Arbitragem de investimento no setor energético
Em que circunstâncias um investidor tem o direito de ser compensado no âmbito do tratamento justo e equitativo previsto no Tratado da Carta de Energia, em consequência do exercício do Estado do seu direito regulamentar em detrimento dos investidores? Análise de casos de arbitragem de investidores no setor fotovoltaico em Itália, Espanha e República Checa.
Palavras-chave:
Tratamento Justo e Equitativo, Expectativas Legítimas, Arbitragem de Investimentos, Tratado sobre a Carta de Energia, Mudanças RegulatóriasResumo
Ocorreu um desenvolvimento importante das energias renováveis em países como a Itália, Espanha e República Checa, principalmente devido ao apoio do Estado a projetos de energias renováveis. No entanto, devido à crise financeira, estes países decidiram rever o seu marco regulatório. Em resultado das alterações introduzidas, os investidores no setor das energias renováveis foram afetados. Consequentemente, foram apresentados pedidos de arbitragem de investimentos contra estes Estados com o amparo do Tratado da Carta da Energia. O presente capítulo analisa esta jurisprudência. Com base nos resultados das arbitragens, verifica-se a falta de consistência nas sentenças arbitrais. As diferentes interpretações entorno do tratamento justo e equitativo e a forma de equilibrar a necessidade (para o investidor) de um quadro de investimento estável e previsível e o direito soberano (do Estado) de regular, são a principal causa das diversas soluções. O conceito de padrão de tratamento justo e equitativo no tratado é revisto e comparado com a evolução do conceito em outros tratados de investimento. Em conclusão, serão propostas possíveis alterações para aumentar a certeza nas arbitragens de investimentos apresentadas com o amparo do Tratado da Carta da Energia.
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Referências
Table of Arbitral Awards reviewed
Awards divided by country
Italy
Blusun S.A., Jean-Pierre Lecorcier and Michael Stein v. Italian Republic, ICSID Case No. ARB/14/3, Final Award, (27/12/2016).
CEF Energía BV v. Italian Republic, SCC Case No. 158/2015, Final Award, (16/01/2019).
Greentech Energy Systems A/S, et al v. Italian Republic, SCC Case No. V 2015/095, Final Award, (23/12/2018).
Spain
Antin Infrastructure Services Luxembourg S.à.r.l. and Antin Energia Termosolar B.V. v. Kingdom of Spain, ICSID Case No. ARB/13/31, Final Award, (15/08/2018).
Charanne and Construction Investments v. Spain, SCC Case No. V 062/2012, Final Award, (21/01/2016).
Eiser Infrastructure Limited and Energía Solar Luxembourg S.à r.l. v. Kingdom of Spain, ICSID Case No. ARB/13/36, Final Award, (04/05/2017).
Isolux Netherlands, BV v. Kingdom of Spain, SCC Case V2013/153, Final Award, (17/07/2016).
Masdar Solar & Wind Cooperatief U.A. v. Kingdom of Spain, ICSID Case No. ARB/14/1, Final Award, (16/05/2018)
Novenergia II - Energy & Environment (SCA) (Grand Duchy of Luxembourg), SICAR v. The Kingdom of Spain, SCC Case No. 2015/063, Final Award, (15/02/2018).
The Czech Republic
Antaris Solar GmbH and Dr. Michael Göde v. Czech Republic, PCA Case No. 2014-01, Final Award, (02/05/2018).
ICW Europe Investments Limited v. Czech Republic, PCA Case No.214-22, Final Award, (15/05/2019).
Photovoltaic Knopf Betriebs GMBH v. Czech Republic, PCA Case No. 2014-21, Final Award, (15/05/2019).
Voltaic Network GmbH v. Czech Republic, PCA Case No. 2014-20, Final Award, (15/05/2019).
WA Investments Europa Nova Ltd. v. Czech Republic, PCA Case No. 2014-19, Final Award, (15/05/2019).
Other Arbitration Awards
Achmea B.V. v. The Slovak Republic, UNCITRAL, PCA Case No 2008-13, Final Award, (7/12/2012).
AES Summit Generation Limited and AES-Tisza Erömü Kft v. The Republic of Hungary, ICSID Case No. ARB/07/22, Final Award, (23/09/2010).
AES Summit Generation Limited and AES-Tisza Erömü Kft v. The Republic of Hungary, ICSID Case No. ARB/07/22, Final Award, (23/09/2010).
Azurix Corp v Argentine Republic, ICSID Case No ARB/01/12, Final Award, (14/07/2006).
Continental Casualty Company v The Argentine Republic, ICSID Case No ARB 03/9, Final Award, (05/09/2008).
Continental Casualty Company v. The Argentine Republic, ICSID Case No. ARB/03/9, Final Award, (05/09/2009).
EDF Services Limited v. Romania, ICSID CASE No ARB 05/13, Final Award, (08/10/2009).
El Paso Energy International Company v. The Argentine Republic, ICSID Case No. ARB/03/15, Final Award, (31/10/2011).
El Paso Energy International Company v. The Argentine Republic, ICSID Case No. ARB/03/15, Final Award, (31/10/2011).
Electrabel S.A. v. Republic of Hungary, ICSID Case No. ARB/07/19, Final Award, (25/11/2015).
Glamis Gold Ltd v United States of America, UNCITRAL, Final Award, (8/06/2009).
Ioannis Kardassopoulos v. The Republic of Georgia, ICSID Case No. ARB/05/18, Decision on Jurisdiction, (6/07/2007).
Limited Liability Company Amto v. Ukraine, SCC Case No. 080/2005, Final Award, (26/03/2008).
Mondev International Ltd. v. United States of America, ICSID Case No. ARB(AF)/99/2, Final Award, (12/10/2002).
Parkerings-Compagniet AS v. Republic of Lithuania, ICSID Case No. ARB/05/8, Final Award, (11/11/2007).
Robert Azinian, Kenneth Davitian, & Ellen Baca v. The United Mexican States, ICSID Case No. ARB (AF)/97/2, Final Award, (01/11/1991).
Saluka Investments B.V. v. The Czech Republic, UNCITRAL, Partial Award, (17/03/2006).
Sempra Energy International v. The Argentine Republic, ICSID Case No ARB/02/16, Final Award, (28/09/2007).
Suez, Sociedad General de Aguas de Barcelona, S.A.and Vivendi Universal, S.A. v. Argentine Republic, ICSID Case No. ARB/03/19, Decision on Liability, (30/07/2010).
Total S.A. v. The Argentine Republic, ICSID Case No. ARB/04/01, Decision on Liability, (27/12/2010).
Total S.A. v. The Argentine Republic, ICSID Case No. ARB/04/01, Decision on Liability, (27/12/201).
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