Abstract
 
Analysis of the behavior of the large energy companies in seven EU Member States showed that the elasticity of their demand for labor on the final consumption of electric energy is 0.5, on the price of this energy for industrial consumers 0.3, and to the labor costs per employee -0.2. Elasticity of demand for capital on the final consumption of electric energy is 0.8, and on the electricity prices for industry throughout the euro area 0.5.
 
From 2009 to 2012, HSE's demand for labor and capital was quite atypical. The expected response of HSE to the market conditions should be at least 200 fewer employees and approximately €450 million less engaged funds in 2012. Having in mind that HSE cannot reduce its investment without losing diversification of its electricity production, the only way out of this problem is its business expansion.

Key words: industrial organization and macroeconomics, electric utilities, energy and macroeconomics
JEL: L16, L94, Q43