ICSID - International Centre for Settlement of Investment Disputes

11/16/2023 | Press release | Distributed by Public on 11/17/2023 11:20

IC Power Ltd and Kenon Holdings Ltd v. Republic of Peru (ICSID Case No. ARB/19/19)

IC Power Ltd and Kenon Holdings Ltd v. Republic of Peru (ICSID Case No. ARB/19/19)

  • Subject of Dispute:
    Electricity distribution and sale concession
  • Economic Sector:
    Electric Power & Other Energy
  • Instrument(s) Invoked: (i)
    FTA Peru-Singapore
  • Applicable Rules:
    ICSID Convention - Arbitration Rules

(a) Original Proceeding

  • Claimant(s)/Nationality(ies): (i)
    IC Power Ltd (Singaporean), Kenon Holdings Ltd (Singaporean)
  • Respondent(s):
    Republic of Peru (Peruvian)
  • Date Registered:
    June 27, 2019
  • Date of Constitution of Tribunal:
    October 30, 2019
  • Party Representatives

  • Claimant(s):
    Freshfields Bruckhaus Deringer, Washington, D.C., U.S.A.
    Philippi Prietocarrizosa Ferrero DU& Uría, Lima, Peru
  • Respondent(s):
    Ministry of Economy and Finances, Lima, Peru
    Sidley Austin, Washington D.C., U.S.A.
    Stanimir A. Alexandrov, Washington, D.C., U.S.A.
    Estudio Navarro & Pazos Abogados, Lima, Peru
  • Language(s) of Proceeding:
    English,Spanish
  • Status of Proceeding:
    Concluded
  • Outcome of Proceeding:
    October 3, 2023 -

    The Tribunal renders its award.

(b) Rectification Proceeding

  • Applicant(s)/Requesting Party(ies): (i)
    Claimant(s)
  • Date Registered:
    November 16, 2023
  • Party Representatives

  • Claimant(s):
    Freshfields Bruckhaus Deringer US, Washington, D.C., U.S.A.
  • Respondent(s):
    Ministry of Economy and Finances, Lima, Peru
    Stanimir A. Alexandrov, Washington, D.C., U.S.A.
    Baker Botts, Washington, D.C., U.S.A. and London, U.K.
    Estudio Navarro & Pazos Abogados, Lima, Peru
  • Language(s) of Proceeding:
    English,Spanish
  • Status of Proceeding:
    Pending
  • Latest Development:
    November 16, 2023 - The Secretary-General registers a request for rectification of the award filed by IC Power Ltd and Kenon Holdings Ltd.

(a) Original Proceeding

Published Decisions

Procedural Order No. 1

Procedural Order No. 2

Procedural Order No. 3

Procedural Order No. 4

Procedural Order No. 5

Award

Available on the ICSID Website

Procedural Order No. 1 (February 27, 2020)English (Original)

Procedural Order No. 2 (May 6, 2020)English (Original)

Procedural Order No. 3 (October 25, 2021)English (Original)

Procedural Order No. 4 (November 15, 2021)English (Original)

Procedural Order No. 5 (November 28, 2021)English (Original)

Award (October 3, 2023)English (Original); Spanish (Original)

(a) Original Proceeding

Date Development
June 27, 2019

The Secretary-General registers a request for the institution of arbitration proceedings.

September 6, 2019

Following appointment by the Claimants, David R. Haigh (Canadian) accepts his appointment as arbitrator.

October 3, 2019

Following appointment by the Respondent, Eduardo Siqueiros (Mexican) accepts his appointment as arbitrator.

October 30, 2019

Following appointment by the parties, Luca G. Radicati di Brozolo (Italian/British) accepts his appointment as presiding arbitrator.

October 30, 2019

The Tribunal is constituted in accordance with Article 37(2)(b) of the ICSID Convention. Its members are: Luca G. Radicati di Brozolo (Italian/British), President, appointed by agreement of the parties; David R. Haigh (Canadian), appointed by the Claimants; and Eduardo Siqueiros (Mexican), appointed by the Respondent.

January 31, 2020

The Tribunal holds a first session by telephone conference.

February 27, 2020

The Tribunal issues Procedural Order No. 1 concerning procedural matters.

May 6, 2020

The Tribunal issues Procedural Order No. 2 concerning procedural matters.

June 5, 2020

The Claimant files a memorial on the merits.

February 13, 2021

The Respondent files a memorial on jurisdiction and a counter-memorial on the merits.

May 25, 2021

The Claimant files a counter-memorial on jurisdiction and a reply on the merits.

September 3, 2021

The Respondent files a reply on jurisdiction and a rejoinder on the merits.

October 25, 2021

The Tribunal issues Procedural Order No. 3 concerning procedural matters.

November 2, 2021

The Claimants file a rejoinder on jurisdiction.

November 4, 2021

The Respondent files a request for reconsideration of the Tribunal's Procedural Order No. 3 of October 25, 2021.

November 7, 2021

The Claimants file observations on the Respondent's request of November 4, 2021.

November 12, 2021

The Tribunal holds a pre-hearing organizational meeting with the parties by video conference.

November 15, 2021

The Tribunal issues Procedural Order No. 4 concerning the Respondent's request of November 4, 2021.

November 28, 2021

The Tribunal issues Procedural Order No. 5 concerning the organization of the hearing.

December 3, 2021

The Claimants file a request for the Tribunal to decide on the admissibility of new evidence.

December 9, 2021

The Respondent files observations on the Claimants' request of December 3, 2021.

December 10, 2021

The Tribunal decides on the admissibility of new documents.

December 13, 2021 - December 20, 2021

The Tribunal holds a hearing on the merits by video conference.

March 21, 2022

Each party files a post-hearing brief.

May 19, 2023

Each party files a submission on costs.

June 8, 2023

The Tribunal declares the proceeding closed in accordance with ICSID Arbitration Rule 38(1).

October 3, 2023

The Tribunal renders its award.

(b) Rectification Proceeding

Date Development
November 16, 2023

The Secretary-General registers a request for rectification of the award filed by IC Power Ltd and Kenon Holdings Ltd.