ENERGO-PRO, a Czech energy company, had invested in the Bulgarian energy sector since the early 2000s. By 2013, the company had become one of the largest private owners of hydroelectric power plants and one of the three main electricity distribution and supply companies in Bulgaria. Between 2011 and 2013, the Bulgarian government undertook a number of legal and regulatory reforms, which prompted all three electricity distribution companies in Bulgaria, including ENERGO-PRO, to commence arbitration proceedings in 2013 (EVN), 2015 (ENERGO-PRO), and 2016 (CEZ).

Counsel for the investor retained Sean Gammons and Dr. Richard Hern, both Managing Directors in NERA’s London office, to provide expert testimony on regulatory matters. Dr. Hern also testified on the financial impact of the contested decisions on ENERGO-PRO’s investments. NERA’s expert team included Consultant Ambrus Barany and former Associate Director Clara Segurola.

Mr. Gammons and Dr. Hern provided oral testimony at ICSID hearings.