Case Details

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:

FTA Peru-Singapore
Applicable Rules:

ICSID Convention - Arbitration Rules

(a) Original Proceeding

Claimant(s)/Nationality(ies):

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

Composition of Tribunal

President:

Luca G. RADICATI DI BROZOLO (British, Italian) - Appointed by the Parties
Arbitrators:

David R. HAIGH (Canadian) - Appointed by the Claimant(s)
Eduardo SIQUEIROS T (Mexican) - Appointed by the Respondent(s)

Party Representatives

Claimant(s):

Freshfields Bruckhaus Deringer US, 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 and Supplementary Decision Proceeding

Applicant(s)/Requesting Party(ies):

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:

Concluded
Outcome of Proceeding:

May 3, 2024 - The Tribunal issues a decision on the rectification of the award.

(c) Rectification Proceeding

Applicant(s)/Requesting Party(ies):

Respondent(s)
Date Registered:

December 5, 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.
Estudio Navarro & Pazos Abogados, Lima, Peru
Status of Proceeding:

Concluded
Outcome of Proceeding:

May 3, 2024 - The Tribunal issues a decision on the rectification of the award.

(d) Annulment Proceeding

Applicant(s)/Requesting Party(ies):

Respondent(s)
Date Registered:

August 28, 2024
Date of Constitution of ad hoc Committee:

October 18, 2024

Composition of ad hoc Committee (Appointed by the Chairman of the Administrative Council)

President:

José Miguel JUDICE (Portuguese)
Members:

Carmen NÚÑEZ-LAGOS (Spanish)
Yannick RADI (French)

Party Representatives

Claimant(s):

Freshfields 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.
Estudio Navarro & Pazos Abogados, Lima, Peru
Language(s) of Proceeding:

English,Spanish
Status of Proceeding:

Pending
Latest Development:

February 27, 2025 -
The Republic of Peru files a memorial on annulment.

(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)

(b) Rectification and Supplementary Decision Proceeding

Published Decisions

Decision on Rectification

Available on the ICSID Website

Decision on Rectification (May 3, 2024) 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 and Supplementary Decision Proceeding - 1

Date	Development
November 16, 2023	The Secretary-General registers a request for supplementary decision and rectification of the award filed by IC Power Ltd and Kenon Holdings Ltd.
December 6, 2023	The Republic of Peru files observations on IC Power Ltd and Kenon Holdings Ltd.’s request of November 10, 2023.
December 13, 2023	IC Power Ltd and Kenon Holdings Ltd. file a response to the Republic of Peru's observations of December 6, 2023.
December 20, 2023	The Republic of Peru files further observations on IC Power Ltd and Kenon Holdings Ltd.’s response of December 13, 2023.
February 5, 2024	Each party files a submission on costs.
February 11, 2024	The Republic of Peru files observations on IC Power Ltd and Kenon Holdings Ltd.’s submission of costs.
February 19, 2024	IC Power Ltd and Kenon Holdings Ltd. file a response to the Republic of Peru's observations of February 11, 2024.
February 28, 2024	The Republic of Peru files observations on IC Power Ltd and Kenon Holdings Ltd. 's response of February 19, 2024.
March 8, 2024	The Republic of Peru files an updated submission on costs.
March 13, 2024	The Tribunal declares the proceeding closed in accordance with ICSID Arbitration Rule 38(1).
May 3, 2024	The Tribunal issues a decision on the rectification of the award.

(c) Rectification Proceeding - 2

Date	Development
December 5, 2023	The Secretary-General registers a request for rectification of the award filed by the Republic of Peru.
December 7, 2023	IC Power Ltd and Kenon Holdings Ltd. file observations on the Republic of Peru’s request of November 17, 2023.
February 5, 2024	Each party files a submission on costs.
February 11, 2024	The Republic of Peru files observations on IC Power Ltd and Kenon Holdings Ltd.’s submission of costs.
February 19, 2024	IC Power Ltd and Kenon Holdings Ltd. file a response to the Republic of Peru's observations of February 11, 2024.
February 28, 2024	The Republic of Peru files observations on IC Power Ltd and Kenon Holdings Ltd. 's response of February 19, 2024.
March 8, 2024	The Republic of Peru files an updated submission on costs.
March 13, 2024	The Tribunal declares the proceeding closed in accordance with ICSID Arbitration Rule 38(1).
May 3, 2024	The Tribunal issues a decision on the rectification of the award.

(d) Annulment Proceeding

Date	Development
August 28, 2024	The Secretary-General registers an application for partial annulment of the award filed by the Republic of Peru and notifies the parties of the provisional stay of enforcement of the award.
October 18, 2024	The ad hoc Committee is constituted in accordance with Article 52(3) of the ICSID Convention. Its members are: José-Miguel Júdice (Portuguese), President; Carmen Núñez-Lagos (Spanish); and Yannick Radi (French); all members appointed by the Chairman of the Administrative Council.
December 17, 2024	The ad hoc Committee holds a first session by videoconference.
December 23, 2024	The ad hoc Committee issues Procedural Order No. 1 concerning procedural matters.
February 27, 2025	The Republic of Peru files a memorial on annulment.