Part II of this report contains summaries of the findings of each and the full lists of recommendations made to each government. Finnish energy markets have undergone much reform and restructuring in the last half-decade. The review focussed on electricity and gas market reforms as well as the 1998 merger of Finland's largest oil company and its largest electricity supply companies. It credits Finland with an original design for its electricity market, a design which other countries might profitably learn from. The chief point of concern concerns energy markets concerns adequate curbs on excessive market power.
Climate change remains a key issue, and environmental protection has strong support.
With this support, and partly due to a cold climate and scarce indigenous energy resources, the country has already exploited much of its energy-efficiency potential. Finland pioneered a carbon tax in 1990 and it has one of the highest shares of combined heat and power production in the world. Hungary joined the IEA in 1997. A transition economy operating under difficult conditions, Hungary has nevertheless made great strides in restructuring, liberalising and privatising its energy sector. The electricity and gas markets received particular attention in the 1999 review.