Since the UK electricity industry was restructured in 1990, and subsequently privatised, there have been several major changes within the industry. These can broadly be categorised as an increased emphasis on cost reduction, a change in capital investment patterns (most notably in generation), the im pact on customers in terms of both price and service, and the introduction of both competition and explicit regulation. More recently there have been significant changes in the ownership structure of the industry. This article addresses each of these topics and the Stock Market or City reaction to them.