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Hrvatska Elektroprivreda d.d. v. Republic of Slovenia (ICSID)

Why it matters

This case is significant for its detailed analysis of the 'parity principle' in joint ventures and the calculation of damages in investment arbitration. It also addresses the interaction between treaty claims and contractual waivers, and the use of tribunal-appointed experts to resolve complex quantum issues.

Summary

The dispute arose from the ownership and operation of the Krško Nuclear Power Plant (NPP), built jointly by Croatia and Slovenia under the 'parity principle' of equal partnership. After Slovenia's independence, it took measures that HEP claimed violated its 50% ownership rights, including disconnecting electricity deliveries in 1998. The 2001 Agreement aimed to restore HEP's rights by 30 June 2002, but Slovenia delayed ratification and resumed deliveries only in April 2003. HEP brought ICSID arbitration under the Energy Charter Treaty and the 2001 Agreement. The Tribunal found jurisdiction and held Slovenia liable for breach of the 2001 Agreement. It appointed an independent expert, Mr. Jones, to calculate damages. The Tribunal adopted a replacement cost methodology, awarding HEP €19,987,000 for losses from delayed electricity deliveries, plus interest. HEP's ECT claims were dismissed as waived. Costs of US$10 million were awarded to HEP, with adjustments for procedural conduct.

The detail

Parties: Hrvatska Elektroprivreda d.d. v. Republic of Slovenia

Case number: ICSID Case No. ARB/05/24

Outcome: Slovenia breached the 2001 Agreement; HEP awarded €19,987,000 in compensation plus interest and US$10,000,000 in costs.

Quantum: €19,987,000

Applicable law: Energy Charter Treaty (ECT); 2001 Agreement between Croatia and Slovenia; ICSID Convention and Arbitration Rules

Issues in play: The case involved the interpretation of the 2001 Agreement, specifically whether it waived HEP's ECT claims after 30 June 2002, and the calculation of damages for breach of contract.

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