Introduction

Argentina is facing several claims under bilateral investment treaties (BITs) relating to its emergency legislation passed to tackle its economic crisis in 2001-2002. This article critically analyzes the second ICSID decision on the merits handed down in this context in LG&E Energy Corp. v. Argentina and compares it to the earlier award in CMS v. Argentina . While the decisions do not differ substantially as to the interpretation of substantive investment law, they diverge significantly on the concept of necessity. Unlike CMS, LG&E in part accepted Argentina's ...