MADRID May 26 U.S. alternative energy group
NextEra has filed a complaint against Spain before the
International Centre for Settlement of Investment Disputes
(ICSID) over changes to renewable energy rules, the fourth
complaint of its kind.
The Spanish government has passed a series of measures over
the past two years that cut and, in some cases, eliminate
subsidies on renewable energy assets as part of reforms that
many investors say change the original terms of their contracts.
Three other foreign investors have also filed complaints
against the changes with the ICSID, a member of the World Bank
Group, which facilitates arbitration of legal disputes in
international investment cases.
The complaint by NextEra, posted on the ICSID website, was
filed on May 23.
Spain's new energy laws are aimed at mending years of policy
that created a gap in regulated prices and costs, leading to a
30 billion euro ($41 billion) electricity tariff deficit.
($1 = 0.7336 Euros)
(Reporting by Tracy Rucinski and Jose Elias Rodriguez; Editing
by Mark Potter)