1. Introduction Spain is notoriously the most severally affected state in arbitration proceedings based on the Energy Charter Treaty (ECT), as it is believed to have lost 825 millions euros to date, with an aggregated 10,000 million euros sum being sought.[1] As of May 2020, twenty arbitral decisions have been rendered in what is now...

1. Introduction International investment law has always been concerned with the need of balancing the State’s power to regulate in the public interest, on the one hand, and the need to grant certain standards of protection to the foreign investors impacted by the State’s measures, on the other hand.[1] The search for a balance between...