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• W16248812 abstract "The International Centre for Settlement of Investment Disputes (ICSID) provides a forum for foreign investors and states to arbitrate disputes regarding foreign investments. (1) In Duke Energy Partners & S.A. v. Republic of Ecuador, (2) a U.S. energy company and the Ecuadorian energy provider in which it invested submitted claims for breaches of contracts and treaty claims against the Republic of Ecuador (Ecuador) to ICSID. (3) The ICSID Tribunal considered whether Duke Energy Partners (Duke Energy) and S.A. (Electroquil) were entitled to compensation, and if so, how to value these damages. (4) The Tribunal held that the appropriate method of valuing damages was based on commercial losses incurred by and required Ecuador to pay damages to based on breaches of its contractual obligations. (5) In 1992, as a result of a lack of rainfall, Ecuador experienced a national power shortage. (6) In response to this energy crisis, investors created Electroquil, the first private power generator in Ecuador. (7) In 1995, Ecuador and entered into a power purchase agreement (PPA 95) for the importation, assembly, installation and putting into service by Electroquil of two turbine gas generators to alleviate the power supply problems. (8) To facilitate Ecuador's payments to for the fixed energy costs, PPA 95 required that Ecuador establish and execute payments through payment trusts at the Central Bank of Ecuador. (9) By the time had begun commercial operation of its plants, Ecuador had not established any of the payment trusts and payments were irregular and partial (late payments). (10) In mid-1996, Ecuador began imposing fines against related to Electroquil's energy supply and its delay in beginning its commercial operations. (11) The following year, the United States and Ecuador entered into a bilateral investment treaty (BIT) calling for reciprocal protection of investments between the two countries. (12) After one of Electroquil's turbines broke down and the company imported a replacement, Ecuador denied Electroquil's request for a customs duties exemption of US$1,008,614 for the replacement turbine. (13) In May of 2000, Ecuador and entered into two mediation and arbitration agreements related to the disputes over the fines and Electroquil's performance during its first year. (14) After local mediation in Ecuador under these agreements failed, Duke Energy and entered into another arbitration agreement with Ecuador in April of 2004 to submit their investment disputes to ICSID jurisdiction. (15) Four years later, the ICSID Tribunal held that the appropriate method of valuing damages was based on commercial losses incurred by and awarded US$5,578,566 plus interest. (16) During the last two decades of the twentieth century, many countries privatized their public service sectors, attracting considerable foreign investment. (17) To facilitate the inflow of foreign capital, some of these countries entered into agreements with foreign investors. (18) Disputes arising out of these agreements are governed by the contract law of the host state. (19) As another means of attracting foreign capital, some of these countries also signed BITs, which required the countries to provide increased protection to foreign investments. (20) BITs allow foreign investors to submit to international arbitration any disputes that arise between them and the local government regarding their investments, as opposed to proceeding judicially under local law. (21) For damages analysis under BITs, international law broadly recognizes three standards of reparation for injury: restitution, compensation, and satisfaction. (22) Restitution seeks to reestablish the situation that existed before the wrongful act was committed. (23) Compensation addresses quantifiable financial losses and is only appropriate where restitution does not make the injured party whole. …" @default.
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• W16248812 date "2009-06-22" @default.
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• W16248812 title "Investor-State Arbitration - ICSID Suggests Caution in Resting Treaty Claims on Disputes over Which Tribunals Can Decline Jurisdiction - Duke Energy Electroquil Partners & Electroquil S.A. V. Republic of Ecuador" @default.
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