The AES Corporation has emerged victorious in a significant arbitration case against the Argentine Republic, as ruled by an arbitral tribunal of the International Centre for the Settlement of Investment Disputes. The tribunal found that Argentina breached the US-Argentina bilateral investment treaty through measures starting in late 2001, which included dismantling a competitive remuneration system, withholding receivables from AES subsidiaries, and mandating reinvestment in government-run programs. As a result, Argentina has been ordered to pay approximately $733 million in damages to AES, including costs and accrued interest. The enforcement of this award is subject to potential legal processes, and AES may also explore a settlement with Argentina. The company has noted the unpredictability of enforcement efforts and any possible settlement outcomes. There is a 45-day period for rectification or clarification requests and a 120-day window for annulment applications, which could delay the award's execution.