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Energy Investment Risk Assessment (EIRA)

The Energy Investment Risk Assessment (EIRA) is a publication of the Energy Charter Secretariat that evaluates specific risks affecting energy investment that can be mitigated through adjustments to policy, legal and regulatory frameworks. It aims to identify policy gaps, provide learning opportunities, and stimulate reforms which make the investment climate of countries more robust and reduce the risk of investor-State disputes.

Results for countries in the review are presented in the form of individual country risk profiles. Other types of investment risk such as commercial, technical and geopolitical, are not within the scope of the publication. In 2017 the first non-public edition of EIRA was developed. EIRA 2018, expected this fall, will be the first public edition of the Report. To date, more than 30 countries are participating in EIRA.

What is the aim of EIRA?

EIRA assists governments to identify and eliminate specific risks in the regulatory and legal environment which impede the inflow of investments. It assesses risks to energy sector investment that countries can control and limit through their actions. This information is essential as it enables governments to undertake required steps to make their regulatory frameworks robust, which is beneficial to induce investments in the energy sector.

The secondary aim of EIRA is to provide a reliable source of useful information to energy companies, investors and the financial sector on different aspects of the regulatory and legal environment in countries considered for investment.

Download the EIRA 2018 publication

Which risk areas are covered by EIRA?

EIRA focuses on three risk areas: (1) unpredictable policy/regulatory change, (2) discrimination between domestic and foreign investors, and (3) breach of state obligations. 

To measure these risks, four indicators have been identified:

  1. The foresight of policy and regulatory change
  2. Management of decision-making processes
  3. Regulatory environment and investment conditions
  4. The rule of law (compliance with national and international obligations)

Which countries are already taking part in the EIRA Report?

In 2016, the first stage of a pilot project was undertaken, covering Belarus, Colombia and Mauritania. The objective of the second stage of the pilot project conducted in 2017, was to test and fine-tune the methodology and to produce a pre-public version of EIRA. The EIRA pilot report 2017 was presented at the 28th Meeting of the Energy Charter Conference on 28-29 November 2017 in Ashgabat, Turkmenistan. This report, which was not made publicly available assessed the regulatory environment for investing in the energy sector of 9 countries: Armenia, Belarus, Iran, Mauritania, Mongolia, Nigeria, Romania, Kazakhstan and Ukraine

Since its inception participation in EIRA has grown considerably - 30 countries participated in EIRA 2018.

Participating countries in EIRA 2018

Bosnia and Herzegovina
The Gambia
Republic of Moldova

How to join the EIRA Report?

EIRA Brochure

The Energy Charter Conference requested the Energy Charter Secretariat to develop the first public edition of EIRA in 2018 and invited Members, Observers and outreach countries to take part in it. The Secretariat will launch EIRA 2018 on 3 October 2018. Preparations for EIRA 2019 are already underway. The ultimate goal is to have a full-fledged report, with worldwide geographical coverage. 

All governments may and are welcome to express their interest in taking part in future editions of EIRA. To this end, governments are requested to communicate their expression of interest to the Secretary-General of the Energy Charter Secretariat. 


All inquiries can be sent to the Secretariat’s EIRA-team by e-mail to

The brochure, EIRA at a glance, is available here