MADRID, Oct 13 (Reuters) – Spain has started the process of withdrawing from the Energy Charter Treaty, a European treaty protecting energy investments, Politico reported on Wednesday, citing Spanish Energy Minister Teresa Ribera.
Spain is now “certain” to withdraw from the treaty, Ribera said, the media outlet reported.
The treaty in force since 1998 was designed to secure energy supply in the region and grants protection to companies investing in the energy industry.
Over the past few years, the treaty has been used by both fossil fuel and renewable energy companies to sue governments for reglation changes that threaten returns on specific investments.
A spokesperson for Ribera’s ministry didn’t return messages seeking comment.
(Reporting by Inti LandauroEditing by Mark Potter)