In the last decade, regulatory changes of the incentives schemes for renewable energy production enacted by several European Member States have been challenged by foreign investors under the Energy Charter Treaty. Spain and Italy’s regulatory changes were among the most disputed. The present contribution conducts a joint assessment of the various awards rendered against the two Member States, and in particular of the different reasonings under the standard of legitimate expectations under the Fair and Equitable Treatment, to try to reach a general understanding of the current application of this standard to domestic public measures, and thus provide some hints on the current development of investment law as applied to the State’s right to regulate. The purpose of this work is not to enter into the merits of any of the awards involving Spain or Italy, but rather to shed some light on the legal theories applied by different arbitral tribunals. The preliminary conclusion reached by the Authors is that, while tribunals are moving towards a better clarification of the scope of legitimate expectations (and thus the States’ right to regulate), unfortunately many inconsistencies that undermine certainty remain.

Rojas Elgueta, G. (2021). Alcance y fuentes de las expectativas legítimas de los inversores en las sagas de energía renovable españolas e italianas. ARBITRAJE.

Alcance y fuentes de las expectativas legítimas de los inversores en las sagas de energía renovable españolas e italianas

G. Rojas Elgueta
2021-01-01

Abstract

In the last decade, regulatory changes of the incentives schemes for renewable energy production enacted by several European Member States have been challenged by foreign investors under the Energy Charter Treaty. Spain and Italy’s regulatory changes were among the most disputed. The present contribution conducts a joint assessment of the various awards rendered against the two Member States, and in particular of the different reasonings under the standard of legitimate expectations under the Fair and Equitable Treatment, to try to reach a general understanding of the current application of this standard to domestic public measures, and thus provide some hints on the current development of investment law as applied to the State’s right to regulate. The purpose of this work is not to enter into the merits of any of the awards involving Spain or Italy, but rather to shed some light on the legal theories applied by different arbitral tribunals. The preliminary conclusion reached by the Authors is that, while tribunals are moving towards a better clarification of the scope of legitimate expectations (and thus the States’ right to regulate), unfortunately many inconsistencies that undermine certainty remain.
En el último decenio, los cambios reglamentarios de los planes de incentivos para la producción de energía renovable promulgados por varios Estados miembros de la UE han sido impugnados en virtud del Tratado sobre la Carta de la Energía. Los cambios reglamentarios de España e Italia fueron de los más controvertidos. Esta contribución lleva a cabo una evaluación conjunta de los diversos laudos dictados contra los dos Estados miembros y, específicamente, de los diferentes argumentos en respecto al principio de las expectativas legítimas en el marco del Trato Justo y Equitativo, para tratar de llegar a una comprensión general de la aplicación actual de este estándar a las medidas públicas nacionales y, por lo tanto, dar algunas sugerencias sobre la evolución actual de la legislación en materia de inversiones en lo que respecta al derecho del Estado a reglamentar. El propósito de este estudio no es entrar en el fondo de ningún laudo que implique a España o Italia, sino más bien arrojar algo de luz sobre las teorías jurídicas aplicadas por los diferentes tribunales arbitrales. La conclusión preliminar a la que llegan los Autores es que, aunque los tribunales están avanzando hacia una mejor aclaración del alcance de las expectativas legítimas (y, por tanto, del derecho de los Estados a reglamentar), lamentablemente persisten muchas incoherencias que socavan la certidumbre.
Rojas Elgueta, G. (2021). Alcance y fuentes de las expectativas legítimas de los inversores en las sagas de energía renovable españolas e italianas. ARBITRAJE.
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Utilizza questo identificativo per citare o creare un link a questo documento: https://hdl.handle.net/11590/385740
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