Europe’s transmission sector remains dominated by regulated TSOs, with transmission infrastructure continuing to be treated as a strategic national asset and natural monopoly. While European electricity markets have become increasingly integrated through cross-border trading and market coupling, ownership and delivery models remain largely national, regulated and state- influenced. Europe’s transmission grid remains largely organised around regulated national TSOs, with limited direct competition in ownership or delivery. TSOs are responsible for planning, building and operating high- voltage networks, and typically function within a monopolistic, regulated business environment. This reflects the treatment of transmission infrastructure as both critical national infrastructure and a natural monopoly.

The central role of incumbent national operators is also reflected in the structure of Europe’s system-level coordination. The European Network of Transmission System Operators for Electricity (“ENTSO-E”), represents 40 electricity TSOs across 36 European countries. While ENTSO-E does not own or operate transmission grids directly, it plays an important coordinating role in supporting cross-border electricity trading, market coupling, efficient use of interconnectors, and the development of technical and market rules governing interaction between electricity networks, generators, consumers and market participants across Europe. It also supports the synchronised operation of the continent’s power grids, including areas such as the Continental Europe Synchronous Area.

State ownership remains a defining feature of several European transmission markets. In France, the high-voltage transmission network is operated by Réseau de Transport d’Électricité (“RTE”), which is majority-owned by the French state through Électricité de France (“EDF”). In Sweden, the national grid is owned and operated by the Swedish state- owned authority, Svenska Kraftnät. Similarly, power transmission in the Netherlands is highly centralised and managed by the state- owned TenneT, which acts as the national TSO.

Overall, the European transmission landscape is therefore characterised by regulated national ownership structures, strong incumbent TSO control, and limited competition in core transmission ownership. Although European power markets are increasingly integrated at the operational and trading level, ownership and delivery models remain largely national, regulated and state- influenced.

Growing grid investment requirements are increasing pressure for greater private capital participation. The European Commission estimates that grid investment could require c.€85.0 Bn annually between 2031 and 2050, including c.€28.0 Bn per year for transmission infrastructure.

In response, policymakers are increasingly exploring hybrid financing structures, public-private partnerships and project- level investment models rather than full privatisation of transmission networks. The European Commission’s Grids Package and Clean Energy Investment Strategy support this direction through accelerated permitting, stronger cross-border coordination and measures designed to attract private investment.