Galindo, Arias & López successfully advised Térmica del Caribe, S.A. (“TC”) (a Panamanian company that owns and operates a power generation plant) in an arbitral proceeding chaired by the Panamanian public utilities regulator, Autoridad de los Servicios Púbicos – ASEP, pursuant to which TC requested the modification of a power purchase agreement alleging that the existing agreement excessively favored Empresa de Distribución Eléctrica Noreste – ENSA (energy distributor) and Empresa de Transmisión Eléctrica, S.A. – ETESA (state owned energy transmission company), two of the largest players in the Panamanian energy sector.
The regulator ruled in favor of our client, TC, and ordered the amendment of the power purchase agreement, as requested by TC. This judgment was unprecedented.