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

Description

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 strategy 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 leadings 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 Contents List of Contributors Table of Cases Introduction Part I. Prospects for an Energy Transition Part II. Rules-based Multilateral Governance of the Energy Sector Part III. Competition and Regulation in Transboundary Energy Markets Part IV. Attracting Investments and the Challenges of Multi-level Governance PART I. PROSPECTS FOR AN ENERY TRANSITION 1. Comparison of Outlooks and Implications for an Energy Transition I. Abstract II. Introduction III. Comparison of Global Energy Outlooks IV. A Techno-economic Perspective on Energy Transition in Transportation and Electric Power Generation V. Conclusions 2. Oil-rich Countries' Responses to Energy Transition: Managing the Decline I. Abstract II. Introduction III. The Energy Transition Threatens the Carbon-dominated Economic Model of Many Producer Nations IV. The Future Value of Oil and Gas is Uncertain V. Strategies for a Managed Decline of Oil and Gas VI. Country Contexts may Determine How Far to Pursue Each Strategy VII. Conclusions PART II. RULES-BASED MULTILATERAL GOVERNANCE OF THE ENERGY SECTOR 3. A Treatise for Energy Law Abstract Introduction 1. A Review of What Constitutes Energy Law 2. Energy Law's Seven Principles 3. The Principles of Energy Law Explained Conclusions 4. What do we Mean when we Talk about International Energy Law? I. Abstract II. Introduction III. A Universal Meta-norm for Energy IV. The International Regulatory Approach to Energy V. From the Plural, International Law on Energy to the International Law of Energy through Realignment with the Meta-norm VI. Conclusions 5. The Legal Effect of the Paris Rulebook under the Doctrine of Treaty Interpretation I. Abstract II. Introduction III. The Perspective: CMA Decision-making under the Doctrine of Treaty Interpretation IV. The ILC Draft Conclusions – A Framework for Analysis of CMA Decisions V. The Legal Character of the Paris Rulebook VI. Conclusions 6. How will Energy Market Regulation have to Change in the Era of Energy 4.0? I. Abstract II. Introduction III. Background to the Fourth Industrial Revolution (Industry 4.0) IV. The Transformation of the Energy Sector V. Energy 4.0 VI. What does this Mean for Regulators in the Era of Energy 4.0? VII. How Well Placed are the Institutions of the National Electricity Market to Provide this? A Case Study of the Distributed Energy Resources Register VIII. Conclusions 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 I. Abstract II. Introduction III. Self-governance by Non-governmental Organisations IV. The Enforcement by Means of Public International Law V. Conflicts between Self-governance and Governmental Regulation VI. Conclusions 8. Managing the Threat of Regulatory Capture under the European Energy Union I. Abstract II. Introduction III. The Rationality of Transboundary Regulation IV. Regulation as Process V. Capture of Transboundary Regulatory Processes VI. Three Maxims for Mitigating Regulatory Capture Risks in Transboundary Energy Industries VII. The Need for Effective Regulation and the Vulnerability to Regulatory Capture in the Electric Power Industry in the EU VIII. The Clean Energy for All Europeans Legislative Package IX. The Model of a Transboundary Regulator of the Clean Energy Package, ACER and the Maxims Guarding against Regulatory Capture X. Conclusions Appendix 9. Power Over Power: The Global Energy Interconnection and Potential Cyber-threats I. Abstract II. Introduction III. The GEI and GEIDCO – Origin, Mission, Structure IV. Justification for Comparing the GEI to the Internet V. Two Threats, One Origin VI. Recommendations for the Realisation of the GEI VII. Conclusions PART IV. ATTRACTING INVESTMENTS AND THE CHALLENGES OF MULTI-LEVEL GOVERNANCE 10. Implementing the Energy Transition in the Face of Investment I. Abstract II. Introduction III. The Pinch Points: Expropriation and Fair and Equitable Treatment IV. The Standard on the Fair and Equitable Treatment: Obstructor or Facilitator? V. The Application of the Expropriation Standard to Measures Prohibiting Carbon-based Energy Production or Distribution VI. Designing a Police Powers Defence for the New Energy Charter Treaty VII. Conclusions 11. The EU FDI Screening Regulation as an Example of the Proliferation of FDI Screening Processes Affecting the Energy Sector I. Abstract II. Introduction III. The EU's FDI Screening Mechanism IV. The Structure of FDI Screening V. Implementation and Practical Effects on the Energy Sector in the EU VI. Potential Impact of FDI Screening on the (Renewable) Energy Sector VII. Conclusions 12. International Arbitration in the Renewable Field: Recent Developments in Spain I. Abstract II. Introduction III. Renewable Energy Sources IV. National Support to Renewable Energies V. The Electricity Tariff Deficit (1998–2013) VI. The Progressive Reduction of the Support Scheme in the Period 2008–2013 VII. The New Support Scheme of the 2013 Electricity Sector Act VIII. National and International Legal Disputes Over the Modification of National Support IX. Towards a Support Scheme Compatible with a Competitive Market Economy in a European Union Context X. Conclusion: Conflicting Outcomes in Spanish Courts and International Arbitration Institutions 13. How should Shale Gas Extraction be Taxed? I. Abstract II. Introduction III. Brief Overview of Shale Gas Industry IV. Environmental Risks and Policy Responses V. Fiscal Regimes VI. Conclusions Appendix 13A: Details of Fiscal Systems in the Sample Jurisdictions Appendix 13B: Further Details on Representative Projects for Fiscal Regime Analysis 14. Trinidad and Tobago's Oil and Gas Sector in a Changing World (2010–2019) I. Abstract II. Introduction III. Trinidad and Tobago's Natural Gas Sector 2010–2019 IV. The Fiscal Regime and Petroleum Taxation V. Policy Intervention via Fiscal Incentives of 2013/2014 VI. Oil Price and Other Commodity Price Declines (2015–2016) VII. Accelerated Capital Allowances VIII. Carry Forward Losses IX. Conclusions The Concept of Global EnergyTransition and its Agenda I. Introduction II. The International Community of States as Collective Decision-maker on Energy Transition III. The Integrated Legal Regime of Energy IV. Instruments: Regulation, Competition, Contract and Treaty V. Economics of Energy Transition VI. An Agenda for Action Index