13 June 2016, 4 - 7 PM CET
TUSIAD Avenue des Gaulois 13, Brussels 1040
Many of us energy security experts feel that the EU is doing the right thing when it comes to developing the relevant legislation for internal harmonization and strengthening of Europe's energy market. That may well be the case, particularly taking into account that common rules inside the Union, based on the idea of a robust and competitive energy market capable of responding to external shocks, are quintessential for our energy security. We are an import-dependent bloc, after all, where supply disruptions are hardly welcome.
That said, where does this put us in relation to international energy legislation which may be governing supplier-consumer relations connecting actors inside the EU to third-party actors outside? While we would like to see all parties trading with us in the energy sector abide by our rules and principles, Member States have yet to harmonize their full plenum of existing contractual arrangements with third parties to the level of European legislation. Neither have Member States always fully taken into account international law, it appears, when it comes to the treatment of existing investments inside the EU developed by European companies. Indeed, we are now seeing a rising number of arbitration cases initiated by European investors against EU Ms governments due to changes in European energy legislation. Such changes have allegedly harmed investor interests.
How do we reconcile EU energy law, which is still evolving, with existing energy contracts governed by international law? Further, how do we do this without damaging the investment climate inside the EU — be it for mega projects such as the Nord Stream expansion, or smaller yet highly significant investments involving renewable energy projects?
In order to understand how evolving EU internal energy law can reconcile itself with international law, we have invited Ana Stanic to address us at the next meeting of the Brussels Energy Club.
In particular, we have asked Ana to enlighten us on how the complex linkages between different contract types will likely impact investor confidence on grand energy projects inside the EU, particularly the Nord Stream expansion, which continues to divide the continent politically. These are not matters to be taken lightly. Many of us are aware that the EU's grand investigation into Gazprom's alleged violations continues unabated. Comparatively few of us, however, realize that during the last four decades investors have made claims totaling some US$170 billion in arbitration cases against host governments at the global level. There is a general need to better understand the full implications of the revolutionary changes taking place in EU energy legislation.
Ana Stanic will help us do exactly that at the next meeting of the Brussels Energy Club on June 13.
Welcoming remarks by Dr Bahadir Kaleagasi, Chairman, Brussels Energy Club,
Setting out the debate by Dr Marat Terterov, Executive Director, Brussels Energy Club,
Presentation by Ana Stanič
Roundtable discussion with members and guests of the Brussels Energy Club (NB: the Chatham House Rule will apply).
Founder E&A Law, London,
English Solicitor Advocate and an Honorary Lecturer at the University of Dundee