ICSID - International Centre for Settlement of Investment Disputes

10/17/2025 | Press release | Distributed by Public on 10/17/2025 14:06

AES Corporation v. Argentine Republic (ICSID Case No. ARB/02/17)

AES Corporation v. Argentine Republic (ICSID Case No. ARB/02/17)

  • Proceeding
  • Materials
  • Procedural Details
Proceeding
Proceeding Materials Procedural Details
  • Subject of Dispute:
    Electricity generation and distribution operations
  • Economic Sector:
    Electric Power & Other Energy
  • Instrument(s) Invoked: (i)
    BIT United States of America - Argentina 1991
  • Applicable Rules:
    ICSID Convention - Arbitration Rules

(a) Original Proceeding

  • Claimant(s)/Nationality(ies): (i)
    AES Corporation (U.S.)
  • Respondent(s):
    Argentine Republic (Argentine)
  • Date Registered:
    December 19, 2002
  • Date of Constitution of Tribunal:
    June 3, 2003

  • Composition of Tribunal

  • President:
    Ricardo RAMÍREZ HERNÁNDEZ (Mexican) - Appointed by the Chairman of the Administrative Council
  • Arbitrators:
    Stephen L. DRYMER (Canadian) - Appointed by the Claimant(s)
    Domingo BELLO JANEIRO (Spanish) - Appointed by the Respondent(s)

  • Initial Composition of Tribunal

  • President:
    Pierre-Marie DUPUY (French) - Appointed by the Secretary-General
  • Arbitrators:
    Karl-Heinz BÖCKSTIEGEL (German) - Appointed by the Claimant(s)
    Domingo BELLO JANEIRO (Spanish) - Appointed by the Respondent(s)
  • Reconstituted:
    December 12, 2019: Ricardo RAMÍREZ HERNÁNDEZ (Mexican) appointed following the resignation of Pierre-Marie DUPUY (French)
    December 12, 2019: Stephen L. DRYMER (Canadian) appointed following the resignation of Karl-Heinz BÖCKSTIEGEL (German)

  • Party Representatives

  • Claimant(s):
    Chaffetz Lindsey, New York, NY, U.S.A.
    Freshfields US, Washington, D.C., U.S.A.
    Bruchou & Funes de Rioja, Buenos Aires, Argentina
    General Counsel, AES Corparation North America, Arlington, VA, U.S.A.
  • Respondent(s):
    Procurador del Tesoro de la Nación, Buenos Aires, Argentina
    Wordstone Dispute Resolution AARPI, Paris, France
  • Language(s) of Proceeding:
    English,Spanish
  • Status of Proceeding:
    Concluded
  • Outcome of Proceeding:
    May 30, 2025 - The Tribunal renders its award; attached to the Award is a Dissenting Opinion by arbitrator Domingo Bello Janeiro.

(b) Annulment Proceeding

  • Applicant(s)/Requesting Party(ies): (i)
    Respondent(s)
  • Date Registered:
    October 17, 2025

  • Party Representatives

  • Claimant(s):
    Chaffetz Lindsey, New York, NY, U.S.A.
    General Counsel, AES Corparation North America, Arlington, VA, U.S.A.
  • Respondent(s):
    Procurador del Tesoro de la Nación, Buenos Aires, Argentina
  • Status of Proceeding:
    Pending
  • Latest Development:
    October 17, 2025 - The Secretary-General registers an application for annulment of the award filed by the Argentine Republic and notifies the parties of the provisional stay of enforcement of the award.

(a) Original Proceeding

Published Decisions

Decision on the Respondent's Proposal to Disqualify all Members of the Tribunal

Dissenting Opinion of Prof. Domingo Bello Janeiro

Award of the Tribunal

Available on the ICSID Website

Decision on the Respondent's Proposal to Disqualify all Members of the Tribunal (April 6, 2022)English (Original)

Dissenting Opinion of Prof. Domingo Bello Janeiro (May 15, 2025)English (Original); Spanish (Original)

Award of the Tribunal (May 31, 2025)English (Original); Spanish (Original)

(a) Original Proceeding

Date Development
December 19, 2002 The Secretary-General registers a request for the institution of arbitration proceedings.
June 3, 2003 The Tribunal is constituted. Its members are: Pierre-Marie Dupuy (French), President; Karl-Heinz Böckstiegel (German); and Domingo Bello Janeiro (Spanish).
July 8, 2003 The Tribunal holds its first session in Washington, D.C.
October 7, 2003 The Claimant files its memorial on the merits.
December 31, 2003 The Respondent files its memorial on jurisdiction.
February 20, 2004 The Claimant files its counter-memorial on jurisdiction.
March 26, 2004 The Respondent files its reply on jurisdiction.
April 26, 2004 The Claimant files its rejoinder on jurisdiction.
October 23, 2004 - October 24, 2004 The Tribunal holds a hearing on jurisdiction in Paris.
April 26, 2005 The Tribunal issues its decision on jurisdiction.
September 8, 2005 The Respondent files a counter-memorial on the merits.
January 23, 2006 Following the agreement by the parties, the Tribunal suspends the proceeding.
June 29, 2006 Following the agreement by the parties, the Tribunal further suspends the proceeding.
December 29, 2006 Following the agreement by the parties, the Tribunal suspends the proceeding.
June 14, 2007 Following the agreement by the parties, the Tribunal further suspends the proceeding.
January 15, 2008 The suspension of the proceeding is further extended, pursuant to the parties' agreement.
June 23, 2008 The suspension of the proceeding is further extended, pursuant to the parties' agreement.
December 15, 2008 The suspension of the proceeding is further extended, pursuant to the parties' agreement.
December 28, 2009 The suspension of the proceeding is further extended, pursuant to the parties' agreement.
June 28, 2010 The suspension of the proceeding is further extended, pursuant to the parties' agreement.
December 11, 2010 The suspension of the proceeding is further extended, pursuant to the parties' agreement.
June 27, 2011 The suspension of the proceeding is further extended, pursuant to the parties' agreement.
December 11, 2011 The suspension of the proceeding is further extended, pursuant to the parties' agreement.
June 22, 2012 The suspension of the proceeding is further extended, pursuant to the parties' agreement.
June 17, 2013 The suspension of the proceeding is further extended, pursuant to the parties' agreement.
December 12, 2013 The suspension of the proceeding is further extended until June 11, 2014, pursuant to the parties' agreement.
July 11, 2014 The suspension of the proceeding is further extended until December 11, 2014, pursuant to the parties' agreement.
January 23, 2015 The suspension of the proceeding is further extended until June 11, 2015, pursuant to the parties' agreement.
June 22, 2015 The suspension of the proceeding is further extended until December 11, 2015, pursuant to the parties' agreement.
December 24, 2015 The suspension of the proceeding is further extended until June 11, 2016, pursuant to the parties' agreement.
August 11, 2016 The suspension of the proceeding is further extended until December 11, 2016, pursuant to the parties' agreement.
February 24, 2017 The suspension of the proceeding is further extended until June 11, 2017, pursuant to the parties' agreement.
July 10, 2017 The suspension of the proceeding is further extended until December 11, 2017, pursuant to the parties' agreement.
December 19, 2017

The suspension of the proceeding is further extended until June 11, 2018, pursuant to the parties' agreement.

July 17, 2018

The suspension of the proceeding is further extended until September 11, 2018, pursuant to the parties' agreement.

September 13, 2018

The suspension of the proceeding is further extended until December 11, 2018, pursuant to the parties' agreement.

January 27, 2019

Following the resignation of arbitrator Pierre-Marie Dupuy, the Secretary-General notifies the parties of the vacancy on the Tribunal and the proceeding remains suspended pursuant to ICSID Arbitration Rule 10(2).

January 28, 2019

Following the resignation of arbitrator Karl-Heinz Böckstiegel, the Secretary-General notifies the parties of the vacancy on the Tribunal and the proceeding remains suspended pursuant to ICSID Arbitration Rule 10(2).

July 7, 2019

Following appointment by the Claimant, Stephen L. Drymer (Canadian) accepts his appointment as arbitrator.

December 6, 2019

Following appointment by the Chairman of the Administrative Council pursuant to the parties' agreement, Ricardo Ramírez Hernández (Mexican) accepts his appointment as presiding arbitrator.

December 12, 2019

The Tribunal is reconstituted. Its members are: Ricardo Ramírez Hernández (Mexican), President, appointed by the Chairman of the Administrative Council pursuant to the parties' agreement; Stephen L. Drymer (Canadian), appointed by the Claimant; and Domingo Bello Janeiro (Spanish), appointed by the Respondent. The proceeding is resumed pursuant to ICSID Arbitration Rule 12.

February 19, 2020

The Tribunal issues Procedural Order No. 2 concerning procedural matters.

April 24, 2020

The Claimant files its updated memorial on the merits.

October 22, 2020

The Respondent files its updated counter-memorial on the merits.

March 26, 2021

The Claimant files a reply on the merits.

June 29, 2021

The Respondent files a request for the Tribunal to decide on production of documents.

July 2, 2021

The Claimant files observations on the Respondent's request for the Tribunal to decide on production of documents.

July 5, 2021

The Tribunal issues a decision on production of documents.

July 30, 2021

The Respondent files a rejoinder on the merits.

October 18, 2021

The Tribunal holds a pre-hearing organizational meeting with the parties by video conference.

October 21, 2021

The Tribunal issues Procedural Order No. 3 concerning the organization of the hearing.

November 3, 2021

The Respondent files a proposal for disqualification of arbitrators Ricardo Ramírez Hernández, Stephen L. Drymer, and Domingo Bello Janeiro. The proceeding is suspended in accordance with ICSID Arbitration Rule 9(6).

November 17, 2021

The Claimant files observations on the proposal for disqualification.

November 19, 2021

Each member of the Tribunal furnishes explanations regarding the proposal for disqualification, in accordance with ICSID Arbitration Rule 9(3).

November 29, 2021

Each party files further observations on the proposal for disqualification.

April 6, 2022

The proposal for disqualification of arbitrators Ricardo Ramírez Hernández, Stephen L. Drymer, and Domingo Bello Janeiro is declined by the Chair of the Administrative Council. The proceeding is resumed pursuant to ICSID Arbitration Rule 9(6).

January 23, 2023

The Tribunal issues Amended Procedural Order No. 3 concerning the organization of the hearing.

February 6, 2023 - February 16, 2023

The Tribunal holds a hearing on the merits in Washington, D.C.

May 20, 2023

Each party files observations on the other party's submission on costs.

June 23, 2023

Each party files a post-hearing brief.

May 2, 2024

Each party files a submission on costs.

May 12, 2025

The Tribunal declares the proceeding closed in accordance with ICSID Arbitration Rule 38(1).

May 30, 2025

The Tribunal renders its award; attached to the Award is a Dissenting Opinion by arbitrator Domingo Bello Janeiro.

(b) Annulment Proceeding

Date Development
October 17, 2025

The Secretary-General registers an application for annulment of the award filed by the Argentine Republic and notifies the parties of the provisional stay of enforcement of the award.

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