st of their capital will depend partly on how the regulatory framework evolves and, in the case of state-owned firms, the ability and readiness of governments to finance investment themselves. In many non-OECD countries financing will remain difficult, especially in Africa, the transition economies and South Asia, because of poorly developed domestic financial markets and the higher cost of capital caused by higher risk. Private investment is expected to play a growing role in the medium term, but the success of efforts to attract private capital will depend critically on the economic, political, regulatory and legal environment in each country. Notes 1. However, the widespread deployment of carbon sequestration and capture technology - not assumed here - could help coal maintain a high share in electricity generation. 2. Many developing and transition economies are seeking to restructure their electricity industries by introducing new market structures to encourage competition. Many of their efforts have not brought about the expected results. Some of these countries may want to delay the introduction of competition until their electricity sector is sufficiently mature and economically viable. INFRASTRUCTURE TO 2030: TELECOM, LAND TRANSPORT, WATER AND ELECTRICITY - ISBN 92-64-02398-4 - © OECD 2006 OUTLOOK FOR GLOBAL INVESTMENT IN ELECTRICITY INFRASTRUCTURE Bibliography Edison Electric Institute (2005), 2004 Financial Review, EEI, Washington, DC. EPRI (Electric Power Research Institute) (2003), Electricity Technology Roadmap, EPRI, Palto Alto, California. Estache, A. and A. Goicoechea (2004), How Widespread Were Private Investment and Regulatory Reform in Infrastructure Utilities during the 1990s?, World Bank, Washington, DC. IEA (International Energy Agency) (2002), Distributed Generation in Liberalised Electricity Markets, OECD, Paris. IEA (2003), World Energy Investment Outlook, OECD, Paris. IEA (2005a), World Energy Outlook, OECD, Paris. IEA (2005b), Lessons from Liberalised Electricity Markets, OECD, Paris. 