The electric power system of Bosnia and Herzegovina is characterized by a specific institutional structure because of the country's complicated political system. The accession to Energy Community committed Bosnia and Herzegovina to reform its power system. Accordingly, the implementation of European requirements seeks to create a legal and institutional framework that would enable the restructuring of vertically integrated companies, separation of electric power activities, defining and certifying model of the transmission system operator and forming new subjects such as a market operator within the electric power system. Implementation of the new institutional and legal framework in the process of electric power system reform would enable the operation of certain power activities on solid market principles. This would create the conditions for the development of an organized wholesale electricity market, in other words, the establishment of the power exchange. Accordingly, the wholesale electricity market should be organized as a hybrid market model that combines trade-in existing bilateral market and the future power exchange. Although a good institutional and legal framework is the basis for the development of the wholesale electricity market, the potential for its future growth should also be considered. Analysis of different indicators of market concentration (Concentration ratio, Herfindahl-Hirschman index, Entropy coefficient, Lorenz curve, and Gini coefficient) based on the trade volume indicate that the wholesale electricity market of Bosnia and Herzegovina is characterized by a high degree of market concentration and a significant trade volume in electricity. On the other hand, analysis and comparison of the average sell volume of the current wholesale electricity market in Bosnia and Herzegovina with an average volume in the neighbouring power exchanges indicate the potential of the wholesale electricity market in Bosnia and Herzegovina. It shows the impression that the liquidity of the future organized electricity market in Bosnia and Herzegovina should not be questioned. In addition to the above, the good location and connection of the power system of Bosnia and Herzegovina has the possibility of further integration with the neighbouring organized markets, i.e., power exchanges.