The World Bank asked DHInfrastructure to conduct a comprehensive financial analysis of the power sector in the Western Balkans, for the purpose of assessing the financial viability of the sector in each country and in the region as a whole. Specifically, this study assessed the adequacy of current tariff levels and estimated the fiscal and quasi-fiscal deficits of each power sector. The analysis included a review of the financial state of the power sectors in Bosnia, Herzegovina, Kosovo, Macedonia, Montenegro, and Serbia. 