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26 Colum. J. Eur. L. 102 (2019-2021)
Intra-EU Investment Dispute Settlement under the Energy Charter Treaty in Light of Achmea and Vattenfall: A Matter of Priority

handle is hein.journals/coljeul26 and id is 108 raw text is: INTRA-EU INVESTMENT DISPUTE SETTLEMENT UNDER THE ENERGY CHARTER TREATY IN LIGHT OF ACHMEA AND VATTENFALL: A MATTER OF PRIORITY Ivana Damjanovic* and Ottavio Quirico* Abstract In 2012 a Swedish energy company, Vattenfall, challenged Germany's decision to phase out nuclear power in reaction to the 2011 Fukushima nuclear incident. The challenge was initiated as an investment arbitration under the Energy Charter Treaty (Vattenfall II) before an ICSID Tribunal in Washington. In a separate legal action, the constitutionality of the decision was questioned before the German Federal Constitutional Court, which decided the matter in December 2016. Based on recent developments in the field of international investment law and the judgment of the Court of Justice of the European Union in the case of Slowakische Republik v. Achmea BV, the dispute proves more complex than it seems prima facie. The Achmea judgment confirms that in infra-EU disputes, EU law overrides infra-EU BITs. Even further, such disputes should not be subject to the jurisdiction of international investment tribunals, with considerable ramifications for international investment arbitration under the Energy Charter Treaty. Vattenfall and Achmea serve as case studies to explain controversial issues of applicable law and jurisdiction in intra-EU investment disputes under the Energy Charter Treaty. Arguably, applying German law and EU law rather than international investment law leads to prioritizing public interest over legitimate expectations ofprivate investors, with significant implications in terms of compensation. 1. INTRODUCTION.............................................................................................103 2. EU LAW AND GERMANY'S NUCLEAR ENERGY EXIT IN LIGHT OF VA T TE N F A L L ...........................................................................................105 A. The nuclear energy exit in Germany ................................................106 B. The constitutionality of German energy regulation .........................111 * Assistant Lecturer, School of Law and Justice, University of Canberra; PhD Candidate and Research Assistant, Centre for European Studies , Australian National University: ivana.damjanovic@canberra.edu.au; ivana.damjanovic@anu.edu.au. Her research is supported by an Australian Government Research Training Program (RTP) Scholarship. ** Senior Lecturer, School of Law, University of New England, Australia; Honorary Lecturer, Centre for European Studies, Australian National University; Alumnus, European University Institute: oquirico@une.edu.au; ottavioquirico@anu.edu.au; ottavio.quirico@eui.eu. The authors wish to thank Murray Raff, Professor of Law, University of Canberra and Nicolas de Sadeleer, Professor of EU Law, St. Louis University Brussels, for their constructive comments. 102

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