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Integrating Energy Markets in the Wider Europe

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Aspects of the Energy Union

Part of the book series: Energy, Climate and the Environment ((ECE))

Abstract

This paper examines to what extent the regional energy markets between the Member States of the E.U. and the countries of the wider Europe have been integrated; whether the non-EU energy markets are in a position to conform to the acquis communautaire and whether they are able to ensure the security of the energy supply to the EU in affordable prices. The paper will record what needs to be done in order to integrate these crucial regional energy markets into the EU common market and especially: (a) the need to harmonize laws across borders; (b) the required infrastructure and the connectivity networks necessary to be completed; (c) the promotion and mutual protection regimes for foreign direct investments that need to be established.

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Notes

  1. 1.

    A. Bradbrook, Energy Law as an Academic Discipline, Journal of Energy and Natural Resources Law, 14, 1996, 194.

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    K. Talus, Research Handbook on International Energy Law, Research Handbooks in International Law, 2014.

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    T. Wälde, “Why OGEL-an Oil-Gas-Energy Law Intelligence Service?”, 1 OGEL (2003).

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    K. Talus, Introduction to EU Energy Law. First Edition, Oxford University Press, 2016.

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  6. 6.

    M. Hunt and R. Karova, “The Energy Acquis under the Energy Community Treaty and the Integration of South East European Electricity Markets: An Uneasy Relationship?”, in B. Delvaux, M. Hunt, and K. Talus (eds.), EU Energy Law and Policy Issues (Euroconfidentiel, 2010), pp. 51−86.

  7. 7.

    Report from the Commission to the European Parliament and the Council under Art. 7 of Decision 2006/500/EC (COM(2011)105 final (10 March 2011)).

  8. 8.

    See article 1, para. 2.

  9. 9.

    https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32013R0347.

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    “The Energy Charter Treaty and Related Documents. A Legal Framework for International Energy Cooperation”, Energy Charter Secretariat, 2004, p. 14.

  11. 11.

    C.P. Speed and T.W. Walde, “Will the Energy Charter Treaty help international energy investors?”, UNCTAD/ITE/IIT, Vol. 5, No. 3, 1996, p. 8.

  12. 12.

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  17. 17.

    Th. Papanastasiou, “Protecting Investments in the Hydrocarbons Sector”, in Hydrocarbons Law, ed. Nick. Farantouris and T. Kosmidis, Law Library, 2015, p. 344.

  18. 18.

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  19. 19.

    “Sharing Pre-Investment Rules in the Energy Sector”, A discussion paper for the Energy Charter Expert Meeting removing pre-investment barriers in energy, mobilizing energy investments towards universal access and energy transition, Brussels, 14 June 2016, International Energy Charter, p. 3.

  20. 20.

    European Commission, Recommendation for a Council Decision authorizing the entering into negotiations on the modernization of the Energy Charter Treaty, Brussels, 14 June 2019, COM(2019) 231, final, p. 2.

  21. 21.

    Council of the European Union, Negotiating Directives for the Modernisation of the Energy Charter Treaty—Adoption, Brussels, 2 July 2019, 10745/19, p. 5.

  22. 22.

    Energy Charter Secretariat, Room Document 1 Suggesting Policy Options Regarding the Modernisation of the ECT, 11 July 2019, p. 5.

  23. 23.

    C. Verburg, “Modernising the Energy Charter Treaty: An Opportunity to Enhance Legal Certainty in Investor-State Dispute Settlement”, Journal of World Investment & Trade, 20 (2019), p. 430.

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  25. 25.

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  26. 26.

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  27. 27.

    Eiser Infrastructure Limited and Energia Solar Luxembourg S.A.R.I and Kingdom of Spain, ICSID Case No. ARB/13/36, Award, 4 May 2017, par. 378.

  28. 28.

    AES Summitt Generation Limited and AES—Tisza Eromukft. v. Republic of Hungary, ICSID Case No. ARB/07/2, Award, 23 September 2010, par. 9.3.29.

  29. 29.

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  31. 31.

    S. Schill, The Multilateralization of International Investment Law, Oxford University Press, 2009, p. 262.

  32. 32.

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  33. 33.

    UNCTAD Series on Issues in International Investment Agreements II, Fair and Equitable Treatment, United Nations New York and Geneva, 2012, pp. 61−62.

  34. 34.

    Mamidoil Jet Oil Greek Petroleum Products Societe S.A. v. Republic of Albania, ICSID Case No. ARB/11/24, Award 30 March 2015, par. 598−675, 691−735, 742−749, 764−771.

  35. 35.

    UNCTAD, Ibid., p. 62.

  36. 36.

    Energy Charter Secretariat, Brussels, 6 October 2019, Decision on the Energy Charter Conference Adoption by Correspondence—Policy Options for Modernization of the ECT, p. 7.

  37. 37.

    K. Stefanou, C. Gortsos, International Economic Law, Law Library, 2005, p. 133.

  38. 38.

    C. Schreuer, Ibid., p. 88.

  39. 39.

    Tecnic as MedioambientalesTecmeds v. The United Mexican States, ISCID Case No. ARB (AF)/00/2, Award 29 May 2003, par. 154.

  40. 40.

    ElectrabelS.A v. Hungary, ICSID CASE NO. ARB/07/19, Award 25 November 2015, par. 7.77.

  41. 41.

    UNCTAD, Ibid., p. 68.

  42. 42.

    Charanne B.V., Construction Investments S.A.R.L. v. The Kingdom of Spain, Final Award 21 January 2016, Arbitration No.: 062/2012, par. 490 and 493.

  43. 43.

    Novenergia II—Energy & Environment (SCA) (Grand Duchy of Luxembourg), SICAR v. The Kingdom of Spain, SCC Arbitration (2015/063), Arbitration Institute of the Stockholm Chamber of Commerce, Final Arbitral Award 15 February 2018, par. 546 and 548.

  44. 44.

    Blusun S.A., Jean Pierre Lecorcier and Michael Stein v. Italian Republic, ICSID Case No.ARB/14/3, Award 27 December 2016, par. 319(5) and 374.

  45. 45.

    Ibid., par. 371.

  46. 46.

    Eiser Infrastructure Limited and Energia Solar Luxembourg S.A.R.I and Kingdom of Spain, ICSID Case No. ARB/13/36, Award, 4 May 2017, par. 362−363.

  47. 47.

    Ibid., par. 382.

  48. 48.

    Ibid., par. 368.

  49. 49.

    Charanne v. Spain, ibid., par. 514 and 517.

  50. 50.

    Marvin Feldman v. United Mexican States, ICSID Case No. ARB(AF)/99/1, Award 16 December 2002, par. 103.

  51. 51.

    M. Sornarajah, Resistance and Change in the International Law in Foreign Investment, Cambridge University Press, 2015, p. 214.

  52. 52.

    P. Glavinis, International Economic Law, Sakkoulas Publications, 2009, p. 638.

  53. 53.

    N. Bernasconi, Background paper on Vattenfall v. Germany arbitration, International Institute for Sustainable Development, 2009, pp. 1−2.

  54. 54.

    Α. Reinisch, Expropriation at The Oxford Handbook of International Law, P. Muchlinski. F. Ortino and C. Schreuer, Oxford University Press, 2008, p. 426.

  55. 55.

    U. Kriebaum, “Regulatory Takings: Balancing the Interests of the Investor and the State”, The Journal of World Investment and Trade», Vol. 8, No. 5, October 2007, p. 723.

  56. 56.

    P. Glavinis, ibid., p. 639.

  57. 57.

    M. Brunetti, “Indirect Expropriation in International Law”, Forum Du Droit International, Vol. 5, No. 3, August 2003, p. 151.

  58. 58.

    T. Gazzini “Drawing the Line between Non-Compensable Regulatory Powers and Indirect Expropriation of Foreign Investment—An Economic Analysis of Law Perspective”, Manchester Journal of International Economic Law, Vol. 7, Issue 3, 2010, p. 42.

  59. 59.

    OECD Working Papers on International Investment, 2004/04, ““Indirect Expropriation” and the “Right to Regulate” in International Investment Law”, p. 22.

  60. 60.

    Energy Charter Secretariat, Brussels, 6 October 2019, Decision on the Energy Charter Conference Adoption by Correspondence—Policy Options for Modernization of the ECT, pp. 15 and 22.

  61. 61.

    Ibid., pp. 16 and 23.

  62. 62.

    Ibid., pp. 15 and 22.

  63. 63.

    Ibid., pp. 15 and 22.

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Authors and Affiliations

  1. University of Thessaloniki, Thessaloniki, Greece

    Panayotis Glavinis, Anna Konstantinidou, Afroditi Semkou, Elias Andreadis & Elias Kolovos

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  1. Panayotis Glavinis
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  2. Anna Konstantinidou
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  3. Afroditi Semkou
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  4. Elias Andreadis
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  5. Elias Kolovos
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Correspondence to Panayotis Glavinis .

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Editors and Affiliations

  1. Greek Energy Forum, Athens, Greece

    Michalis Mathioulakis

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Glavinis, P., Konstantinidou, A., Semkou, A., Andreadis, E., Kolovos, E. (2021). Integrating Energy Markets in the Wider Europe. In: Mathioulakis, M. (eds) Aspects of the Energy Union. Energy, Climate and the Environment. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-55981-6_6

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  • DOI: https://doi.org/10.1007/978-3-030-55981-6_6

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