Below news report was prepared based on the official information published by the Ministry of Justice of Ukraine and does not represent IMEPOWER’s opinion on this subject.
On 16 December 2025, an Arbitral Tribunal of the Arbitration Institute of the Stockholm Chamber of Commerce (SCC) issued its final award in the case brought by Modus Energy International B.V. (now Green Genius International B.V.) against the state of Ukraine, fully dismissing all claims.
This is the first decision of an international investment tribunal in cases related to the changes introduced by the Law of Ukraine “On Amendments to Certain Laws of Ukraine Regarding the Improvement of Conditions for Supporting the Production of Electricity from Alternative Energy Sources” approved in 2020 concerning the revision of the green tariff (feed-in tariff) rates. The decision is of key importance for the further handling of similar cases in the future.
The claim was filed in 2021 based on the Energy Charter Treaty (ECT). The claimant argued that legislative and regulatory changes in the renewable energy sector, particularly the adoption of the mentioned law on the revision of the green tariffs, violated its rights and led to financial losses. The claimant also maintained that payment delays by the state enterprise Guaranteed Buyer for “green” electricity caused damage to the company.
In particular, the claimant asked the tribunal to:
– declare that Ukraine had violated the provisions of the ECT and norms of international law;
– find a breach of the fair and equitable treatment standard and other invoked protections;
– order Ukraine to pay compensation of at least EUR 22.7 million, including alleged losses of future income.
Ukraine opposed the claims and emphasized that:
– it acted within its sovereign powers when reforming the support system for renewable energy, taking into account economic and financial realities;
– the regulatory changes were general in nature, applied to all market participants, and were not discriminatory;
– there was a lack of evidence that the alleged financial losses resulted from its actions.
As a result of the proceedings, the arbitral tribunal concluded that Ukraine’s actions did not violate its international obligations under the ECT.
The tribunal agreed that Ukraine acted within its regulatory powers and pursued a legitimate public purpose when reforming the renewable energy support system. It also noted that there were no grounds to consider that the claimant had protected expectations of an unchangeable regulatory framework or a guaranteed level of profitability at the time of making its investment.
Separately, the tribunal stated that the claimed financial losses were not properly proven and were based on assumptions about hypothetical future revenues, which could not serve as a basis for awarding compensation.
The arbitral tribunal also gave a positive assessment of the method used to revise the green tariffs, noting that the government revised the green tariffs on a compromise basis, in a transparent manner and through open dialogue with investors. In the end, the tribunal fully dismissed the claimant’s claims.
