The D.C. Circuit faces a high-stakes conundrum, deliberating the enforcement of arbitral awards worth hundreds of millions of euros against Spain. The central question looms: Can the U.S. judiciary enforce these awards despite Europe’s highest court deeming the underlying arbitration clause, nestled in the Energy Charter Treaty, invalid?
The awards, sought by Dutch subsidiaries of NextEra Energy, 9REN Holding, and Blasket Renewable Investments, tally a staggering €359.3 million. As the D.C. Circuit contemplates, the outcome may signal not just the fate of these awards but set a precedent for a slew of pending and prospective European Union investor claims against EU member states.
Intriguingly, the decision might elevate to the U.S. Supreme Court, unleashing a legal tempest that challenges the exportability of Achmea, the cornerstone opinion declaring intra-EU treaty arbitration clauses null and void.
5 International Arbitration Cases 2024: Delaware Gears Up for Historic Auction
Delaware’s federal court braces for a historic auction, poised to liquidate shares in the Citgo parent company to satisfy Venezuela’s massive debt. Stemming from a 2018 attachment order, this saga, involving PDV Holding and Crystallex International Corp., has endured challenges, sanctions, and a journey to the U.S. Supreme Court.
