[en] Regulatory arrangements: As part of the reform, an independent regulatory body (the NCCPE) was created and made responsible for the regulation of electricity prices, licensing, promotion and supervision of competition, customer protection, monitoring of supply service quality and dispute resolution. The NCCPE’s regulatory procedures such as licensing and monitoring have direct impact on investments in generation technologies. Licences are issued by the NCCPE on the basis of an energy company’s technological, financial and management capacity assessment. This assessment was introduced in 2009 and it includes nine financial indicators in terms of revenue protection, financial leverage and commercial activity. These indicators represent a company’s financial capacity. If the company’s total financial capacity indicator in the last two years exceeds the bottom threshold for the normative indicator of the sector set by the NCCPE, its financial capacity is rated sufficient for performing licensed activities. Otherwise, its licence will be withdrawn. This regulatory procedure has impacts on investments and the choice of electricity generation technologies as only financially strong companies will be able to meet the requirements