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GAR Live Energy Lookback: the new market for buying and selling awards

GAR Live Energy Lookback: the new market for buying and selling awards

28 June 2019

International arbitration awards offer “the elixir of investment funds” – uncorrelated returns you can bank on irrespective of wider market conditions – according to a panel at last year’s GAR Live Energy, which lifted the lid on the little-known world of high finance and its interest in the output of arbitration.

Chairs

Juliet Blanch

Weil, Gotshal & Manges

Juliet Blanch is head of Weil, Gotshal & Manges’ International Dispute Resolution practice in London, co-head of the firm’s International Arbitration & Trade group, and a member of the global Litigation group. Juliet represents clients in arbitrations and litigations across the UK, Continental and Central and Eastern Europe, the Middle East, Central Asia and Asia, Africa and the Americas. She advises at all stages and upon all aspects of commercial disputes, including from strategic advice during the early stages of negotiations to courtroom and arbitration advocacy, regulatory compliance, and internal and regulatory investigations.

Michael Polkinghorne

White & Case

Michael Polkinghorne focuses on advising clients on arbitration and litigation matters, notably in the areas of energy, telecommunications, project finance and infrastructure. He has served as counsel and arbitrator in numerous arbitrations conducted under most major institutional rules, helping to resolve disputes for a range of significant commercial and sovereign clients. He is the former Australian member of the International Court of Arbitration of the ICC, and a current member of the ICC Task Force on arbitrations involving state entities.

Speakers

Stephen Anway

Squire Patton Boggs

Patrick Baeten

ENGIE

Mark Beeley

Vinson & Elkins

Jamie Dykes

Genel Energy

Andrew Foyle

One Essex Court

Javier Gallego Piñera

Gas Natural Fenosa

Jessica Gladstone

Clifford Chance

Paul Griffin

University of Dundee

Patrick Hébréard

CEG Europe

David Hesse

Curtis, Mallet-Prevost, Colt & Mosle

Ben Knowles

Clyde & Co

David Lewis QC

20 Essex Street

Boaz Moselle

FTI Consulting

Gervase MacGregor

BDO

James Nicholson

FTI Consulting

Charles Poncet

CMS von Erlach Poncet

J William Rowley QC

20 Essex Street

Dominic Roughton

Herbert Smith Freehills

Elmar Schweers

Deputy Head of Legal, RWE Supply & Trading

Cyril Vock

Total

The conference has been accredited with 5.5 CPD hours from the SRA

Programme

8.30: Welcome coffee and registration

9.00: Chairs’ welcome

Juliet Blanch, Weil, Gotshal & Manges
Michael Polkinghorne, White & Case

9.10: Session one: JOA disputes

As the price of oil has tumbled, so has the desire to be in certain projects.

Questions the panel are expected to discuss include: 

  • Current experiences - how is the behaviour of players different from previous price downturns?
  • What role are external counsel playing/not playing?
  • Is the role of the state different?
  • Which issues are clients prepared to escalate as far as formal proceedings? Which issues are no-go?
  • Are clients using third party funders?
  • Predictions for the future

Moderator:
Juliet Blanch, Weil, Gotshal & Manges

Panel:
Mark Beeley, Vinson & Elkins
Jamie Dykes, Genel Energy
Paul Griffin, University of Dundee
David Lewis QC, 20 Essex Street
Cyril Vock, Total

10.45: Coffee break

11.15: Session two: Gas pricing now oil is cheap – what next for reopener disputes? 

Moderator:
Stephen Anway, Squire Patton Boggs

Panel:
Javier Gallego Piñera, Gas Natural Fenosa
Patrick Hébréard, CEG Europe
Boaz Moselle, FTI Consulting
Charles PoncetCMS von Erlach Poncet
Elmar Schweers, Deputy Head of Legal, RWE Supply & Trading

12.30: Networking lunch

14.00: Session three: Damages

This session will explore how 'enlightened' arbitrators - those who want to be more serious when it comes to turning principles into numbers - can up their game.

Moderator:
Ben Knowles, Clyde & Co

Panel:
Andrew Foyle, One Essex Court 
Gervase MacGregor, BDO
James Nicholson, FTI Consulting
J William Rowley QC, 20 Essex Street

15.15: Coffee break

15.45: Session four: The state’s instinct to regulate, post Paris Climate deal – what does it mean for investors?

What effect will the Paris Climate Agreement have on the relationships between states and energy companies? 

Will it encourage a new round of regulation? Its terms aren't that specific. On the other hand if the pendulum is already swinging back towards the state’s right to regulate in investment cases (as some think it is), then could a climate deal confirm or solidify that shift? And would states then feel they have carte blanche …?

This session will explore all the questions surrounding the state’s so called right to regulate, and new questions raised by global accords such as the Paris Agreement.

In particular it is expected to explore:

  • The direction of travel in FET/right to regulate cases. Is a clear shift detectable?
  • The effect of the Paris Agreement. What changes does it mandate? What may it inspire?
  • Stabilization clauses. If the FET standard is becoming less protective of investors, then are there contractual options? Could arbitration be used in the event of a shift of “economic equilibrium”? And quid stabilization clause in treaties themselves?

Moderator:
Michael Polkinghorne, White & Case

Panel:
Patrick Baeten, ENGIE
Dominic Roughton, Herbert Smith Freehills
Jessica Gladstone, Clifford Chance 
David Hesse, Curtis, Mallet-Prevost, Colt & Mosle

17.00: Chairs’ closing remarks

Juliet Blanch, Weil, Gotshal & Manges
Michael Polkinghorne, White & Case

17.10 onwards: All delegates are invited to a cocktail reception kindly hosted by Clyde & Co

Venue

St Botolph Building, 138 Houndsditch London, EC3A 7AR, United Kingdom

Registration is unavailable for this event