Spain and Investment Arbitration: The Renewable Energy Explosion

In the past decade, Spain’s generous incentive system for renewable energy production attracted substantial foreign and national investment. However, when the global financial crisis hit, and the consequent reduction of electricity consumption, the incentives began to cause a tariff deficit in the electricity system, leading the Spanish government to cut back and then eliminate the incentives. In the wake of losses, international investors turned to investment arbitration, while national investors could only present their claims before Spanish courts. The result was a potential for differential treatment between national and foreign investors. This paper examines the incentive regime and the government’s changes to it in order to understand the investors’ claims and the reasoning that resulted in their rejections, both in national courts and in the only arbitration award issued up to now. The paper concludes with a discussion of the effect of the renewable energies situation on the investment arbitration debate within Spanish civil society.

Low-resolution spectroscopy and spectral energy distributions of selected sources towards σ Orionis

Aims. We study in detail nine sources in the direction of the young σ Orionis cluster, which is considered to be a unique site for studying stellar and substellar formation. The nine sources were selected because of their peculiar properties, such as extremely-red infrared colours or excessively strong Hα emission for their blue optical colours. Methods. We acquired high-quality, low-resolution spectroscopy (R ∼ 500) of the nine targets with ALFOSC at the Nordic Optical Telescope. We also re-analysed [24]-band photometry from MIPS/Spitzer and compiled the highest quality photometric dataset available at the ViJHK_s passbands and the four IRAC/Spitzer channels, for constructing accurate spectral energy distributions between 0.55 and 24 μm. Results. The nine targets were classified into: one Herbig Ae/Be star with a scattering edge-on disc; two G-type stars; one X-ray flaring, early-M, young star with chromospheric Hα emission; one very low-mass, accreting, young spectroscopic binary; two young objects at the brown-dwarf boundary with the characteristics of classical T Tauri stars; and two emission-line galaxies, one undergoing star formation, and another whose spectral energy distribution is dominated by an active galactic nucleus. We also discovered three infrared sources associated with overdensities in a cold cloud of the cluster centre. Conclusions. Low-resolution spectroscopy and spectral energy distributions are a vital tool for measuring the physical properties and evolution of young stars and candidates in the σ Orionis cluster.