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Claims worth $1.29 billion brought by AES Corporation against Kazakhstan dismissed by ICSID

04 november 2013, 12:36
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Claims worth $1.29 billion brought by AES Corporation against Kazakhstan have been dismissed by the International Center for Settlement of Investment Disputes, Tengrinews reports, citing the country’s Justice Ministry Press Service. Now the corporation will have to make up for most part of the arbitration expenses.

AES Corporation initiated the litigation back in 2010. Kazakhstan’s public bodies were accused of allegedly violating the Energy Charter Treaty and agreements between the USA and Kazakhstan on mutual encouragement and protection of capital investments. AES Corporation demanded Kazakhstan acknowledge violating the agreements by adopting amendments into the national antimonopoly regulations and power generation market regulations. A new power-tariff structure lied at the heart of the dispute. The Company’s alleged inability to charge market rates for power was driving the company for international arbitration.

AES Corporation demanded full restitution and compensation for actual losses, moral damage and loss of opportunity, as well as coverage of the arbitration expenses. According to the Press Service of the Justice Ministry, the Ministry was to represent the country’s interests in the arbitration.

The AES Corporation is a global power company that owns and operates a diverse and growing portfolio of electricity generation and distribution businesses, which provide reliable, affordable energy to customers in 21 countries.

The AES group of companies in Kazakhstan includes four power generating enterprises: "AES Shulba HPP" LLP, "AES Ust-Kamenogorsk HPP" LLP, "AES Ust-Kamenogorsk CHP" LLP, "AES Sogrinsk CHP" LLP. Now the AES Group of companies in Kazakhstan is a part of Regional business unit of AES Corporation in EMEA region.

The International Centre for Settlement of Investment Disputes (ICSID) is an international arbitration institution which facilitates arbitration and conciliation of legal disputes between international investors. The ICSID is a member of the World Bank Group and is headquartered in Washington, D.C., United States. It was established in 1966 as a multilateral specialized dispute resolution institution to encourage international flow of investment and mitigate non-commercial risks.

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