Electricity markets world-wide are undergoing a transformation, as state-owned and vertically integrated monopolies are being replaced by competitive dynamics and private participation. Policy reforms driving this transformation include the corporatization and restructuring of state-owned utilities; the unbundling of generation, transmission, and distribution; the creation of independent regulators; and the promotion of private sector involvement in investment and management. This study reviews international reform trends and best practice in sector policy, with specific reference to Latin...