Peter D. Cameron

Stability of Contract in the International Energy Industry

In a seminal article written more than a decade ago,1 Thomas Wälde and George Ndi argued that generous promises were being made to investors in energy projects by host governments which would not stand the test of time. The large number of energy cases that are currently pending before international tribunals may seem to confirm their doubts. However, there are grounds for taking a more positive view of the legal framework for energy investor protection. The legal mesh that surrounds investments is now usually a complex, multi-tiered one that – as the Duke Energy case illustrates – can involve the legal doctrine of the host state in ways that assist the investor’s case. The framework of international investment agreements by and large appears to be one that shows a trend to contributing more to that sense of stability. Perhaps ironically, it has nonetheless underlined the continuing importance of the traditional mechanism, the stabilisation clause.

New directions in UK energy policy

Purpose – The purpose of this short note is to briefly present the salient features of the new energy policy directions outlined in the recently published White Paper on energy policy by the UK Government. It also aims to present some critical thoughts on the new policy directions.Design/methodology/approach – The note is based on the authors review of the White Paper and his critical analysis.Findings – The note indicates why the issuance of this White Paper is of wider interest. The author finds the paper sketching a highly ambitious view, envisaging a leadership role to the country in the climate change issue and continuing with the deep‐rooted belief in the markets with a minimalist government intervention in the sector. He also questions whether private investment in energy infrastructure would be forthcoming to ensure supply security and mitigate the climate change problems identified in the White Paper as the two important long‐term issues facing the country.Originality/value – The value of this n...

From Principles to Practice: the Kyoto Protocol

The Protocol to the United Nations Framework Convention on Climate Change, agreed to in December 1997 at Kyoto in Japan, envisages legally binding steps to achieving reductions in greenhouse gas emissions. Many of these gases are produced by carbon intensive industries, so implementation of this Protocol will impact upon the energy industry. Some of the impacts will be positive, creating opportunities for new products and services to assist companies that need to reduce their greenhouse gas emissions (through trading schemes and investment funds). Other impacts are likely to be negative, such as those affecting electricity generating companies that rely upon coal and oil for much of their power generation, or heavy industry and manufacturing industries that use coal or oil in their heating systems or those industries that are energy intensive.

Introduction:Managing Jurisdictional Conflicts in an Era of Globalisation and Liberalisation

‘Economic globalisation has transformed the territoriality and sovereignty of the nation state… (and) has entailed a partial denationalising of national territory and a partial shift of some components of state sovereignty to other institutions, from supranational entities to the global capital market.’1