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The World Bank recognizes that the Government of Macedonia may choose to incorporate other factors (e.g. political, social) in its decision making as regards energy sector investments. One key area will be the extent to which Macedonia relies on the regional energy market for supply of primary (gas) and secondary (power) energy.

To reiterate from other considerations (e.g. political), and focuses on economics as a basis for decision making. Decisions based on economic criteria would be optimal from the perspective of Macedonian energy consumers (residential and industrial) and taxpayers.

Regarding reform challenges, it is necessary that further steps are taken in order that secure and affordable energy supply is sustained. Steps relate largely to implementation of the Energy Law as amended, and cover development of the energy sector regulatory framework (particularly as regards secondary legislation for pricing), commercialization and restructuring of ESM, and energy industry ownership.

It is recommended that the energy sector reforms are to be deemed appropriate in the Macedonian context. Proposed reforms are consistent with requirements under the Athens Memorandum establishing the South East Europe Regional Energy Market (SEEREM), to which Macedonia is a signatory (discussed in section 3.2 below).

The main messages of the paper on the reform side are that:

Power tariffs should be increased in real terms as investments are undertaken.

ESM and the Government of Macedonia should adopt and implement a plan for reduction of power sector losses.

One major challenge for the new independent energy regulator is the development of tariff methodologies for the power sector.

Generation, transmission and distribution businesses of ESM should ideally be separately owned following restructuring, unless there is a signal from the market that some cross ownership will be required to stimulate sufficient investor interest.

Thermal generation should be privatized on a stand alone basis (i.e., it should not be integrated with hydro generation or distribution, and subject to the proviso above on cross ownership).

Distribution should be organized as one company (if the objective is for privatization to an international strategic investor).

Macedonia should establish a power market surveillance function, though this need not be a standard market operator.

Pipeline and trading activities of Makpetrol should be separated.

Secondary legislation for the gas industry should be developed.

ENERGY BALANCE

This section of the paper explores options for maintaining energy balance. Given that the primary energy balance is dominated by coal produced almost exclusively for use in power generation, together with hydro power production, power balance is the key determinant of energy balance in Macedonia; energy balance data is presented in Table 1. For thi本论文由英语论文网提供整理，提供论文代写，英语论文代写，代写论文，代写英语论文，代写留学生论文，代写英文论文，留学生论文代写相关核心关键词搜索。