ECT
The Energy Charter Treaty was recently described, somewhat ominously, as “one treaty to rule them all”—ever-expanding and giving the power to corporations “to halt the energy transition.”
Ten photovoltaic energy producers filed a request for arbitration proceedings against the Romanian government at World Bank’s International Centre for Settlement of Investment Disputes.
The ever-expanding Energy Charter Treaty and the power it gives corporations to halt the energy transition.
New report exposes how the little-known Energy Charter Treaty gives corporations the power to halt the energy transition. And how it is being expanded, threatening to bind yet more countries to corporate-friendly energy policies.
Pakistan may be at the risk of new investment arbitration lawsuits if it formally signs an international Energy Charter Treaty (ECT) under which powerful investors have already sued other states for $35 billion at various global tribunals.
A Belgian court has lifted a freeze on about $21.5 billion (16.2 billion pounds) in Kazakhstan’s National fund assets imposed after a dispute with a Moldovan businessman, the Kazakh justice ministry said.
The amount of the frozen assets, when compared to the US$520 million court award, is pretty hefty, unprecedented.
The Stati Parties have requested to enforce the award issued in their favor including by attaching Kazakh state commercial assets in the United States.
The German cabinet has confirmed that two utilities operating in Germany are entitled to compensation for losses stemming from the country’s nuclear phaseout. The move is in line with an earlier top court ruling.
ICSID imposes a fine of 64.5 million euros for a claim by a fund of the state of Abu Dhabi.
Swedish utility Vattenfall has no legal grounds to ask a US arbitration court if it can claim 4.7 billion euros from Berlin for forcing it to halt nuclear production, the German government has said.
A recent decision under the Energy Charter Treaty by France’s highest court appears to signal a return to a literal interpretation by the French courts of international treaties.
US court issued its ruling in favor of the plaintiffs in Stati et al. v. Rep. of Kazakhstan, a long-running litigation concerning the Stati Parties’ efforts to enforce a $520 million arbitral award under the Energy Charter Treaty.
Pakistan has been an observer to the Energy Charter Treaty (ECT) since 2005 and has subsequently indicated its intention to become a full member.
The tribunal found that Novenergia’s investments were achieving a reasonable rate of return. However, the tribunal held that it was sufficient for the claim to succeed that Novenergia could show “quantifiable prejudice” compared with its position when it initially made its investment.
On 26 December 2017, the Commission published its decision that attacked the ECT claims brought by investors against Spain (and other EU states).
One tribunal could interpret the effect of legislative provisions differently to another. So while Eiser opens up the prospect of more claims, Blusun may narrow the basis for claims.
With the global financial crisis, solar power incentives schemes became unbearably costly and Spain repealed those incentives. Consequently, many investors brought arbitration claims under the Energy Charter Treaty.
Despite the fact that the ECT was initiated and designed by the EU, there are compelling grounds to doubt the compatibility of the ECT’s arbitration clause with the principles underpinning the EU’s judicial system.
In a second international ruling against retroactive cuts in renewables support introduced by the Spanish government in 2013, a Swedish arbitration panel has awarded a Luxembourg-based investment firm €53 million compensation.
