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Electricity markets world-wide are undergoing a transformation, as
state-owned and vertically integrated monopolies are being replaced
by competitive dynamics and private participation. Policy reforms
driving this transformation include the corporatization and
restructuring of state-owned utilities; the unbundling of
generation, transmission, and distribution; the creation of
independent regulators; and the promotion of private sector
involvement in investment and management. This study reviews
international reform trends and best practice in sector policy,
with specific reference to Latin America. It documents how
regulatory reform, privatization, and cross-border integration are
unfolding throughout the European Single Market, triggered by EU
legislation. This study also shows that sector performance and
sector reforms in the southern Mediterranean countries are lagging
considerably behind international trends. Finally, it argues that a
number of reform initiatives at the national and regional level
should be taken to promote policy reforms and cross-border
integration in this sector. This would help the countries of North
Africa and the Middle East to increase economic efficiency,
consolidate public finances, attract foreign direct investment, and
to more effectively 'plug into' the European Single Market on the
northern shore of the Mediterranean Sea.
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R398
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