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Abstract:One of the most important objectives of the European Union is the creation of an Internal Electricity Market (IEM) in Europe. Various national electricity market designs represent one of the major obstacles to the creation of IEM and it is necessary to coordinate national market designs among Member States in order to achieve that. Therefore, this paper gives a comprehensive overview of the electricity market design according to laws related to the electricity sector that are in force in Croatia. Additionally, the paper identifies key obstacles that hamper the development of a well-functioning electricity market in Croatia towards its further integration into the IEM. Since Croatian Power Exchange (CROPEX) is not coupled with any other power exchange, special attention was given to necessary prerequisites for market coupling with the Slovenian Power Exchange (BSP SouthPool) and with the Hungarian Power Exchange (HUPX).

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The article analyzes the shortcomings of price regulation as a function in the regulation of the monopoly activity of electricity distribution that does not include the quality regulation of electricity supply. Also analyzed is a conceptual model for launching an electricity supply quality regulation system with special emphasis on the reliability of supply as the crucial aspect of supply quality regulation. Developing the continuity of supply regulation will ultimately facilitate the introduction of an integrated regulation model comprising electricity price and electricity supply quality. The article also describes the experiences of the Hungarian regulatory authority in stepby- step introduction of price regulation and in integration of supply quality into the price regulation model.