Governing the Energy Transition: Management Privatization as a Path to Security of Supply and Infrastructure Development

Energija, ekonomija, ekologija, 2, XXVIII (2026) (1-9 str.)

 

АУТОР(И) / AUTHOR(S): Viktor Andonov , Snezhana Hristova  

 

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DOI: https://doi.org/10.46793/EEE26-2.01A

САЖЕТАК / ABSTRACT:

Today, the OECD Guidelines for Corporate Governance of State-Owned Enterprises (SOEs) are recognized worldwide as the benchmark for professionalizing the state’s role as an owner, ensuring that state-owned enterprises operate in an equally efficient and transparent manner to private enterprises.

These international standards have become indispensable in the modern global economy, where the state remains a dominant actor in strategic sectors such as energy and infrastructure. The goal of this paper is to address the systematic issue of the „Implementation Gap“ in the energy sectors of transition economies, focusing specifically on the case of the Republic of North Macedonia. In these contexts, the imperative of a sustainable energy transition encompassing both security of supply and climate change mitigation is constantly challenged by the entrenched reality of state-led governance. Despite the normative commitment of SOEs in the Macedonian energy sector, such as JSC ESM and JSC MEPSO, toward these international benchmarks, the reality of political interference and institutional decoupling remains a significant barrier to progress.

We have used the quantitative methods to investigate the quality of corporate governance through an instrumental multiple case study design, incorporating findings from 80 structured surveys and qualitative insights from 6 in-depth expert interviews. The findings have shown that there is a massive „Perception Gap“ of 1.70 points between the self-perception of internal board members and the observations of external stakeholders. The comparative aspect is covered by examining various types of governance structures, from the highly professionalized and centralized holding structures of Singapore (Temasek) and Slovenia (SDH) to the ongoing restructuring of the Serbian national utility, EPS – Elektroprivreda Srbije. Although the appointment of international experts for the EPS Supervisory Board, following IMF conditionalities, is a step towards OECD best practices, it is argued in the following research that North Macedonia needs to look beyond advisory-type oversight mechanisms. Instead, by synthesizing best practices from global and regional role models, a better solution for institutional insulation and operational efficiency is proposed.

To break this cycle, the paper proposes a radical structural reform: a Mixed-Ownership Model with „Management Privatization.“ By inviting a highly credible international strategic partner to acquire a minority stake, the state can establish a robust „contractual shield“ against local political influence.

The core rationale for inviting a strategic international partner through a mixed-ownership model is the urgent national need for both substantial capital injection and advanced technical expertise. This approach provides a direct benefit to the state by facilitating the construction of critical energy infrastructure, a sector where North Macedonia has faced a stagnation point with no significant large-scale projects realized in the past 30 years. By outsourcing management to a credible partner, the state secures the necessary investment and „know-how“ to finally modernize its aging assets and build the critical systems required for long-term energy independence

КЉУЧНЕ РЕЧИ / KEYWORDS:

OECD Guidelines, Corporate governance, Energy transition, Mixed-ownership model, Security of supply

ПРОЈЕКАТ / ACKNOWLEDGEMENT:

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