Santiváñez Abogados acted as lead counsel to Electroperu in a high-stakes arbitration initiated by Sociedad Minera Cerro Verde (SMCV), which sought over USD 65 million in compensation. The dispute centered on Electroperu’s alleged refusal to apply a price adjustment clause under their 340 MW Power Purchase Agreement (PPA). SMCV’s claims, if successful, would have led to a potential USD 140 million reduction in future energy prices under the agreement.
The arbitration raised complex legal and regulatory issues, including the interpretation of electricity sector regulations in the context of the PPA, legal analysis of comparable power purchase agreements, and the assessment of multiple methodologies for energy price comparisons. Both parties presented detailed arguments supported by legal, regulatory, and economic experts.
The arbitral tribunal, in a recently published Award, dismissed all ten claims submitted by SMCV.
The case was led by Partner Fidel Rocha and Counsel José Salcedo, heads of the firm’s arbitration practice.
SMCV was represented by counsel Ramón Vidurrizaga and Jorge Alvarado of Rodrigo, Elías & Medrano.
The case was administered by Lima Chamber of Commerce Arbitration Center.
About Santiváñez Abogados
Santiváñez Abogados is a full-service law firm and the widely recognized leading energy law firm in Peru, with a professional team combining more than 50 years of experience with highly specialized practices in regulated industries and complex corporate and financial transactions.