Introduction The investment solar energy saga triggered by the regulatory reforms in the renewable energy undertaken by Spain and Italy is likely to be the new Black Swan in the investment arbitration world, reaching the importance and controversy of the Argentinian crisis of 2001. In addition, the question whether the ISDS system has learnt the…

On May 4, 2017 the third final award on the Spanish energy arbitration saga was unveiled. After two wins against Charanne and Isolux Infrastructure (both SCC), this time the foreign investors scored a point, leaving the overall score table at 2-1. In Eiser, the first ICSID case to reach a final award related to the…

Criticism of the Investor State Dispute Settlement (“ISDS”) system is common these days. Protesters demonstrate against “secretive tribunals of highly paid corporate lawyers” as which the mainstream media increasingly portray arbitral tribunals. (“Investor-state dispute settlement – the arbitration game”, The Economist, 11 October 2014) A Controversial Doctrine Central to the general public’s opposition to ISDS…

On 6 December 2016 the German Constitutional Court (GCC) delivered its judgment in the case of Vattenfall and other nuclear power energy companies against Germany. This dispute and final judgment – which have attracted far less attention and criticism from anti-ISDS groups than the Vattenfall dispute currently under the Energy Charter Treaty (ECT) – provide…

The epitome – and uncontroversial part – of the legitimate expectations doctrine is that a sovereign’s failure to live up to its promises made towards an investor who relied on such promise to make an investment – or to continue an investment – is a breach of the fair and equitable treatment standard. Practice has,…

It comes as no surprise to those familiar with investment treaty law to see the concept of legitimate expectations continuously refined by case law. One of the facets of legitimate expectations, which is most often the topic of intensive debate in the investment treaty arbitration arena, is the analysis of the extent to which representations…