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Investment Arbitration and the Energy Charter Treaty provides the first authoritative analysis of investment arbitration and its relationship to the Energy Charter Treaty (ECT). This book is based on a conference co-organised in Stockholm on 9 and 10 June 2005 by the Energy Charter Secretariat and the Arbitration Institute of the Stockholm Chamber of Commerce and reflects the growing importance of investment arbitration for international commerce. This was the first international conference specifically addressing questions of investment arbitration in relation to the ECT and this publication will no doubt contribute to raising awareness about the Treaty and its provisions. 

The Review describes measures taken by the Macedonian authorities to meet their commitments under the Charter's Protocol on Energy Efficiency and Related Environmental Aspects, for example through the certification of energy auditors, and the establishment of energy codes for facilities and equipment standards.

Extraction and processing of oil and gas-related activities already make up more than 30% of Azerbaijan's Gross Domestic Product, and hydrocarbons account for 85% of exports. The energy sector has the potential to be a crucial driver of economic and social development.

Iceland stands out among Energy Charter member states for its extensive use of renewable energy sources. Its electricity and heating comes from hydroelectric power and the geothermal water reserves, providing energy that is accessible, renewable, relatively inexpensive and from which pollution is minimal.

Despite significant hydrocarbon reserves, Uzbekistan has yet to make its mark on the international energy scene. Foreign investment has been limited, and Uzbekistan has no direct access to international markets for its energy products. 

Improvements in energy efficiency and increases in the use of renewable energy sources are important in order to achieve reductions in greenhouse gas emissions (GHG) and improvements in security of supply. Against this background, the objective of this report is to draw the attention of policy makers to the advantages of exploiting the synergies between policies promoting energy efficiency and renewable energy.

Croatia is adapting its energy legislation to relevant EU Directives, also in the field of energy efficiency and renewable energy. While specific legislation and regulation in these areas have been initiated, many of the proposals still await adoption and implementation.

Armenia is in the process of defining a national energy saving programme which will determine the main directions for its national energy efficiency policy. This report provides a preliminary review of the policy options that will need to be implemented against a background of growing energy demand and increasing dependence on energy imports.

This in-depth review was initiated and carried out in April 2004. The purpose of the review was to assess the progress of the country in fulfilling its commitments under the Protocol on Energy Efficiency and Related Environmental Aspects (PEEREA), and also to enhance the level of cooperation among PEEREA Parties and promote continuous dialogue and transfer of experience and information.

The review demonstrates how Armenia, following several years of severe power shortages, now has an improving environment for the operation of its energy sector. At the same time, there remain concerns about the implementation of existing legislation, and establishing a record of good governance and completing investment-related legislation is crucial.

In considering this report, the Charter Conference noted the progress made by the Russian Federation in its transition to a market environment and of the improvements in the investment climate, as witnessed by the trend in the inflows of capital. 

Investing in improving energy efficiency has the clear advantages of reducing energy costs, improving security of supply and mitigating the environmental impacts of energy use. And still, many viable opportunities for higher energy efficiency are not tapped because of the existence of numerous barriers to such investments. These lost opportunities imply costs to the individual energy consumers and to the society as a whole and they are particularly important in economies in transition.

The Energy Charter's review of Denmark is notable in that it highlights the policy measures that have made this country one of the world leaders in promoting energy efficiency and sustainable development, providing a useful example to other countries that are in the process of formulating energy efficiency policies and programmes. At the same time, the review finds scope for further cost-effective progress in improving efficiency in the context of a liberalised energy market.

The study of the Czech Republic examines the major changes that have taken place in national energy policy over recent years, and concludes that Czech energy efficiency policies are consistent and realistic. At the same time, it calls for a renewed focus on demand-side measures promoting energy efficiency, alongside policies addressing energy supply, including renewable energy.

This report analyses the present structure of national electricity markets in various parts of the Energy Charter's constituency, and assesses the present volume and growth dynamics of trade in electricity across national boundaries. Existing restrictions to trade in electricity - of a physical, legal and regulatory nature - are examined, including in the context of relevant international trade obligations applying to the Charter's member states through the WTO and the Energy Charter Treaty.