The Electricity Directive establishes a three-stage process intended to extend choice to every European consumer. Stage one, which requires all EU countries to open 26.5 percent of their electrical markets to foreign electrical power providers, took effect on February 19. Under the Gas Directive, domestic natural gas markets will open to a level of external competition equal to at least 30 percent of total EU demand by August 2000. Recent developments in the European gas sector suggest that some corporations and member-states are responding favorably to the slow liberalization of the EU energy market. Six major gas companies agreed earlier this June to the Zeebrugge Natural Gas Trading Agreement, Asymmetrical enforcement of the EU's Electricity Directive by some member-states has prevented the emergence of a truly integrated transnational market.
Formal trading is anticipated to begin before winter.
Recent developments in the heart of Europe suggest that similar preparations are underway to prepare for changes in the electricity market. Plans to have the system running by 2000 may allow the GEX to provide the foundation for a European electricity exchange. Such progress is rare, however. The European Commission has granted Belgium and Ireland a one-year reprieve in which to adequately prepare their domestic electricity industries. Greece will not enter the open energy market until 2001.