Stability and Legitimate Expectations in International Energy Investments (Global Energy Law and Policy)

This book assesses stability guarantees through the lens of the legitimate expectations principle to offer a new perspective on the stability concept in international energy investments. The analysis of the interaction between the concepts of stability and legitimate expectations reveals that there are now more opportunities for energy investors to argue their cases before arbitral tribunals. The book offers detailed analyses of the latest energy investment arbitral awards from Spain, Italy and the Czech Republic, and reflects on the state of the art of the legitimate expectations debate and its relationship with the stability concept. The author argues that, in order to achieve stability, the legitimate expectations principle should be employed as the main investment protection tool when a dispute arises on account of unilateral host state alterations. This timely work will be useful to both scholars and practitioners who are interested in international energy law, investment treaty arbitration, and international investment law. Global Energy Law and Policy: Volume 6 Preface -- Acknowledgements -- List of Abbreviations -- List of Figures -- Table of Cases -- 1. Introductory Remarks: The Quest for Stability -- 1. General -- Introduction and Background -- 2. Objectives and Scope of the Book -- 3. Justification and Significance of the Book -- 4. Methodology and Structure of the Book -- 2. International Energy Investments, the Risks and the Protection Methods -- 1. Introduction -- 2. Definition of Investment -- 3. International Energy Investments: What Is Special About Them? -- 4. Risks in Energy Investments -- 5. Political Risks -- 6. Sources of Investment Protection Against Political Risks -- 7. Conclusion -- 3. Stability in International Energy Investments -- 1. Introduction -- 2. The Stability Concept in General -- 3. Stability Provisions Defined -- 4. Sources of Stability Guarantees -- 5. The Changing Role of Stability Provisions -- 6. Conclusion -- 4. Backgrounds of Two Contentious Concepts: Fair and Equitable Treatment Standard and Legitimate Expectations -- 1. Introduction -- 2. Fair and Equitable Treatment Standard -- 3. Investors' Legitimate Expectations -- 4. Conclusion -- 5. The Legitimate Expectations Principle in Investment Treaty Arbitration: Current Status and Contours -- 1. Introduction -- 2. What Creates Legitimate Expectations? -- 3. Temporal Requirement of Legitimate Expectations -- 4. How Can an Expectation Be Considered Legitimate? -- 5. A Test to Identify Legitimate Expectations -- 6. Conclusion -- 6. Legitimate Expectations and Stability: The Interplay -- 1. Introduction -- 2. Legitimate Expectations "from" Stability -- 3. Legitimate Expectations "to" Stability -- 4. Conclusion -- 7. Concluding Remarks -- 1. General -- Conclusions -- 2. Main Findings -- 3. Recommendations -- Bibliography Preface Acknowledgements Contents List of Abbreviations Table of Cases Table of Legislation 1. Introductory Remarks: The Quest for Stability I. General Introduction and Background II. Objectives and Scope of the Book III. Justification and Significance of the Book IV. Methodology and Structure of the Book 2. International Energy Investments, the Risks and the Protection Methods I. Introduction II. Definition of Investment III. International Energy Investments: What is Special about them? IV. Risks in Energy Investments V. Political Risks VI. Sources of Investment Protection against Political Risks VII. Conclusion 3. Stability in International Energy Investments I. Introduction II. The Stability Concept in General III. Stability Provisions Defined IV. Sources of Stability Guarantees V. The Changing Role of Stability Provisions VI. Conclusion 4. Backgrounds of Two Contentious Concepts: Fair and Equitable Treatment Standard and Legitimate Expectations I. Introduction II. The Fair and Equitable Treatment Standard III. Investors' Legitimate Expectations IV. Conclusion 5. The Legitimate Expectations Principle in Investment Treaty Arbitration: Current Status and Contours I. Introduction II. What Creates Legitimate Expectations? III. Temporal Requirement of Legitimate Expectations IV. How Can an Expectation be Considered Legitimate? V. A Test to Identify Legitimate Expectations VI. Conclusion 6. Legitimate Expectations and Stability: The Interplay I. Introduction II. Legitimate Expectations 'from' Stability III. Legitimate Expectations 'to' Stability IV. Conclusion 7. Concluding Remarks I. General Conclusions II. Main Findings III. Recommendations Bibliography Index "This book assesses stability guarantees through the lens of the legitimate expectations principle to offer a new perspective on the stability concept in international energy investments. The analysis of the interaction between the concepts of stability and legitimate expectations reveals that there are now more opportunities for energy investors to argue their cases before arbitral tribunals. The book offers detailed analyses of the latest energy investment arbitral awards from Spain, Italy and the Czech Republic, and reflects on the state of the art of the legitimate expectations debate and its relationship with the stability concept. The author argues that, in order to achieve stability, the legitimate expectations principle should be employed as the main investment protection tool when a dispute arises on account of unilateral host state alterations. This timely work will be useful to both scholars and practitioners who are interested in international energy law, investment treaty arbitration, and international investment law"-- Provided by publisher