NAVIGATING ENERGY DISPUTES: INSIGHTS INTO THE ENERGY CHARTER TREATY AND ALTERNATIVE RESOLUTION METHODS

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NAVIGATING ENERGY DISPUTES: INSIGHTS INTO THE ENERGY CHARTER TREATY AND ALTERNATIVE RESOLUTION METHODS

Journal Title: Scientific Work - Year 2024, Vol 18, Issue 6

Abstract

Abstract This article first takes a closer look at the historical and economic processes that underpinned the Energy Charter Treaty. After a brief examination of the Energy Charter Treaty, dispute resolution methods of the Treaty are studied, and especially the resolution of investment-related disputes is explored. One of the inevitable phenomena of the interaction of trade forces is disputes, which is analyzed in the study. The global energy industry is no exception. The global energy industry is arguably the most controversial industry in international business. Therefore, since the results can be very negative, there is a need for mechanisms to eliminate errors. It is established and substantiated that the law addresses these issues through energy dispute resolution mechanisms and codifications incorporated into various international and municipal energy treaties and laws. An important reason for the emergence of alternative dispute resolution methods and this system is that the court service provided by the state through courts is a time-consuming and economically profitable method. In other words, the desire of the parties to resolve disputes quickly and on their own initiative has led to the emergence of alternative dispute resolution methods. All over the world, even in the least developed countries, the burden imposed by legal systems and commercial transactions, and the difficulties faced by courts in managing this burden, result in the need for a faster and more satisfactory method of arbitration for parties to legal and commercial disputes. Based on the study, it is suggested that the energy charter agreements and other international energy agreements should be strengthened with dispute resolution mechanisms. These mechanisms can increase confidence in the industry and ensure the continuity of trade by providing a quick, effective and fair solution to the parties. Therefore, the establishment of alternative dispute resolution methods specifically designed and adapted for the parties in the energy sector can be recommended. This can provide a more effective and cost-effective way to resolve disputes that parties in the industry may face.

Authors and Affiliations

Gunel Nabizade

Keywords

EP ID EP747724
DOI 10.36719/2663-4619/103/76-82
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