This paper identifies the growth strategies adopted by the electric utilities sector in the context of changes resulting from the deregulation and liberalization of the electricity market. Strategies pursued by the electric utilities sector were rarely the subject of research in the field of strategic management despite the fact that electricity is an indispensable element of everyday life and the economy as a whole. Therefore, a case study of the largest incumbent electric utilities in the Republic of Croatia, Slovenia, Bosnia and Herzegovina, Serbia, Montenegro, and Macedonia has been conducted, and differences in the degree of market liberalization and core features of these companies have been noted. Research findings have shown that the degree of deregulation can affect the growth strategies of electric utilities. In those countries where the degree of deregulation is lower, electric utilities focus on the domestic market. On the other hand, a higher level of deregulation enables electric utilities to achieve their growth through diversification or innovation. Given the fact that the analyzed electric utilities are operating within relatively small economies, they cannot compete with electric utilities in developed countries, and, apart from international electricity trading, are mostly focused on their domestic markets.

中文翻译：

---

电力市场放松管制和自由化背景下的电力公司增长战略

本文指出了在电力市场放松管制和自由化导致变化的背景下，电力公用事业部门采取的增长策略。尽管电力是日常生活和整个经济中不可或缺的要素，但电力管理部门追求的战略很少成为战略管理领域的研究主题。因此，对克罗地亚共和国，斯洛文尼亚，波斯尼亚和黑塞哥维那，塞尔维亚，黑山和马其顿的最大现有电力公司进行了案例研究，并且注意到这些公司的市场自由化程度和核心特征存在差异。研究发现表明，放松管制的程度会影响电力公司的增长策略。在那些放松管制程度较低的国家，电力公司将重点放在国内市场上。另一方面，更高水平的放松管制使电力公司可以通过多元化或创新来实现其增长。考虑到所分析的电力公司在相对较小的经济体中运作的事实，它们无法与发达国家的电力公司竞争，因此，除了国际电力交易之外，它们大多集中在其国内市场上。