International investment law is characterised by the coexistence of two different legal concepts, which by virtue of their existence form the basis of several disputes before arbitration courts: the exercise of regulatory rights by the Host State and the legitimate expectations of the investor. This conflict is particularly evident with respect to cases related to the renewable energy sector, often instituted on the basis of the Energy Charter Treaty (ECT), which is the best known and most important treaty in this field. The main aim of this thesis was to deeply investigate the complexity of the coexistence between the so-called 'right to regulate' and the 'legitimate expectations' of a foreign investor. This was particularly in light of Art.10.1 of the ECT, which codifies 'fair and equitable treatment' (FET), i.e. one of the most widely recognised standards of investment protection. In order to do so, a number of particular cases were taken into consideration, relating to the renewable energy sector, which were first illustrated and then subjected to a critical analysis based on two specific themes: the nature of the investor's legitimate expectations and the problem of guaranteeing legal stability on the part of the Host State. The final result obtained openly reflects the complexity of the topic, as it was not possible to find a possible balance between the two opposing requirements under consideration, also by virtue of the often discordant positions of the various arbitration tribunals on the merits.
Il diritto internazionale degli investimenti è caratterizzato dalla convivenza di due differenti concetti legali, i quali in virtù della loro esistenza sono alla base di diverse dispute dinanzi ai tribunali arbitrali: l’esercizio del diritto di regolamentazione da parte dello Stato Ospitante e le legittime aspettative dell’investitore. Questa conflittualità risulta particolarmente evidente soprattutto rispetto a casi legati al settore delle energie rinnovabili, spesso istituiti sulla base dell’Energy Charter Treaty (ECT), il quale è il trattato più noto e più importante in tale ambito. Lo scopo principale della tesi è stato quello di indagare profondamente circa la complessità della coesistenza tra il cosiddetto “right to regulate” e le “legitimate expectations” di un investitore straniero. Ciò in particolare alla luce dell’Art.10.1 dell’ECT, il quale codifica il “fair and equitable treatment” (FET), ossia uno degli standard di protezione degli investimenti maggiormente riconosciuti. Per fare ciò sono stati presi in considerazione alcuni casi particolari, relativi al settore delle energie rinnovabili, i quali primariamente sono stati illustrati e successivamente sono stati oggetto di un’analisi critica basata su due temi specifici: la natura delle legittime aspettative dell’investitore e il problema della garanzia di una stabilità legale da parte dello Stato Ospitante. Il risultato finale ottenuto rispecchia apertamente la complessità del tema, in quanto non è stato possibile rinvenire un possibile equilibrio tra le due esigenze contrapposte sotto esame, anche in virtù di posizioni spesso discordanti dei vari tribunali arbitrali nel merito.
RIGHT TO REGULATE AND LEGITIMATE EXPECTATIONS WITHIN THE RENEWABLE ENERGY SECTOR
LEO, MARCO
2022/2023
Abstract
International investment law is characterised by the coexistence of two different legal concepts, which by virtue of their existence form the basis of several disputes before arbitration courts: the exercise of regulatory rights by the Host State and the legitimate expectations of the investor. This conflict is particularly evident with respect to cases related to the renewable energy sector, often instituted on the basis of the Energy Charter Treaty (ECT), which is the best known and most important treaty in this field. The main aim of this thesis was to deeply investigate the complexity of the coexistence between the so-called 'right to regulate' and the 'legitimate expectations' of a foreign investor. This was particularly in light of Art.10.1 of the ECT, which codifies 'fair and equitable treatment' (FET), i.e. one of the most widely recognised standards of investment protection. In order to do so, a number of particular cases were taken into consideration, relating to the renewable energy sector, which were first illustrated and then subjected to a critical analysis based on two specific themes: the nature of the investor's legitimate expectations and the problem of guaranteeing legal stability on the part of the Host State. The final result obtained openly reflects the complexity of the topic, as it was not possible to find a possible balance between the two opposing requirements under consideration, also by virtue of the often discordant positions of the various arbitration tribunals on the merits.File | Dimensione | Formato | |
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https://hdl.handle.net/20.500.12608/45063