There are technical synergies between production and transport, not only in the provision of network services such as load balancing but also in the localisation of production and/or transport facilities. The debate about ownership un-bundling (severing not only the managerial but also the financial link between producers and transporters) has destabilised transport operators who no longer know how investment decisions will be coordinated between owners and regulators. The progressive integration of national electricity markets poses the question of investment in transnational interconnection capacity and its’ financing.