Energy justice in times of crisis: protection of consumers and market-based renewable energy investments.

The article focuses on the international protection of market-based renewable energy investments amid the 2022 energy crisis triggered by the disruption of Russian gas supplies to Europe and its implications for distributive energy justice. It examines how the European Union’s (EU) intervention—capping the surplus revenues of renewable energy producers to protect consumers—raises regulatory risks that may undermine investor confidence and the financial viability of renewable projects reliant on volatile wholesale electricity prices. Drawing on arbitral practice and EU electricity law, the article analyzes investors’ legitimate pricing expectations, the reasonableness of returns, and non-discrimination principles, highlighting the tension between safeguarding investments and enabling states to respond to crises. It concludes that while consumer protection is essential for energy justice, regulatory stability and investment protection are also crucial to support the medium- and long-term transition to affordable, sustainable energy, suggesting that mechanisms like two-way contracts for difference may better balance these interests.