Conclusion of arbitration against BulgariaThearbitral tribunal of the International Centre for Settlement ofInvestment Disputes ICSID in Washington, D.C. ruled on the claims thatCEZ, a. s. had asserted against the Republic of Bulgaria ininternational investment arbitration. In its ruling, the tribunal statedthat although CEZs claims and arguments were serious and not manifestlyunfounded, Bulgaria's actions did not reach such legal intensity as toviolate Bulgaria's international legal obligations under the EnergyCharter Treaty, and therefore CEZ was not awarded damages. CEZ is nowanalyzing the extensive ruling in detail.