This paper reviews the origins of the current global interest in the privatization and reform of the electricity supply industry, Particular emphasis is placed on the issues of restructuring the industry into separate firms and the difficulties of attracting private capital into an industry in which some state ownership remains, The targets to be met, the means of achieving them, and potential difficulties in implementing such changes are analyzed. An overview of actual experience is provided, along with a discussion of the problems of assessing whether these changes have been successful, Finally, some lessons are drawn for the future development of the process.