![]() ![]() Spain, Italy, and the Czech Republic each rolled back their incentive schemes. implementing legislation specified the exact feed-in tariffs which were at the heart of the incentive programs.the framework laws guaranteed investors “reasonable profitability rates” (Spain), a “fair return” (Italy) or a certain payback period (Czech Republic) and.Specifically, it will argue that these awards fit a typology made up of three different lines of reasoning, depending on their conclusions regarding the alleged frustration of legitimate expectations.Įach of the renewable energy regulations adopted by the three states had a two-tier structure: ![]() This contribution seeks to bring clarity to the 28 arbitral awards brought against Spain, Italy, and the Czech Republic (as of February 2020). The subsequent changes to the regulations of the renewable energy sector implemented by Spain, Italy, and the Czech Republic have sparked a considerable number of arbitrations against these states. In the wake of the global financial crisis of 2008, however, the incentive payments put a strain on regulators. ![]() In the early 2000s, several European states introduced generous incentive programs to attract investors to renewable energy, triggering an investment boom. ![]()
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