Thu. Oct 24th, 2019

New complaint against Spain for the cut to renewables


Spain faces the nth demand for the cut in the remuneration of renewable energy that was approved in the electricity reform of 2013. In this case, the company VM Solar Jerez and five other German plaintiffs (M Solar Verwaltungs GmbH, Solarizz Holding Verwaltungs-GmbH, M Solar GmbH & Co. KG, Solarizz Holding GmbH & Co. KG, and Helmut Vorndran) have submitted an arbitration against the reduction of premiums to renewables before the International Center for Settlement of Investment Disputes ( Ciadi), as indicated by the website of the entity that has collected the agency Efe. The demand of these six green energy companies invokes the Energy Charter Treaty, a specific trade and investment agreement for the energy sector that ensures investment protection.

The last arbitration lost by the Spanish Government was an ICSID award issued on September 6 in favor of two European companies – the Swiss Schwab Holding and the Maltese Opera Fund Ecoinvest – that claimed more than 42 million euros in damages and damages, expenses, taxes and interest. Finally, the court ordered the payment of 27 million.

The biggest claim that Ciadi has recognized for the cut to renewables to date has been that of the US company NextEra Energy, to which it granted the reimbursement of 291 million euros for its investment in two plants in Extremadura.

So far, the Government has already been sentenced eleven times for similar lawsuits and is waiting for another 29 disputes to be resolved. However, it has not yet had to make any compensation effective, since they have presented appeals covered by a resolution of the European Commission that declared the arbitrations of the community societies illegal.

Claims filed in different international instances for the change in the remuneration for investments in renewables in Spain already total 8,000 million euros.

. (tagsToTranslate) javier de antonio



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