Procedural Posture

This document is a Request for Arbitration submitted to the International Centre for Settlement of Investment Disputes (ICSID) by a consortium of ten corporate investors against Romania. The Claimants initiated the proceeding pursuant to the Energy Charter Treaty (ECT) and the ICSID Convention, seeking the constitution of a three-member arbitral tribunal to adjudicate their claims.

Factual and Legal Background

The dispute arises from Romania’s alleged dismantling of its renewable energy incentive framework. To meet European Union renewable energy targets, Romania implemented a Green Certificate (GC) support scheme designed to attract foreign investment in the photovoltaic (PV) sector. The Claimants assert that they made substantial investments in Romanian PV facilities in direct reliance on the promised stability of this regulatory regime.

According to the Request, Romania subsequently enacted a series of legislative and regulatory measures that fundamentally altered the GC framework. These measures allegedly deferred the issuance of GCs, drastically reduced mandatory acquisition quotas for energy suppliers, and artificially depressed the GC trading market. The Claimants argue that these actions created an oversupply of unsold certificates, thereby destroying the economic viability of their investments.

Claims and Requested Relief

The Claimants contend that Romania’s actions constitute multiple breaches of Part III of the ECT, specifically alleging violations of the fair and equitable treatment standard, the guarantee of constant protection and security, and the prohibition against unlawful expropriation. The Claimants seek declaratory relief affirming the tribunal's jurisdiction and Romania's liability, alongside full compensation for all damages suffered, pre- and post-award compound interest, and the costs of the arbitration.