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.
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
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