THE IMPORTANCE OF ELECTRICITY AND REVIEW OF POWER SECTOR REFORM IN THE EUROPEAN UNION AND THE REPUBLIC OF CROATIA

Pavle Jakovac ()
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Pavle Jakovac: University of Rijeka

Economic Thought and Practice, 2010, vol. 19, issue 2, 251-276

Abstract: Taking into account the fact that energy is crucial for the development of human civilization, we can argue that electricity, as it’s most flexible and more commercial form, represents today an indispensable basis for the material and social activities as well as living standards. The above mentioned induces the existence of interconnection between the power sector and all other sectors of the economy where the development of energy and the overall economy cannot be viewed as two separate processes. This becomes most evident during the process of electricity market liberalization, i.e. abandoning monopoly as a model of market organization and switching to the competitive markets in order to create a positive environment for all participants in the market competition, not just for a single provider of electricity service. The need for real electricity prices and technological advances in production and transmission of electricity have prompted a series of reforms throughout the world. In the case of the Republic of Croatia it is essential that this process remains consistent in the European Union since Croatia has the status of candidate for the full membership in that entity.

Keywords: power sector; liberalization of electricity market; European Union; Republic of Croatia (search for similar items in EconPapers)
JEL-codes: L94 (search for similar items in EconPapers)
Date: 2010
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