Investment arbitration in the energy sector: In what circumstances is an investor entitled to compensation under the Fair and Equitable Treatment standard of protection in the Energy Charter Treaty as a result of the exercise by the states of the right to regulate to detriment of investors? A special analysis on photovoltaic arbitration cases in Italy, Spain and the Czech Republic.

María Eugenia Bagnulo Cedrez

Autores/as

María Eugenia Bagnulo Cedrez Universidad de la República, Uruguay https://orcid.org/0000-0001-6568-9513

Palabras clave:

Tratamiento Justo y Equitativo, Expectativas Legítimas, Arbitraje de Inversiones, Tratado sobre la Carta de Energía, Cambios Regulatorios

Resumen

Un desarrollo importante de las energías renovables ha ocurrido en países como Italia, España y República de Checa en los últimos años, principalmente debido al apoyo del estado a proyectos de energía renovable. Sin embargo, debido a la crisis financiera, estos países decidieron revisar su marco regulatorio. Como resultado de los cambios implementados, los inversores en el sector renovable se vieron afectados. En consecuencia, demandas de arbitraje de inversiones contra estos estados se han presentado al amparo del Tratado de la Carta de la Energía. El presente Capítulo analiza esta jurisprudencia. En base a los resultados de los arbitrajes se evidencia la falta consistencia en los laudos arbitrales. Las diferentes interpretaciones en torno al estándar de Tratamiento Justo y Equitativo y a cómo equilibrar la necesidad (para el inversor) de un marco de inversión estable y predecible y el derecho soberano (del Estado) a regular, son la causa principal de las diversas soluciones. El concepto del Estándar de Tratamiento Justo y Equitativo en el Tratado se revisa y se compara con la evolución del concepto en otros tratados de inversión. En conclusión, se propondrán posibles enmiendas para aumentar la certeza en los arbitrajes de inversiones presentados al amparo del Tratado de la Carta de la Energía.

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Citas

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).

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).

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).

Books & Journals

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Arsanjani, M. H., Cogan, J., Sloane, R., & Wiessner, S. (Eds.). (2010). Looking to the Future. Leiden, The Netherlands: Brill. Nijhoff. doi: https://doi.org/10.1163/ej.9789004173613.i-1100

Baetens, F. (2010). The Kyoto Protocol in Investor–State Arbitration: Reconciling Climate Change and Investment Protection Objectives. Kluwer Law International, 681.

Baumgartner, J. (2016). Treaty Shopping in International Investment Law. International Economic Law, Oxford University-Press: http://www.oxfordscholarship.com/view/10.1093/acprof:oso/9780198787112.001.0001/acprof-9780198787112

Behn, D. & Kristian, O. (2015). Governments under Cross-Fire: Renewable Energy and International Economic Tribunals. Manchester Journal of International Economic Law, p. 117.

Belyi, A. Nappert, S. & Pogoretskyy, V. (2011). Modernising the Energy Charter Process? The Energy Charter Conference Road Map and the Russian Draft Convention on Energy Security. Journal of Energy & Natural Resources Law, volume 29, p. 383.

Boute, A. (2011). Challenging the re-regulation of liberalized electricity prices under investment arbitration. Energy Law Journal, 32(2), 497-540.

Brown, A. (2018). A Theory of Legitimate Expectations for Public Administration. Oxford University Press.

Burnett, H. and Bret, L. (2017). Arbitration of International Mining Disputes: Law and Practice. Oxford University Press.

C Chen, R. (2019). Precedent and Dialogue in Investment Treaty Arbitration. Harvard International Law, Law Journal, volume 60, p. 47.

Cameron, P. (2010). International Energy Investment Law: The Pursuit of Stability. Oxford University Press.

D’ Agostino, J. & Jones, O. (2007). Energy Charter Treaty: A Step towards Consistency in International Investment Arbitration? Journal of Energy & Natural Resources Law, volume 25 (3).

De Luca, A. (2015). Renewable Energy in the EU, the Energy Charter Treaty, and Italy’s Withdrawal Therefrom. Transnational Dispute Management, 12 (3).

Dias Simoes, F. (2017). When Green Incentives Go Pale: Investment Arbitration and Renewable Energy Policymaking. Denver Journal of International Law and Policy, 45 (2).

Dias, F. (2017). Charanne and Construction Investments v. Spain: Legitimate Expectations and Investments in Renewable Energy. Review of European, Comparative & International Environmental Law, p. 174.

Dolzer, R. and Schreuer, C. (2012). Principles of International Investment Law. Oxford University Press.

Dumitru, F. (2016). The Role of Legitimate Expectations in Establishing a Jurisprudence Constante in International Investment Law. Manchester Review Law Crime & Ethics, p. 28.

Fernandez Masia, E. (2017). Spain before the International Arbitration for the Cut to Renewable Energies: A Representation in Three Acts, for Now. Cuadernos de Derecho Transnacional, No. 666.

Gaillard, E. (2015). Sociology of International Arbitration. Arbitration International, Oxford University Press.

Gerards, J. (2018). Margin of Appreciation and Incrementalism in the Case Law of the European Court of Human Rights. Human Rights Law Review, 18 (3), p. 495-515.

Gerrard, M. (2011). The Law of Clean Energy: Efficiency and Renewables. American Bar Association publication, Section of Environment, Energy, and Resources, p.1-642.

Ghori, U. (2018). Reverse Permissibility’ in the Renewable Energy Sector: Going Beyond the US-India Solar Cells Dispute. Asian Journal of International Law, volume 8, p. 322.

Gumbis, J. & Kasparavicius, R. (2017). State’s Right to Regulate: What Constitutes Compensable Expropriation in Investor-State Arbitration. Yearbook on International Arbitration, volume 5.

Henckels, C. (2015). Proportionality and Deference in Investor-State Arbitration: Balancing Investment Protection and Regulatory Autonomy. Cambridge University Press, available in: http://ebooks.cambridge.org/ref/id/CBO9781316104378

Hober, K. (2007). The Energy Charter Treaty - Awards Rendered. Disputes Resolution International Law, Volume 1, p. 36.

Iacob, I. & Cirlig, R. (2016). The Energy Charter Treaty and Settlement of Disputes - Current Challenges. Juridical Tribunal, volume 6.

Kaufmann-Kohler, G. (2006). Arbitral Precedent: Dream, Necessity or Excuse? Arbitration International, 23 (3).

King, R. (2012). Dispute Resolution in the Energy Sector: A Practitioner’s Handbook. Globe Law and Business.

Kudrat, D. (2018). Charanne v Vpain and Eiser v Spain: Comparative Case Analysis on Legitimate Expectations and Fair and Equitable Standard. SOAS Law Journal, volume 5, p. 87.

Le Bars, B. (2015). Recent Developments in International Energy Dispute Arbitration. Journal of International Arbitration, Kluwer Law International, volume 32, Issue 5, pp.543 – 550.

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Lim, C.; Ho; J. & Paparinskis, M. (2018). International Investment Law and Arbitration: Commentary, Awards, and Other Materials. Cambridge University Press.

Mark, W. & Weidemaier, C. (2010). Toward a Theory of Precedent in Arbitration. William & Mary Law Review, volume 51, p. 1895.

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Websites and Blogs

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Arbitraje de inversión en el sector energético

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