Energy Charter Treaty – Standards of Investment Protection

  • 1 , Zagreb, Croatia

Abstract

The Energy Charter Treaty (ECT) in its Part III which regulates standards of protection guaranteed to foreign investors by the ECT States members, together with the Article 24 of the ECT, constitutes a kind of autonomous investment treatment within the ECT. The ECT provides for a very broad spectrum of standards of protection: fair and equitable treatment; most constant protection and security; prohibition of unreasonable or discriminatory measures; „umbrella clause”; national treatment; most favoured-nation standard and effective means to assert the claims. It can be said that at the time of its drafting the ECT enclosed all standards of protection as recognized in BITs and NAFTA. There have been more than 100 publicly known investment arbitration cases where the ECT was invoked, more than 30 of which concluded by arbitral awards. This comprehensive arbitral practice strongly influences the practice applying other IIAs and vice versa.

If the inline PDF is not rendering correctly, you can download the PDF file here.

  • Babić, D., 2012. Pravičan i pošten tretman ulaganja u međunarodnom investicijskom pravu. Zbornik PFZ, 62(1-2): 397.

  • Bjorklund, A. K. 2012. National Treatment in Reinisch, A. (ed) Standards of Investment Protection. Oxford: Oxford University Press. pp 29-59.

  • Bonnitcha, J. 2014. Substantive Protection under Investment Treaties. Cambridge: Cambridge University Press.

  • De Brabandere E. 2014. The Settlement of Investment Disputes in the Energy Sector in de Brabandere E. and Gazzini T. (eds) Foreign Investment in the Energy Sector, Balancing Private and Public Interests. Leiden: Brill, Nijhoff. pp 130-167.

  • Dolzer, R. and Schreuer, C., 2012. Principles of International Investment Law. 2nd ed. Oxford: Oxford University Press.

  • Energy Charter Treaty Secretariat. 2002. The Energy Charter Treaty: A Reader’s Guide. Available at: https://www.econbiz.de/Record/the-energy-charter-treaty-a-reader-s-guide/10002444243. [accessed 20 December 2017].

  • Haeri, H. and Dağli, R. 2016. Fairness and the Final Word: State Responsibility for Court Action in Investment Arbitration. The Turkish Commercial Law Review, Vol 2, Iss 1. pp. 3-16.

  • Focarelli C. (2013). Denial of justice. In: The Max Planck Encyclopedia of Public International Law. Oxford University Press. Available at: www.mpepil.com. [accessed 20 December 2017].

  • Hobér, K., 2010. Investment Arbitration and the Energy Charter Treaty. Journal of International Dispute Settlement, No.1. Vol.1. pp. pp. 153–190.

  • Hobér, K. 2008. State Responsibility and Attribution in Muchlinski, Ortino and Scheuer (eds) Oxford Handbook of International Investment Law. Oxford: Oxford University Press. pp. 549-584.

  • Jacob, M. and Schill, S.W. 2015. Standards of Protection, Fair and Equitable Treatment: Content, Practice, Method in Bungenberg, Griebel, Hobe and Reinisch (eds) International Investment Law. Baden-Baden: Nomos, C.H. Beck, Hart. pp. 700-764.

  • Kriebaum, U. 2015. Arbitrary/Unreasonable or Discriminatory Measures in Bungenberg, Griebel, Hobe and Reinisch (eds) International Investment Law. Baden-Baden: Nomos, C.H. -Beck, Hart. pp. 790-807.

  • Lorz, R. A. 2015. Protection and Security in Bungenberg, Griebel, Hobe and Reinisch (eds) International Investment Law. Baden-Baden: Nomos, C.H. Beck, Hart. pp. 764-790.

  • Cordero Moss, G. 2012. Full Protection and Security in: Reinisch, A. (ed) Standards of Investment Protection. Oxford: Oxford Scholarship Online. pp. 131-151.

  • Newcombe, A. and Paradel. L. 2009. Law and Practice of Investment Treaties, Standards of Treatment. Netherlands: Kluwer Law International.

  • OECD 2006. Policy Framework for Investment, A review of Good Practices. Available at: https://www.oecd.org/daf/inv/investment-policy/40287306.pdf [accessed 1 December 2017].

  • Paulson, J. 2005. Denial of Justice in International Law. Cambridge: Cambridge University Press.

  • Potestà, M. 2013. Legitimate expectations in investment treaty law: Understanding the roots and the limits of a controversial concept. ICSID Review 28 (1). pp.88-122.

  • Reinisch, A. 2015. National Treatment in Bungenberg, Griebel, Hobe and Reinisch (eds) International Investment Law. Baden-Baden: Nomos, C.H. Beck, Hart. pp.846-870.

  • Salacuse, J.W., 2015. The Law of Investment Treaties. 2nd ed. Oxford: Oxford University Press.

  • Schreuer C. H.,2008. Selected Standards of Treatment Available under the Energy Charter Treaty in Coop G. and Ribeiro C. (eds) Investment Protection and the Energy Charter Treaty. Huntington: JurisNet. pp. 64-100.

  • Schreuer C.H. 2009. Protection against Arbitrary or Discriminatory Measures in Rogers, A.C. and Alford P. R. (eds) The Future of Investment Arbitration. Oxford: Oxford University Press. pp.183-198.

  • Schill, S.W., 2009. The Multilateralization of International Investment Law. Cambridge: Cambridge University Press.

  • Schill S.W. 2009. Enabling Private Ordering: Function, Scope and Effect of Umbrella Clauses in International Investment Treaties, 18 Minn. J. Int’l L. 18(1). pp.1-97.

  • Schill, S.W. and Kingsbury, B. 2011. Public Law Concepts to Balance Investors’ Rights with State Regulatory Actions in the Public Interests – The Concept of Proportionality in Schill, S.W. (ed) International Law and Comparative Public Law. Oxford: Oxford Scholarship Online. pp. 76-104.

  • Sornarajah, M. 2010. The International Law on Foreign Investment. Cambridge: Cambridge University Press.

  • UNCTAD. 1999. National Treatment in UNCTAD Series on issues in international investment agreements. New York and Geneva: United Nations. Available at: http://unctad.org/en/Docs/psiteiitd11v4.en.pdf [accessed 20 December 2017].

  • UNCTAD. 2012. Fair and Equal Treatment in UNCTAD Series on Issues in International Investment Agreements II. New York and Genève: United Nations. Available at: http://unctad.org/en/Docs/unctaddiaeia2011d5_en.pdf. [accessed 20 December 2017].

  • UNCTAD, May 2017. IIA Issues Note, Investor-State Dispute

  • Settlement: Review of Developments in 2106. Available at: http://unctad.org/en/PublicationsLibrary/diaepcb2017d1_en.pdf [accessed 20 December 2017].

  • Wälde, T. 2003. Legal Opinion in the case of Nykomb Synergetics Technology Holding AB v. The Republic of Latvia, SCC. Available at: https://www.italaw.com/sites/default/files/case-documents/ita0985.pdf [accessed 20 December 2017].

  • Wälde, T. 2004. Energy Charter Treaty-based Investment Arbitration – Controversial Issues, The Journal of World Investment & Trade.5(3). pp. 373-376.

  • Whitsitt, E. and Bankes, N. 2013. The Evolution of International Investment Law and Its Application to the Energy Sector. Alberta Law Review 51:2. pp. 207-247.

  • Wong, J. 2006. Umbrella Clauses in Bilateral Investment Treaties: of Breaches of Contract, Treaty Violations and the Divide Between Developing and Developed Countries in Foreign Investment Disputes. Geo. Mason Law Review 14:1. pp. 137-179.

  • Yannaca-Small, K., 2012. Fair and Equitable Treatment Standard: Recent Developments. In: Reinisch, A., ed. Standards of Investment Protection. Oxford: Oxford Scholarship Online. 2012. pp. 112-130.

  • Zeitler, H.E. 2011. Full Protection and Security in Schill, S.W. (ed) International Law and Comparative Public Law. Oxford: Oxford Scholarship Online International.

  • AES Summit Generation Limited and AES-Tisza Erömü Kft v. Hungary ICSID Case No ARB/07/022. Award 22 September 2010. Available at: https://www.italaw.com/sites/default/files/case-documents/ita0014_0.pdf [accessed 20 December 2017].

  • AES Corporation and Tau Power B.V. v. Kazakhstan, ICSID Case No ARB/10/16. Award 1 November 2003. Available at: https://www.italaw.com/sites/default/files/case-documents/italaw8205_0.pdf [accessed 20 December 2017].

  • Limited Liability Company AMTO v. Ukraine, SCC Case No 080/2005. Award 28 March 2008. Available at: https://www.italaw.com/sites/default/files/case-documents/ita0030.pdf [accessed 20 December 2017].

  • Mohammad Amar Al-Bahloul v. The Republic of Tajikistan,

  • SCC Case No. V (064/2008), Partial Award on Jurisdiction and Liability 2 September 2009. Available at: https://www.italaw.com/sites/default/files/case-documents/ita0023_0.pdf [accessed 20 December 2017].

  • Charanne B.V. Construction Investments S.A.R.L. v. Spain, SCC Case No 062/2012. Award 21 January 2016. Available at: https://www.italaw.com/sites/default/files/case-documents/italaw7162.pdf [accessed 20 December 2017].

  • EDF International S.A. v. Republic of Hungary, UNCITRAL. Judgment of October 6, 2015 First Civil Law Court. Available at: http://www.swissarbitrationdecisions.com/sites/default/files/6%20octobre%202015%204A%2034%202015.pdf [accessed 20 December 2017].

  • Eiser Infrastructure Limited and Energía Solar Luxembourg S.à r.l. v. Spain, ICSID Case No. ARB/13/36.Award 4 May 2017. Available at: https://www.italaw.com/sites/default/files/case-documents/italaw9050.pdf [accessed 20 December 2017].

  • Elettronica Sicula SpA (ELSI) (United States of America v. Italy, ICJ Judgement 20 July 1989. Available at: http://www.icj-cij.org/files/case-related/76/076-19890720-JUD-01-00-EN.pdf [accessed 20 December 2017].

  • El Paso Energy International Company v. The Argentine Republic, ICSID Case No. ARB/03/15. Award 31 October 2011. Available at: https://www.italaw.com/sites/default/files/case-documents/ita0270.pdf [accessed 20 December 2017].

  • S.A Electrabel v. Hungary, ICSID Case No. ARB/07/19. Decision on Jurisdiction, Applicable Law and Liability 30 November 2012. Available at: https://www.italaw.com/sites/default/files/case-documents/italaw1071clean.pdf [accessed 20 December 2017].

  • Khan Resources B.V. & Ors. v. Mongolia, UNCITRAL, PCA Case 2011-09. Award 2. March 2015. Available at: https://www.italaw.com/sites/default/files/case-documents/italaw4267.pdf [accessed 20 December 2017].

  • Mamidoil Jetoil Greek Petroleum Products S.A. v. Albania, ICSID Case No. ARB/11/24. Award 30 March 2015. Available at: https://www.italaw.com/sites/default/files/case-documents/italaw4228.pdf [accessed 20 December 2017].

  • Ioan Micula, Viorel Micula, S.C. European Food S.A, S.C. Starmill S.R.L. and S.C. Multipack S.R.L. v. Romania, ICSID Case No. ARB/05/20. Award 11 December 2013. Available at: https://www.italaw.com/sites/default/files/case-documents/italaw3036.pdf [accessed 20 December 2017].

  • Joseph Charles Lemire v. Ukraine, ICSID Case No. ARB/06/18. Decision on Jurisdiction and Liability 14 January 2010. Available at: https://www.italaw.com/sites/default/files/case-documents/ita0453.pdf [accessed 20 December 2017].

  • Liman Caspian Oil BV and NCL Dutch Investment BV v. Republic of Kazakhstan, ICSID Case No. ARB/07/14. Award 22. June 2010. Available at: https://www.italaw.com/sites/default/files/case-documents/italaw1429.pdf [accessed 20 December 2017].

  • Loewen Group, Inc. and Raymond L. Loewen v. United States of America, ICSID Case No. ARB (AF)/98/3. Award 26. June 2003. Available at: https://www.italaw.com/sites/default/files/case-documents/ita0470.pdf [accessed 20 December 2017].

  • Nykomb Synergetics Technology Holding AB v. The Republic of Latvia, SCC. Award 16 December 2003. Available at: https://www.italaw.com/sites/default/files/case-documents/ita0570.pdf [accessed 20 December 2017].

  • Plama Consortium Limited v. Bulgaria, ICSID Case No. ARB/03/24. Award 27 August 2008. Available at: https://www.italaw.com/sites/default/files/case-documents/ita0671.pdf [accessed 20 December 2017].

  • Plama Consortium Limited v. Bulgaria, ICSID Case No. ARB/03/24. Decision on Jurisdiction 8 February 2005. Available at: https://www.italaw.com/sites/default/files/case-documents/ita0669.pdf [accessed 20 December 2017].

  • Petrobart Limited v. The Kyrgyz Republic. SCC Case No. 126/2003. Award 29 March 2005. Available at: https://www.italaw.com/sites/default/files/case-documents/ita0628.pdf [accessed 20 December 2017].

  • Saluka Investments B.V. v. The Czech Republic, UNCITRAL. Partial Award 17 March 2006. Available at: https://www.italaw.com/sites/default/files/case-documents/ita0740.pdf [accessed 20 December 2017].

  • Siemens A.G. v. The Argentine Republic, ICSID Case No. ARB/02/8. Award 6 February 2007. Available at: https://www.italaw.com/cases/1026. [accessed 20 December 2017].

  • Stati Anatole, Gabriel Stati, Ascom Group SA and Terra Raf Trans Traiding Ltd v. Kazakhstan, SCC, Case No. 116/2010. Award 19. December 2013. Available at: https://www.italaw.com/sites/default/files/case-documents/italaw3083.pdf [accessed 20 December 2017].

OPEN ACCESS

Journal + Issues

Search