The Energy Charter Treaty was launched with great fanfare to lay out the ground rules for massive investment in the energy resources and structures of central and eastern Europe. A general political statement was readily agreed upon, but negotiations on the Basic Agreement took several years before it was finally signed in December 1994. A follow-up treaty and protocols have yet to be negotiated. This report examines the origins and evolution of the Energy Charter, summarizes the main elements of the Basic Agreement, and assesses the strengths, weaknesses and ultimate significance of the Charter.