King & Spalding secured a US$158 million arbitration award against Taiwan Power Co (“Taipower”), the state-owned energy utility, in an ICC arbitration on behalf of GE Hitachi Nuclear Energy.
The dispute concerned two reactors at a US$9 billion nuclear power plant whose construction was halted in the wake of the Fukushima disaster. The plant was shuttered in 2014, amid public concerns about the safety of nuclear energy following the Fukushima nuclear disaster in Japan three years earlier. Following the closure, Taipower stopped making payments to GE Hitachi, which had been contracted to provide design services and equipment for the reactors.
A King & Spalding team from our London, Singapore, Atlanta, and New York offices led the effort in the arbitration, which has been ongoing since 2015 and which involved a three-week in-person hearing on the merits in Taipei.