tribunal’s Analysis ................................................................................... 127 LIABILITY ...................................................................................................................... 131 APPLICABLE LAW ...................................................................................................... 132 ATTRIBUTION AND AUTHORISATION......................................................................... 132 ARTICLE 10(1) OF THE ECT: ISSUES OF INTERPRETATION WITH RESPECT TO STABLE CONDITIONS AND LEGITIMATE EXPECTATIONS ....................................................... 135 The Parties’ Positions ....................................................................................... 135 The Claimants’ Position ............................................................................. 135 The Respondent’s Position ......................................................................... 139 iii The Tribunal’s Analysis ................................................................................... 142 The first sentence of Article 10(1) .............................................................. 143 The second sentence of Article 10(1): FET ............................................... 144 RWE’S CASE ON BREACH OF ARTICLE 10(1) BY REFERENCE TO ALLEGED LEGITIMATE EXPECTATIONS .................................................................................... 156 The Parties’ Positions ....................................................................................... 156 The Claimants’ Position ............................................................................. 156 The Respondent’s Position ......................................................................... 161 The Tribunal’s Analysis ................................................................................... 164 The significance of the time when the Investments were made ................ 164 The question of whether, as a matter of fact, the Claimants relied on the RD 661/2007 regime in making investments post-2007 .................................. 168 Due diligence .............................................................................................. 177 The decisions of the Spanish Supreme Court ........................................... 180 Do the Claimants have legitimate expectations based on specific commitments of the Respondent? .................................................................... 189 Conclusions as
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