Belenergia c. Italiael arbitraje de inversiones intra‐UE en el escenario post‐Achmea y la interpretación del trato justo y equitativo en el marco de los recortes en el sector de la producción eléctrica fotovoltaica en Italia

Resumen

The arbitral award of Belenergia S.A. c. Italy is part of a series of investment disputes arising in the context of regulatory changes introduced by Italy in the sector of photovoltaic electricity production. These changes, in the investors» opinion, are contrary to the Italy’s obligations under the Energy Charter Treaty (ECT). This paper focuses on two especially relevant issues of the arbitral award. First, it analyzes the jurisdictional objection based on the intra‐EU nature of the dispute; In this regard, it should be noted that much of the interest in the objection lies in the fact that it is a decision taken after the Court of Justice has ruled in the Achmea case. Secondly, the analysis pays special attention to the arbitration tribunal’s interpretation of the fair and equitable treatment standard (FET) and its relation to the possible legitimate expectations of investors derived from the applicable regulatory framework.