The Global Energy Transition: Law, Policy and Economics for Energy in the 21st Century

371 Pages·2021·4.873 MB·English

by  Peter D. Cameron (editor), Xiaoyi Mu (editor), Volker Roeben (editor)

THE GLOBAL ENERGY TRANSITION
Global energy is on the cusp of change, and it has become almost a truism that
energy is in transition. But what does this notion mean exactly? This book explores
the working hypothesis that, characteristically, the energy system requires a strat-
egy of the international community of states to deliver sustainable energy to which
all have access. This strategy is for establishing rules-based governance of the
global energy value-cycle.
The book has four substantive parts that bring together contributions of lead-
ings experts from academia and practice on the law, policy, and economics of
energy. Part I, ‘The prospects of energy transition’, critically discusses the leading
forecasts for energy and the strategies that resource-rich countries may adopt.
Part II, ‘Rules-based multilateral governance of the energy sector’, details the
development and sources of rules on energy. Part III, ‘Competition and regulation
in transboundary energy markets’, discusses principal instruments of rules-based
governance of energy. Part IV, ‘Attracting investments and the challenges of multi-
level governance’, focuses on the critical governance of the right investments.
This book is a flagship publication of the Centre for Energy, Petroleum
and Mineral Law and Policy at the University of Dundee. It launches the Hart
series ‘Global Energy Law and Policy’ and is edited by the series general editors
Professors Peter D Cameron and Volker Roeben, and also Dr Xiaoyi Mu.
Global Energy Law and Policy: Volume 2
Global Energy Law and Policy
Series Editors
Peter D Cameron
Pieter Bekker
Volker Roeben
Leonie Reins
Crina Baltag
Energy policy and energy law are undergoing rapid global transformation,
characterised by the push in favour of decarbonisation. The 2015 Sustainable
Development Goals and the 2015 Paris Agreement on international climate action
have forged a consensus for a pathway to a universal just transition towards a low-
carbon economy for all states and all societies.
This series publishes conceptual work that help academics, legal practition-
ers and decision-makers to make sense of these transformational changes. The
perspective of the series is global. It welcomes contributions on international
law, regional law (for example, from the EU, US and ASEAN regions), and the
domestic law of all states with emphasis on comparative works that identify hori-
zontal trends, and including transnational law. The series’ scope is comprehensive,
embracing both public and commercial law on energy in all forms and sources
and throughout the energy life-cycle from extraction, production, operation,
consumption and waste management/decommissioning. The series is a forum for
innovative interdisciplinary work that uses the insights of cognate disciplines to
achieve a better understanding of energy law and policy in the 21st century.
Recent titles in this series:
Decarbonisation and the Energy Industry
edited by Tade Oyewumni, Penelope Crossley, Frédéric Gilles
Sourgens and Kim Talus
The Law and Governance of Mining and Minerals: A Global Perspective
by Ana Elizabeth Bastida
The Global Energy Transition
Law, Policy and Economics for Energy
in the 21st Century
Edited by
Peter D Cameron
Xiaoyi Mu
and
Volker Roeben
HART PUBLISHING
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A catalogue record for this book is available from the British Library.
Library of Congress Cataloging-in-Publication data
Names: Cameron, Peter D., editor. | Mu, Xiaoyi, editor. | Roeben, Volker, editor.
Title: The global energy transition : law, policy, and economics for energy in the 21st century /
edited by Peter D Cameron, Xiaoyi Mu, and Volker Roeben.
Description: Oxford, UK ; New York, NY Hart Publishing, an imprint of Bloomsbury Publishing, 2020. |
Series: Global energy law and policy ; volume 2 | Includes bibliographical references and index.
Identifiers: LCCN 2020032515 (print) | LCCN 2020032516 (ebook) | ISBN 9781509932481
(hardback) | ISBN 9781509932498 (ePDF) | ISBN 9781509932504 (Epub)
Subjects: LCSH: Energy industries—Law and legislation. | Energy development—Law and
legislation. | Power resources—Law and legislation. | Renewable energy sources—Law and
legislation. | Energy policy—Economic aspects. | Energy industries—Law and legislation—
European Union countries.
Classification: LCC K3981 .G56 2020 (print) | LCC K3981 (ebook) | DDC 333.79094—dc23
LC record available at https://lccn.loc.gov/2020032515
LC ebook record available at https://lccn.loc.gov/2020032516
ISBN: HB: 978-1-50993-248-1
ePDF: 978-1-50993-249-8
ePub: 978-1-50993-250-4
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CONTENTS
List of Contributors ����������������������������������������������������������������������������������������������������vii
Table of Cases ��������������������������������������������������������������������������������������������������������������ix
Introduction ......................................................................................................................1
Peter D Cameron, Xiaoyi Mu and Volker Roeben
PART I
PROSPECTS FOR AN ENERGY TRANSITION
1. Comparison of Outlooks and Implications for an Energy Transition ���������������11
Xiaoyi Mu and Dilip K Jena
2. Oil-rich Countries’ Responses to Energy Transition: Managing
the Decline �����������������������������������������������������������������������������������������������������������25
David Manley, Patrick Heller and James Cust
PART II
RULES-BASED MULTILATERAL GOVERNANCE
OF THE ENERGY SECTOR
3. A Treatise for Energy Law ����������������������������������������������������������������������������������51
Raphael J Heffron, Anita Rønne, Joseph P Tomain,
Adrian Bradbrook and Kim Talus
4. What do we Mean when we Talk about International Energy Law? ����������������73
Volker Roeben and Gökçe Mete
5. The Legal Effect of the Paris Rulebook under the Doctrine of Treaty
Interpretation ����������������������������������������������������������������������������������������������������101
Petra Minnerop
6. How will Energy Market Regulation have to Change in the Era
of Energy 4�0? ����������������������������������������������������������������������������������������������������135
Penelope Crossley
vi Contents
PART III
COMPETITION AND REGULATION IN
TRANSBOUNDARY ENERGY MARKETS
7. Between Transnational Private Law and Public International Law:
Engineer-driven Self-governance in Transboundary Energy
Megaprojects ������������������������������������������������������������������������������������������������������155
Christoph G Benedict
8. Managing the Threat of Regulatory Capture under the European
Energy Union ����������������������������������������������������������������������������������������������������171
Rafael Emmanuel Macatangay and Volker Roeben
9. Power Over Power: The Global Energy Interconnection
and Potential Cyber-threats ������������������������������������������������������������������������������197
Jakob Haerting
PART IV
ATTRACTING INVESTMENTS AND THE CHALLENGES
OF MULTI-LEVEL GOVERNANCE
10. Implementing the Energy Transition in the Face of Investment
Protection Standards �����������������������������������������������������������������������������������������217
Martin Jarrett
11. The EU FDI Screening Regulation as an Example of the Proliferation
of FDI Screening Processes Affecting the Energy Sector �����������������������������������241
Leonie Reins and Dylan Geraets
12. International Arbitration in the Renewable Field: Recent
Developments in Spain �������������������������������������������������������������������������������������257
Iñigo del Guayo
13. How should Shale Gas Extraction be Taxed? ��������������������������������������������������273
Philip Daniel, Alan Krupnick, Thornton Matheson,
Peter Mullins, Ian Parry and Artur Swistak
14. Trinidad and Tobago’s Oil and Gas Sector in a Changing
World (2010–2019) �������������������������������������������������������������������������������������������311
Kevin Ramnarine
The Concept of Global Energy Transition and its Agenda .......................................327
Peter D Cameron, Xiaoyi Mu and Volker Roeben
Index ��������������������������������������������������������������������������������������������������������������������������337
LIST OF CONTRIBUTORS
Christoph G Benedict, Legal Director, Pinsent Masons LLP; formerly General
Counsel for General Electric Power AG, Germany; Honorary Professor, Swansea
University; Lecturer, International Economic Law, Heidelberg University
Adrian Bradbrook, Emeritus Professor of Law, Law School, University of Adelaide
Peter D Cameron, Professor of International Energy Law, Director of the Centre
for Energy, Petroleum and Mineral Law and Policy, University of Dundee
Penelope Crossley, Senior Lecturer, The University of Sydney Law School
James Cust, Economist, World Bank, and Non-Resident Expert, Payne Institute
for Public Policy, Colorado School of Mines
Dylan Geraets, Docent, UEF Law School, University of Eastern Finland; Senior
Affiliated Researcher, Leuven Centre for Global Governance Studies and Institute
for International Law, KU Leuven; Associate, Mayer Brown Europe-Brussels LLP.
Iñigo del Guayo Castiella, Professor in Administrative Law, University of Almería
Jakob Haerting, PhD Candidate, University of Turku
Raphael J Heffron, Jean Monnet Professor in Energy and Sustainability, Centre
for Energy, Petroleum and Mineral Law and Policy, University of Dundee
Patrick Heller, Advisor, Natural Resource Governance Institute; Senior Visiting
Fellow at the Center for Law, Energy & Environment at the University of California,
Berkeley
Martin Jarrett, Senior Research Fellow, Max Planck Institute for Comparative
Public Law and International Law, Heidelberg
Dilip K Jena, PhD candidate, Centre for Energy, Petroleum and Mineral Law and
Policy, University of Dundee
Rafael Emmanuel Macatangay, Lecturer in Energy Economics, Centre for Energy,
Petroleum and Mineral Law and Policy, University of Dundee
David Manley, Senior Economic Analyst, Natural Resource Governance Institute
Gökçe Mete, Research Fellow, Stockhold Environment Institute; formerly
Knowledge Centre Principal Coordinator, The Energy Charter Secretariat
viii List of Contributors
Petra Minnerop, Associate Professor of International Law, Durham Law School,
University of Durham; Visiting Professor, China University of Political Science
and Law, Beijing
Xiaoyi Mu, Reader in Energy Economics, Centre for Energy, Petroleum and
Mineral Law and Policy, University of Dundee
Kevin Ramnarine, Independent energy consultant and former Minister of Energy,
Trinidad and Tobago
Leonie Reins, Assistant Professor, The Tilburg Institute for Law, Technology and
Society, Tilburg University
Volker Roeben, Professor of Energy Law and Global Regulation, Centre for
Energy, Petroleum and Mineral Law and Policy, University of Dundee; Visiting
Professor, China University of Political Science and Law, Beijing; Adjunct
Professor, University of Turku
Anita Rønne (deceased), Associate Professor in Energy Law, Centre for Regulation
and Administration, Faculty of Law, University of Copenhagen
Kim Talus, James McCulloch Chair in Energy Law, Tulane Law School; founding
Director of Tulane Center for Energy Law; Professor of European Economic and
Energy Law, UEF Law School, University of Eastern Finland; Professor of Energy
Law, University of Helsinki
Joseph P Tomain, Wilbert and Helen Ziegler Professor of Law, College of Law,
University of Cincinnati
TABLE OF CASES
9Ren Holding SARL v Kingdom of Spain ICSID Case No ARB/15/15
Award (31 May 2019) ..................................................................219, 224, 226, 267
Antin Infrastructure Services Luxembourg S�à�r�l� and Antin Energia
Termosolar BV v Kingdom of Spain, ICSID Case No ARB/13/31,
Award (15 June 2018) ............................................................................224, 266–67
BayWare Renewable Energy GmbH and BayWare Asset Holding GmbH
v Kingdom of Spain, ICSID Case No ARB/15/16 (2 December 2019) ........218, 267
Blusun SA, Jean-Pierre Lecorcier and Michael Stein v Italy, ICSID
Case No ARB/14/3 ..................................................................................................94
Burlington Resources Inc v Republic of Ecuador, ICSID Case No ARB/08/5,
Decision on Liability (14 December 2012) [506] .....................................233, 236
Case 72/83 Campus Oil v Minister for Industry [1984] ECR 2727 ..........................67
CEF Energia BV v The Italian Republic, SCC Arbitration V (2015/158),
Award (16 January 2019) [234] ...........................................................................219
Charanne and Construction Investments v Spain, SCC Case No
V 062/2012, Final Award (21 January 2016) .............................224, 226–27, 266
Clydebank Engineering and Shipbuilding Co Ltd v Don Jose Ramos
Yzquierdo y Castaneda [1905] AC 6, 7 ..............................................................166
Commonwealth v Registrar of Titles for Victoria (1918) 24 CLR 348, 354 ..............54
Construction Investments SARL v Spain, SCC Arbitration No 062/2012 ................94
Cube Infrastructure Fund SICAV and others v Kingdom of Spain,
ICSID Case No ARB/15/20 (15 July 2019) ...............................................219, 267
Eiser Infrastructure Limited and Energia Solar Luxembourg Sarl v Spain,
ICSID Case No ARB/13/36 ...........................................................94, 224, 228, 266
Foresight Luxembourg Solar 1 SÁR1 et al v Kingdom of Spain,
SCC Case No 2015/150, Final Award (14 November 2018) ...........224, 226, 267
Gabčíkovo-Nagymaros Project (Hungary/Slovakia) [1997] ICJ Rep 7,
77–78 [140] ............................................................................................................131
Gisela Wirtgen, JSW Solar (zwei) GmbH & Co KG v The Czech Republic
(‘Wirtgen’) PCA Case No 2014-03 .........................................................................94
Greentech Energy Systems A/S, et al v Italian Republic, SCC Case No
V 2015/095, Final Award (23 December 2018) (majority decision) ...........219, 224
Hulley Enterprises Limited (Cyprus) v The Russian Federation
PCA Case No AA 226 .............................................................................................84