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International Energy Investment Law in an Era of Energy Transition
522.5
Dr. Ayşe Tuğba Özkarslıgil
TABLE OF CONTENTS
PREFACE
7
ABSTRACT
9
TABLE OF CONTENTS
11
LIST OF TABLES
15
CHAPTER I
INTRODUCTION
I. THE CENTRAL TENSION: INVESTOR PROTECTION AND STATE
REGULATORY AUTONOMY
17
II. ENERGY INVESTMENT LAW AND THE ISSUES
18
III. THE TRIANGULAR LEGAL FRAMEWORK OF INTERNATONAL ENERGY
INVESTMENT
24
IV. PSEG GLOBAL INC. V REPUBLIC OF TURKEY: A CASE STUDY OF
REGULATORY CHANGE AND INVESTOR PROTECTION
25
V. SETTING THE CONTEXT FOR ANALYSIS: ENERGY INVESTMENT SCENARIO
29
VI. THE ARGUMENT AND STRUCTURE OF THE BOOK
32
CHAPTER II
NATIONAL ENERGY REGULATION AND THE
INVESTMENT FRAMEWORK
I. INTRODUCTION
35
II. THE EVOLVING ROLE OF STATES IN THE ENERGY SECTOR
37
III. DOMESTIC LAW AS THE FIRST LAYER OF THE INVESTMENT
FRAMEWORK
39
IV. TOWARD A COHERENT NATIONAL LEGAL FRAMEWORK
40
V. REGULATORY RISK AND LIMITS OF STATE COMMITMENTS
42
A. The Problem of Over–Promising
42
B. Transparency, Accountability and Administrative Governance
46
VI. CONCLUSION
48
12 Table of Contents
CHAPTER III
ENERGY INVESTMENT DISPUTES: RECURRING PATTERNS AND
REGULATORY CONFLICTS
I. INTRODUCTION
51
II. METHODOLOGICAL APPROACH AND SCOPE OF THE CASE–LAW REVIEW
53
III. SUMMARY TABLES
53
IV. OUTCOMES
60
A. Nationalities of Respondent States and Home States of Claimants
60
B. Main Reasons for Claims
61
C. Applicable Investment Treaties Underpinning the Cases
61
D. Arbitral Rules
62
E. Amounts Claimed
62
F. Key Measures Foreign Investors Challenged
64
1. Fair and Equitable Treatment
64
2. Direct and Indirect Expropriation
65
a. Defining Indirect Expropriation
66
b. Substantial Deprivation of Value of Investment – “Effects–
Based Approach”
69
c. Termination of Long–Term Agreements
71
V. CONCLUSION
72
CHAPTER IV
BALANCING PUBLIC INTEREST AND INVESTOR PROTECTION
UNDER INTERNATIONAL INVESTMENT AGREEMENTS
I. INTRODUCTION
73
II. INTERNATIONAL INVESTMENT TREATIES: STRUCTURE, EVOLUTION,
AND REGULATORY SPACE
74
III. CASE STUDIES
79
A. Charanne B.V. & Construction Investments S.A.R.L. v. Spain
80
B. Eiser Infrastructure Ltd and Energia Solar Luxemburg S.A.R.I v Spain
82
1. Outcome of the Cases
84
IV. SIGNIFICANCE FOR THE DRAFTING OF INVESTMENT TREATIES
85
V. KEY PROVISIONS OF INVESTMENT TREATIES IN THE ENERGY SECTOR:
TOWARDS A MORE BALANCED TREATY FRAMEWORK
86
A. Fair and Equitable Treatment
86
1. Drafting the Fair and Equitable Treatment Standard
90
Table of Contents 13
B. Expropriation – “Taking”
95
1. The Evolution of the Expropriation Provisions in Investment
Treaties
101
C. Dispute Settlement Provisions – “The Need for a Neutral Process”
103
1. Evolution of ISDS Provisions in Investment Treaties
105
2. Popularity of Arbitration in the Energy Sector
108
3. Drafting Dispute Settlement Provisions in the Energy Investment
109
4. Popularity of the ICSID
110
VI. CONCLUSION
112
CHAPTER V
BALANCING STATE SOVEREIGNTY AND
INVESTOR INTERESTS UNDER ENERGY INVESTMENT CONTRACTS
I. INTRODUCTION
115
II. AN OVERVIEW OF ENERGY INVESTMENT CONTRACTS
117
A. The Legal Nature of Energy Contracts
119
III. KEY PROVISIONS OF ENERGY INVESTMENT CONTRACTS
122
A. Stabilization Clauses
122
1. Main Legal Issues with the Stabilization Clauses
124
a. Necessity of Stabilization Clauses – Are They a Sine Qua Non
Tool?
124
b. Validity of Stabilization Clauses
126
c. Inconsistency with Domestic Laws
128
2. Drafting Stabilization Clauses
132
B. Dispute Resolution Clauses
132
1. Main Issues with Dispute Settlement Clauses in the Investment
Contracts
133
IV. CONCLUSION
139
CHAPTER VI
CONCLUSION AND RECOMMENDATIONS
BIBLIOGRAPHY
151
I. PRIMARY MATERIALS
151
A. Official Documents
151
14 Table of Contents
1. Legislations and Treaties
151
2. Cases and Arbitral Awards
152
3. Contracts
157
II. SECONDARY MATERIALS
157
1. Books
157
2. Chapters in Books
160
3. Journals and Law Review Articles, Research/Working Papers,
Seminars/Conference Notes and Newspaper Articles
165
4. Reports / Outlooks
176
5. Online Sources / Internet Websites
178
Dr. Ayşe Tuğba Özkarslıgil
TABLE OF CONTENTS
PREFACE
7
ABSTRACT
9
TABLE OF CONTENTS
11
LIST OF TABLES
15
CHAPTER I
INTRODUCTION
I. THE CENTRAL TENSION: INVESTOR PROTECTION AND STATE
REGULATORY AUTONOMY
17
II. ENERGY INVESTMENT LAW AND THE ISSUES
18
III. THE TRIANGULAR LEGAL FRAMEWORK OF INTERNATONAL ENERGY
INVESTMENT
24
IV. PSEG GLOBAL INC. V REPUBLIC OF TURKEY: A CASE STUDY OF
REGULATORY CHANGE AND INVESTOR PROTECTION
25
V. SETTING THE CONTEXT FOR ANALYSIS: ENERGY INVESTMENT SCENARIO
29
VI. THE ARGUMENT AND STRUCTURE OF THE BOOK
32
CHAPTER II
NATIONAL ENERGY REGULATION AND THE
INVESTMENT FRAMEWORK
I. INTRODUCTION
35
II. THE EVOLVING ROLE OF STATES IN THE ENERGY SECTOR
37
III. DOMESTIC LAW AS THE FIRST LAYER OF THE INVESTMENT
FRAMEWORK
39
IV. TOWARD A COHERENT NATIONAL LEGAL FRAMEWORK
40
V. REGULATORY RISK AND LIMITS OF STATE COMMITMENTS
42
A. The Problem of Over–Promising
42
B. Transparency, Accountability and Administrative Governance
46
VI. CONCLUSION
48
12 Table of Contents
CHAPTER III
ENERGY INVESTMENT DISPUTES: RECURRING PATTERNS AND
REGULATORY CONFLICTS
I. INTRODUCTION
51
II. METHODOLOGICAL APPROACH AND SCOPE OF THE CASE–LAW REVIEW
53
III. SUMMARY TABLES
53
IV. OUTCOMES
60
A. Nationalities of Respondent States and Home States of Claimants
60
B. Main Reasons for Claims
61
C. Applicable Investment Treaties Underpinning the Cases
61
D. Arbitral Rules
62
E. Amounts Claimed
62
F. Key Measures Foreign Investors Challenged
64
1. Fair and Equitable Treatment
64
2. Direct and Indirect Expropriation
65
a. Defining Indirect Expropriation
66
b. Substantial Deprivation of Value of Investment – “Effects–
Based Approach”
69
c. Termination of Long–Term Agreements
71
V. CONCLUSION
72
CHAPTER IV
BALANCING PUBLIC INTEREST AND INVESTOR PROTECTION
UNDER INTERNATIONAL INVESTMENT AGREEMENTS
I. INTRODUCTION
73
II. INTERNATIONAL INVESTMENT TREATIES: STRUCTURE, EVOLUTION,
AND REGULATORY SPACE
74
III. CASE STUDIES
79
A. Charanne B.V. & Construction Investments S.A.R.L. v. Spain
80
B. Eiser Infrastructure Ltd and Energia Solar Luxemburg S.A.R.I v Spain
82
1. Outcome of the Cases
84
IV. SIGNIFICANCE FOR THE DRAFTING OF INVESTMENT TREATIES
85
V. KEY PROVISIONS OF INVESTMENT TREATIES IN THE ENERGY SECTOR:
TOWARDS A MORE BALANCED TREATY FRAMEWORK
86
A. Fair and Equitable Treatment
86
1. Drafting the Fair and Equitable Treatment Standard
90
Table of Contents 13
B. Expropriation – “Taking”
95
1. The Evolution of the Expropriation Provisions in Investment
Treaties
101
C. Dispute Settlement Provisions – “The Need for a Neutral Process”
103
1. Evolution of ISDS Provisions in Investment Treaties
105
2. Popularity of Arbitration in the Energy Sector
108
3. Drafting Dispute Settlement Provisions in the Energy Investment
109
4. Popularity of the ICSID
110
VI. CONCLUSION
112
CHAPTER V
BALANCING STATE SOVEREIGNTY AND
INVESTOR INTERESTS UNDER ENERGY INVESTMENT CONTRACTS
I. INTRODUCTION
115
II. AN OVERVIEW OF ENERGY INVESTMENT CONTRACTS
117
A. The Legal Nature of Energy Contracts
119
III. KEY PROVISIONS OF ENERGY INVESTMENT CONTRACTS
122
A. Stabilization Clauses
122
1. Main Legal Issues with the Stabilization Clauses
124
a. Necessity of Stabilization Clauses – Are They a Sine Qua Non
Tool?
124
b. Validity of Stabilization Clauses
126
c. Inconsistency with Domestic Laws
128
2. Drafting Stabilization Clauses
132
B. Dispute Resolution Clauses
132
1. Main Issues with Dispute Settlement Clauses in the Investment
Contracts
133
IV. CONCLUSION
139
CHAPTER VI
CONCLUSION AND RECOMMENDATIONS
BIBLIOGRAPHY
151
I. PRIMARY MATERIALS
151
A. Official Documents
151
14 Table of Contents
1. Legislations and Treaties
151
2. Cases and Arbitral Awards
152
3. Contracts
157
II. SECONDARY MATERIALS
157
1. Books
157
2. Chapters in Books
160
3. Journals and Law Review Articles, Research/Working Papers,
Seminars/Conference Notes and Newspaper Articles
165
4. Reports / Outlooks
176
5. Online Sources / Internet Websites
178
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