2007
AES v. Hungary (II) AES Summit Generation Limited and AES-Tisza Erömü Kft. v. Republic of Hungary (II) (ICSID Case No. ARB/07/22)
Hungary
United Kingdom
Majority shareholding in a Hungarian electricity generation company that held a power purchase agreement with Hungary; contributions of over EUR 98 million to retrofit certain power station.
Claims arising out of the Government's reintroduction in 2006 and 2007 of administrative pricing pursuant to two Price Decrees (after administrative prices had been abolished as of 1 January 2004), and the alleged resulting loss of revenue to the investor.
Tertiary: D - Electricity, gas, steam and air conditioning supply
35 - Electricity, gas, steam and air conditioning supply
ICSID (International Centre for Settlement of Investment Disputes)
ICSID (International Centre for Settlement of Investment Disputes)
von Wobeser, C.
Rowley, J. W.
Stern, B.
Decided in favour of State
230.00 mln USD
Data not available
Indirect expropriation

Fair and equitable treatment/Minimum standard of treatment, including denial of justice claims

Full protection and security, or similar

National treatment

Most-favoured nation treatment

Arbitrary, unreasonable and/or discriminatory measures
None - all claims dismissed at the merits stage
ICSID annulment proceedings
ICSID annulment proceedings
Award/decision upheld
Hanotiau, B. (President)

Knieper, R. (Member)

Yusuf, A. A. (Member)