ICSID - International Centre for Settlement of Investment Disputes
ICSID - International Centre for Settlement of Investment Disputes
03/18/2026 | Press release | Distributed by Public on 03/18/2026 14:13
ČEZ, a.s. v. Republic of Bulgaria (ICSID Case No. ARB/16/24)
ČEZ, a.s. v. Republic of Bulgaria (ICSID Case No. ARB/16/24)
Proceeding
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Subject of Dispute:Electricity supply and distribution operations
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Economic Sector:Electric Power & Other Energy
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Instrument(s) Invoked: (i)ECT (Energy Charter Treaty)
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Applicable Rules:ICSID Convention - Arbitration Rules
(a) Original Proceeding
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Claimant(s)/Nationality(ies): (i)CEZ, a.s. (Czech)
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Respondent(s):Republic of Bulgaria (Bulgarian)
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Date Registered:July 26, 2016
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Date of Constitution of Tribunal:February 25, 2019
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Composition of Tribunal
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President:Pierre TERCIER (Swiss) - Appointed by the Parties
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Arbitrators:Julian D.M. LEW (British, Israeli) - Appointed by the Claimant(s)
Donald M. MCRAE (Canadian, New Zealand) - Appointed by the Respondent(s)
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Party Representatives
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Claimant(s):Skils s.r.o. advokátní kancelár, Prague, Czech Republic
Guglielmo Verdirame, Twenty Essex, London, U.K.
Kambourov & Partners, Sofia, Bulgaria -
Respondent(s):Arnold & Porter Kaye Scholer, Washington, D.C. and San Francisco, U.S.A and London, U.K.
Ministry of Finance, Sofia, Bulgaria
Tomov & Tomov, Sofia, Bulgaria -
Language(s) of Proceeding:English
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Status of Proceeding:Concluded
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Outcome of Proceeding:January 29, 2026 - The Tribunal renders its award.
(b) Rectification Proceeding
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Applicant(s)/Requesting Party(ies): (i)Respondent(s)
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Date Registered:March 18, 2026
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Party Representatives
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Claimant(s):Skils s.r.o. advokátní kancelár, Prague, Czech Republic
Guglielmo Verdirame, Twenty Essex, London, U.K.
Kambourov & Partners, Sofia, Bulgaria -
Respondent(s):Arnold & Porter Kaye Scholer, Washington, D.C., U.S.A and London, U.K.
Ministry of Finance, Sofia, Bulgaria
Tomov & Tomov, Sofia, Bulgaria -
Status of Proceeding:Pending
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Latest Development:March 18, 2026 - The Secretary-General registers a request for rectification of the award filed by the Republic of Bulgaria.
No References Available.
(a) Original Proceeding
| Date | Development |
| July 26, 2016 | The Secretary-General registers a request for the institution of arbitration proceedings. |
| October 20, 2016 | Following appointment by the Claimant, Julian D. M. Lew (British) accepts his appointment as arbitrator. |
| October 27, 2016 | Following appointment by the Respondent, Donald M. McRae (Canadian/New Zealand) accepts his appointment as arbitrator. |
| November 28, 2018 |
A non-disputing party files an application to file a written submission pursuant to ICSID Arbitration Rule 37(2). |
| February 22, 2019 |
Following appointment by agreement of the parties, Pierre Tercier (Swiss) accepts his appointment as presiding arbitrator. |
| February 25, 2019 |
The Tribunal is constituted in accordance with Article 37(2)(a) of the ICSID Convention. Its members are: Pierre Tercier (Swiss), President, appointed by agreement of the parties; Julian D. M. Lew (British), appointed by the Claimant;and Donald M. McRae (Canadian/New Zealand), appointed by the Respondent. |
| April 25, 2019 |
The Tribunal holds a first session by telephone conference. |
| May 6, 2019 |
The Tribunal issues Procedural Order No. 1 concerning procedural matters. |
| May 20, 2019 |
Each party files observations on the non-disputing party's application. |
| June 4, 2019 |
The Tribunal issues a decision on the non-disputing party's application to file a written submission pursuant to ICSID Arbitration Rule 37(2). |
| June 24, 2019 |
The non-disputing party files a written submission pursuant to ICSID Arbitration Rule 37(2). |
| September 2, 2019 |
The Respondent files a memorial on jurisdiction. |
| November 11, 2019 |
The Claimant files a counter-memorial on jurisdiction. |
| December 17, 2019 |
The Respondent files a reply on jurisdiction. |
| January 20, 2020 |
The Claimant files a rejoinder on jurisdiction. |
| June 5, 2020 |
The Tribunal issues Procedural Order No. 3 concerning organization of the hearing. |
| June 8, 2020 - June 9, 2020 |
The Tribunal holds a hearing on jurisdiction by video conference. |
| June 15, 2020 |
The Tribunal issues Procedural Order No. 4 posing questions to the parties. |
| July 20, 2020 |
Each party files answers to the questions posed by the Tribunal on June 15, 2020. |
| August 14, 2020 |
Each party files a submission on costs. |
| March 2, 2021 |
The Tribunal issues a decision on jurisdiction. |
| July 3, 2021 |
The Claimant files a memorial on the merits. |
| January 31, 2022 |
The Respondent files a counter-memorial on the merits. |
| March 22, 2022 |
Following exchanges between the parties, each party files a request for the Tribunal to decide on production of documents. |
| April 18, 2022 |
The Tribunal issues Procedural Order No. 5 concerning production of documents. |
| September 27, 2022 |
The Claimant files a reply on the merits. |
| January 26, 2023 |
The Respondent files a rejoinder on the merits. |
| March 29, 2023 |
The Tribunal issues Procedural Order No. 6 concerning the organization of the hearing. |
| April 24, 2023 - May 4, 2023 |
The Tribunal holds a hearing on the merits in London. |
| May 10, 2023 |
The Tribunal issues Procedural Order No. 7 concerning procedural matters. |
| October 31, 2023 - November 1, 2023 |
The Tribunal holds a continuation of hearing on the merits in London. |
| February 15, 2024 |
The Claimant files a post-hearing brief. |
| February 29, 2024 |
The Respondent files a post-hearing brief. |
| June 27, 2025 |
Each party files a statement of costs. |
| August 7, 2025 |
The Tribunal declares the proceeding closed in accordance with ICSID Arbitration Rule 38(1). |
| January 29, 2026 |
The Tribunal renders its award. |
(b) Rectification Proceeding
| Date | Development |
| March 18, 2026 |
The Secretary-General registers a request for rectification of the award filed by the Republic of Bulgaria. |
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