The Energy Community (EEC) was formed with the aim of establishing a mechanism for extending the EU acquis in areas relevant to the energy sector to non-EU countries. Acceptance of the regulations from the 2nd and 3rd EU energy package is set as a condition for access to the EU market. In the first phase (2006-2020), expectations were that the “first energy transition” (liberalization of the sector of networked energy sources – natural gas and electricity) would result in increased competition and efficiency and the attraction of necessary investments for the modernization of the electric power system. However, even after 15 years, organized and functional gas and electricity markets have not been established in the members of the EEC, nor has the established stock exchanges (eg SEEPEX) been connected to the single EU market.