The liberalization of the energy markets envisaged by SEE countries, primarily electricity and at a further stage gas, will generate an additional momentum for investment.  It is therefore paramount to associate interested businesses to this process at an early stage and match potential investors with donors and the governmental authorities driving the reform process.  By adopting the EU-legislation in view of creating a liberalized electricity market, SEE countries have committed themselves to introduce independent regulatory bodies.  Therefore, investors will benefit from framework conditions very similar to those in EU member states, in what will ultimately be a single energy market from Portugal to the Black Sea and from Sicily to the North Cape.

After a similar meeting in Prague earlier this year, the second edition of the Industry Roundtable on 22 October in Sofia will address such issues as energy co-operation, regulatory obligations like long-term pricing and fair competition, and the support of international financial institutions in the process.

The Industry Roundtable is part of the Energy Week in Sofia 22-24 October, which is hosted by the Bulgarian Minister of Energy Milko Kovachev.  The Energy Week will cover various aspects, which emerge from the commitments taken by SEE countries in the framework of the Athens process, named after the signing of a Memorandum of Understanding in the Greek capital in November 2002.  The European Commission and the Stability Pact initiated the Athens Process with a view to creating a regional electricity market.  The task is ambitious: by the target date 2005, the legislative basis and the functioning of electricity production and distribution should be in line with EU law.  It is now intended to expand the process from electricity to gas.  It is also planned to transfer the Memorandum into a legally binding treaty during 2004, thereby increasing security for investors, donors and financial institutions alike.

Other events of the Energy Week include a seminar by USAID on the social safety net and alternatives to easing transition, a donors meeting including the review of a power generation investment study, a meeting of the Permanent High Level Group on Energy and of senior Advisors to the Prime Ministers, a meeting of the so-called "Athens Forum", which includes the regulators, and a workshop by the International Energy Agency on the topic of energy statistics.

Conclusions of the Industry Round Table