TbilisiSecretary General Urban Rusnák during his recent visit to Tbilisi, Georgia, on 20 August 2014 had a meeting with the Vice-Prime Minister and Minister of Energy Mr. Kakha Kaladze to discuss the priorities set for the 2015 Chairmanship of the Energy Charter Conference. At the meeting, the parties also discussed issues of regional power transit, investment relations between the member countries of the Energy Charter and the ongoing modernisation process. Minister Kaladze, accompanied by Ms. Mariam Valishvili, Vice-Chairperson of the Energy Charter Conference and Deputy Minister of Energy of Georgia,  expressed full support of the government of Georgia for the modernisation of the Energy Charter. The Minister also informed Amb. Rusnák of the ongoing preparation of the upcoming  Chairmanship's flagship initiative and of 26th Meeting of the Energy Charter Conference in Tbilisi in 2015.
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ECS smallerThe Energy Charter Secretariat is seeking fellowship applications for a research on the topic of remedies under the Energy Charter Treaty. After the publication of the final awards issued in 3 arbitrations between former shareholders of Yukos and the Russian Federation, the Energy Charter Secretariat is currently aware of more than 20 arbitral awards rendered under the Energy Charter Treaty (out of 58 known cases). In some of them, the arbitral tribunal considered remedies different from compensation.
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Russia and the ECT RUS

This Occasional Paper looks at the risks and benefits for Russia from participating in the Energy Charter. The author analyses and summarises:

  • the role and special characteristics of the Charter and the ECT
  • Russia's possible interest in participating in an organisation such as the Charter
  • various possibilities for Russia's interaction with the Charter
  • arguments for and against Russia ratifying the ECT
  • the relevance of these arguments in current circumstances
  • potential new risks and benefits
  • recommendations concerning the possibility and circumstances of Russia's further participation in the Charter.
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Article 26(8) of the Energy Charter Treaty states that the arbitral awards shall be final and binding upon the parties to the dispute. Neither the Energy Charter Treaty nor the UNCITRAL Rules on Arbitration contain an appeal mechanism. Nevertheless, a party may seek to set aside or challenge the validity of the award as permitted by the arbitration rules of the seat of arbitration.

Awards rendered in arbitrations seated in The Netherlands may be challenged in the Dutch state courts. The grounds for challenge are very limited and are set out in the Dutch Arbitration Act:

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TreatyOn 18 July 2014, arbitral tribunals constituted under the Energy Charter Treaty pursuant to the UNCITRAL Arbitration Rules delivered the most awaited investment arbitral decisions of recent times. In Yukos Universal Limited v. The Russian Federation, Hulley Enterprises Limited v. The Russian Federation, and Veteran Petroleum Limited v. The Russian Federation, identical arbitral tribunals (Yves Fortier – Chairman, Charles Poncet and Judge Stephen Schwebel) ruled that the Russian Federation breached its obligations under the Energy Charter Treaty (ECT).
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Turkey EE 2014 ENG(2014) This in-depth review of Turkey's energy efficiency policies and programmes follows up on the review carried out in 2003.
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Moscow Forum 2014 RUS(2014) The report on the Moscow Energy Charter Forum held on 3 April 2014 has been published (currently available in Russian only).
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AR 2013 ENGThis report gives an overview of the 2013 activities of the Secretariat and the organisation in general.
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Asset Swaps 2014 ENG(2014) This study was prepared jointly by the Energy Charter Secretariat and the Energy Research Institute of the Russian Academy of Sciences.
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