The transition towards a climate-neutral economy requires both the policymakers and operators to consider the core and comprehensive dimensions of just transition. This chapter examines the economic impact of implementation of just transition principles in North Macedonia through a specific case study. It analyses the regional economic foundation and conducts a cost–benefit analysis for transitioning a coal-fired plant in the Southwest planning region. The study determines local sector coefficients and assesses potential socioeconomic impacts linked to decarbonization within specific sectors, estimating effects on employment and regional value added under several scenarios with different assumptions. These scenarios provide summary cost–benefit evaluations for long-term impacts, offering insights for policymakers aiming to evaluate potential effects of just transition policies for TTP Oslomej from social-economic and environmental perspectives within its localized context. The findings from this case study underscore the significance of implementing just transition principles in the Southwest planning region of North Macedonia.