What Options Remain For Investor-State Arbitration Under The ECT?

This note deals with the current legal framework of investor-State arbitration under the Energy Charter Treaty (the "ECT"). The landscape of the application of the ECT has become blurry after several major developments in recent years: withdrawals, modernisation of the ECT, not to mention the impact of the Komstroy decision,¹ which has by no means been uniformly welcomed by arbitral tribunals. Hence, the question is, where do investors stand today with respect to claims under the ECT? The answer is not straightforward in view of this fragmented legal framework.

This note is structured as follows: first, it provides a brief overview of the stages through which the ECT has been called into question; second, it examines the content of the modernised ECT, including its entry-into-force regime and substantive amendments; then, it analyses the European perspective before discussing the adoption of model inter se agreements and their attempt to neutralise the Sunset