1. In the sectors involving networks (electricity, gas, telecommunications, etc.), vertically integrated undertakings should distinguish, in their management and their accounts, between the various activities which they carry out (production, transmission, etc.).
2. Vertically integrated undertakings shall keep separate accounts for the activities of production, distribution and transmission, which must be accessible, at least to a public or independent entity defined by these States, as well as to dispute settlement authorities. Electricity undertakings draw up, publish and submit to audit their accounts in accordance with national laws adopted to implement Council Directive 78/660/EEC, OJ NO L 222, 14.8.78 (concerning annual accounts of limited liability companies).
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