In September 2015, Belenergia, a Luxembourg-incorporated company, filed a request for arbitration against Italy, contesting Italy’s changes to the legal regime governing investments in the photovoltaic (PV) sector. In particular, Belenegia contended that the two decrees implemented by Italy frustrated its legitimate expectation based on determined incentives. According to Belenergia, Italy breached its obligation under the ECT, including the FET standard, the umbrella clause and provisions prohibiting unreasonable and discriminatory measures.
The Tribunal reviewed the relevant Italian laws and regulations and concluded, inter alia, that (a) PV investors should have expected reductions in PV incentives; (b) Italy’s regulatory framework were not unreasonable, disproportionate or unpredictable.
The Tribunal dismissed all claims on the merits.
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Belenergia v. Italy
Geography
International
Year
2015
Document Type
Litigation
About this case
Filing year
2015
Status
Decided
Geography
International
Court/admin entity
Arbitral Tribunal → International Centre for Settlement of Investment Disputes
Case category
Suits against governments (Global) → Trade and Investment (Global) → Rollback of climate-justified measures (Global)
Principal law
–
At issue
Claims arising out of a series of governmental decrees to cut tariff incentives for some solar power projects
Topics
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Documents
Filing Date
Document
Type
Topics
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Group
Topics
Target
Policy instrument
Impacted group
Just transition
Renewable energy
Fossil fuel
Economic sector
Finance