Future common power market in the EEU countries: problems and prospects

Abstract

Regional and sub regional markets development is one of the main aspects of integration, which is common in modern world. Integration process affects greatly global economic, trade, infrastructure and energy cooperation between the states.

Energy markets become less manageable, energy security global structure is also changing. EEU is a part of this trend, country-members of which is one of the world’s biggest energy regions. Union countries has already formed common customs territory, which allows to provide free finance flow and people’s movement. Mutual trade in 2017 increased by 19% compared to 2015 year. But there are few problems, which slow down integrational process. All country’s equal rights to affect decision — making on the one hand provide to smaller countries an ability to protect their interests, on the other — delay common decision making.

Common power market is important step forward to complex integration, which anticipated EEU common gas and oil markets. EEU energy sector operates common soviet-period infrastructure using unified standards. Creation of common power market will boost trade and economic cooperation between the EEU members. However, different energy potential, level of industry development, different schemes of EEU energy market operations complicate the whole EEU integration process.