Abstract
The European Union's Electricity and Gas Directives herald an era of radical change that will progressively liberalise the European energy markets. Three major factors emerge: there will be a single European network, with gas as the dominant fuel; the structure of the industry will change, with companies unbundling and rebundling into three sectors: energy, asset and retail; and these changes, occurring within a transformed European political and economic landscape, will combine to make Europe the world's most competitive power market. The infrastructure, market changes, convergence of electrical and related utilities, and the organisation of the utilities are discussed.
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