2 - Political economy of the Brazilian power industry reform  pp. 31-75

Political economy of the Brazilian power industry reform

By Adilson de Oliveira

Image View Previous Chapter Next Chapter


After a long period of rapid growth the Brazilian power industry entered a period of stagnation and crisis in the 1980s. Ever since the 1930s a series of tariff rules and nationalizations had squeezed private investors from the market. In their place, state enterprises had assumed the function of distributing electricity in Brazil's twenty-six states; Eletrobras, owned by the central government, managed the transmission system and also generated much of the electricity in Brazil. Through its control over state funds for building power plants, Eletrobras pursued vast projects such as the Itaipu hydroelectric plant and assured low electricity prices as part of the government's policy of import substitution. In the shock of the oil crises and the Latin American debt crisis this system unraveled. Financing costs escalated yet tariffs were kept low; losses mounted.

The process of reforming the electric power system began after the new democratic government took power in 1990. But a more radical effort at reform arose only in the mid-1990s in response to two main pressures. One was the goal of reorienting the entire economy away from the import substitution policies towards a more competitive system that promised greater investment and economic growth (Diniz, 2003). As a first step the finance ministry induced several states to sell valuable electric assets to private investors and plug gaping holes in their balance sheets.


Reference Title: Bibliography

Reference Type: bibliography

Reference Type: bibliography

African National Congress, Reconstruction and development program. Johannesburg: Umanyano Publications. 1994.
Agrawala, P., Personal Discussions, R. Tongia, Editor. 2003.
Ahluwalia, M. S., Report Of The Expert Group (on) Settlement Of SEB Dues. Ministry of Power: New Delhi. 2001.
Ahluwalia, M. S., State Level Performance Under Economic Reforms In India. Center for Research on Economic Development and Policy Reform (CREDPR): Palo Alto. 2001.
Ahluwalia, S. S. and G. Bhatiani. Tariff Setting in the Electric Power Sector - Base paper on Indian Case Study in TERI Conference on Regulation in Infrastructure Services. New Delhi. 2000.
Aneel, Quality of the Electricity Supply, www.aneel.gov.br. 2003.
Apt, J. “Competition Has Not Lowered U.S. Electricity Prices.” The Electricity Journal Volume 18, Issue 2, March 2005, Pages 52–61.
Asia Pacific Energy Research Centre, Electricity Sector Deregulation in the Asia Pacific Region. Tokyo: Asia Pacific Energy Research Centre. 2000.
Averch, H. and L. L. Johnson. “Behavior of the Firm Under Regulatory Constraint.” The American Economic Review 52, 1052–1069. 1962.
Bacon, R. W. and J. Besant-Jones, “Global Electric Power Reform, Privatization and Liberalization of the Electric Power Industry in Developing Countries.” Energy & Mining Sector Board Discussion Paper Series, No. 2. Washington, D.C.: The World Bank Group. 2002.
Bacon, R., “Global Energy Sector Reform in Developing Countries: A Scorecard.” Report 219, ESMAP, 1999.
Baer, W., A Economia Brasileira. Nobel, São Paulo. 1995.
Bakovic, T., B. Tenenbaum, and F. Woolf, “Regulation by Contract: A New Way to Privatize Electricity Distribution?” World Bank Working Paper No. 14. 2003.
Bardhan, P., The Politics of Economic Reform in India, in Poverty, Agrarian Structure, and Political Economy in India. Oxford University Press: New Delhi. 2003.
Bastarrachea, S. and J. Aguilar, “Evolución de la Industria Eléctrica en México,” in El Sector Eléctrico de México. CFE y Fondo de Cultura Económica. 1994.
Bayman, S., Return of the Big Bet: U.S. Business in India, in US-India Business Council - 27th Annual Meeting. Washington, DC. 2002.
Beck, U. I., La Societé du Risque, Aubier, Paris. 2001.
Berrah, N., Lamech, R., and Zhao, J., Fostering Competition in China's Power Markets. World Bank Discussion Paper No. 416. 2001.
Berrah, N., Jianping Zhao, Fostering Competition in China's Power Markets, World Bank Discussion Paper No. 416. 2001.
Bharadwaj, A. and R. Tongia, Distributed Power Generation: Rural India - A Case Study. Submitted for publication. 2003.
Bidwai, P., “The other Enrons,” in Frontline. 2002.
Bradley, Jr., R. L. “The Origins of Political Electricity: Market Failure or Political Opportunism?” Energy Law Journal 17, 59–102. 1996.
Bratton, W. and J. A. McCahery, “Comparative Corporate Governance and the Theory of the Firm: The Case Against a Global Cross-Reference,” 38 Columbia Journal of Transnational Law. 213, 219–220. 1999.
Breceda, M., “Debate on the Reform of the Electricity Sector in Mexico,” North American Commission for Environmental Cooperation. 2000.
Brennan, T., K. Palmer and S. Martinez, Alternating Currents: Electricity Markets and Public Policy. Resources for the Future, Washington, D.C. 2002.
Brown, R. E. and M. W. Marshall, “The Cost of Reliability,” Transmission & Distribution World. 2001.
Business Map: The electricity supply industry: economic and social effects of restructuring. Johannesburg. 2001.
Cambridge Energy Research Associates. “Mexico's Supreme Court Ruling: Opening Pandora's Box?” CERA Insight. 2002.
Camozatto, I., “A Trajetória do Setor de Energia Elétrica de 1980,” Memória de Eletricidade, Rio de Janeiro. 1995.
Carbajo, J. and S. Fries, “Restructuring infrastructure in transition economies.” Working Paper No. 24, European Bank for Reconstruction and Development. 1997.
Carneiro, D. D. and E. M. “Modiano, Ajuste Externo e Desequilíbrio Interno: 1980–1984,” in Abreu, M. P. A Ordem do Progresso: 100 anos de Política Econômica na República, Campus, Rio de Janeiro. 1990.
Carreón Rodríguez, V. G. “Las Tarifas en el Sector Eléctrico Mexicano”, Boletín División de Economía. CIDE. 2003.
Carreon Rodríguez, V. G. and J. Rosellón, “El sector eléctrico mexicano: La necesidad de una reforma structural,” Ejecutivos de Finanzas IMEF, Año XXXI, No. 4. 2000.
Carreón Rodríguez, V. G. and J. Rosellón, “The Economic Rationale of the Structural and Regulatory Reform of the Mexican electricity Sector,” Working Paper STDE-199. Centro de Investigación y Docencia Económicas, A.C. 2000.
Carreón Rodríguez, V. G. and J. Rosellón, “La Reforma del Sector Eléctrico Mexicano: Recomendaciones de Política Pública”. Gestión y Política Pública, Volumen XI, Numero 2. 2002a.
Carreón Rodríguez, V. G. and J. Rosellón, “Incentives for Expansion of Electricity Supply and Capacity Reserves in the Mexican Electricty Sector”. Working Paper STDE-219. Centro de Investigación y Docencia Económicas, A.C. 2002b.
CEA, All India Electricity Statistics: General Review 2005. Central Electricity Authority, New Delhi. 2005.
CEA, Fourth National Power Plan. Central Electricity Authority, New Delhi. 1997.
CESC Limited, The Story of Electricity in the City of Calcutta. 2001.
Chen, B., J. Kimball Dietrich and Yi Fang, eds., Financial Market Reform in China: Progress, Problems and Prospects. Westview Press, Boulder Colorado. P. 5. 1999.
China Electric Power Yearbook, China Electric Power Publishing House, Beijing, China, various years.
China Statistical Yearbook, China Energy Yearbook. Beijing, China, various years. (Chinese)
Choukroun, S., Enron in Maharashtra: Power Sector Development and National Identity in Modern India. University of Pennsylvania, Philadelphia. 2001.
Christie, R., Electricity, industry and class in South Africa. London: Macmillan. 1984.
Dailiami, M. and R. Hauswald, “The Emerging Project Bond Market: Covenant Provisions and credit Spreads,” World Bank Policy Research Working Paper 3095. July, 2003.
Davies, M and G. Steyn, Electricity in South Africa. Financial Times Business Limited. London. 1998.
de Castro, A. B and F. E. P. De Souza, “A Economia Brasileira em Marcha Forçada,” Paz e Terra, Rio de Janeiro. 1985.
de Oliveira, A., Internacionalisation du capital et développement économique: L'industrie pétrolière au Brésil, D.Sc., Université de Grenoble, France. 1977.
de Oliveira, A., ed., Power System Performance: Options and Opportunities for Developing Countries. COPED, CEC, Luxembourg. 1992.
de Rosenzweig, F. and J. C. Femat, Mexican Electricity Sector: Is it moving forward?. Mimeo. 2003.
Deloitte Touche-Tohmatsu, “Sustainable Power Sector Reform in Emerging Markets: Financial Issues and Options,” Joint World Bank/USAID Policy Paper. June, 2004.
Demsetz, H., “The Cost of Transacting,” The Quarterly Journal of Economics 82, 33–53 1968.
Department of Minerals and Energy. White Paper of Energy Policy for the Republic of South Africa. Pretoria. 1998.
Department of Minerals and Energy. Electricity Distribution Industry Restructuring Blueprint Report. Pretoria. 2001.
Department of Minerals and Energy / Department of Public Enterprises, Options for reform of the electricity supply industry in South Africa. Internal Government Paper. Version 3.0, July, Pretoria. 2000.
Department of Minerals and Energy, Draft policy and strategy for electricity supply industry reform for the Republic of South Africa. Internal government paper. Version 5, April, Pretoria, 2000.
Devapriya, K. A. K. and H. Wilhelm Alfen, Role of Institutional Arrangements in Financing Project Companies in Asiab draft working paper, Oct. 2, 2003.
Development Research Center of State Council, Strategic Study of Chinese Electric Power Structure Reform and Sustainable Development. Report submitted to the Energy Foundation and W. Alton Jones Foundation. October, 2000. (Chinese)
Development Research Center, Strategies for China's Electricity Reform and Renewable Development (White Paper). Prepared for China Sustainable Energy Program, The Energy Foundation. 2002.
Dias Leite, A., A Energia do Brasil, Nova Fronteira, Rio de Janeiro. 1997.
Dingley, C., Electricity for All.: the Needs and the Means. Monograph. Department of Electrical Engineering, University of Cape Town. 1990.
Diniz, E., “Empresariado, Estado e Políticas Públicas no Brasil: Novas Tendências no Limiar do Novo Milênio,” in Ferraz, Crocco e Elias, Liberalização Econômica e Desenvolvimento: modelos, políticas e restrições, Futura, São Paulo. 2003.
D'Sa, A., Power Sector Reform in India - an Overview. International Energy Initiative, Bangalore. 2002.
Dubash, N. ed., Power Politics: Equity and Environment in Electricity Reform; World Resources Institute (WRI), Washington D.C. 2002.
Dubash, N. K. and S. C. Rajan, “The Politics of Power Sector Reform in India,” World Resources Institute, Washington, DC. 2001.
Dubash, N. K., “The public benefits agenda in power sector reform,” Energy for Sustainable Development 2, 5–14. 2001.
Eberhard, A and van Horen, Poverty and Power: Energy and the South African State. Pluto Press, London. 1995.
Econ. Electricity Price Scenarios for South Africa. A report to the Department of Minerals and Energy, South Africa. Oslo. 2002.
Electricity Supply Commission Annual Reports 1923–1935, South Africa.
Eletrobrás, Plano Decenal de Expansão, Rio de Janeiro. 1999.
Eletrobrás, Relatório Sintético de Diagnóstico do Setor Elétrico, mimeo. 1998.
Emmons, W. M. “Franklin D. Roosevelt, Electric Utilities, and the Power of Competition.” The Journal of Economic History, 53, 880–907. 1993.
Energy Information Administration, “World Electricity Installed Capacity by Type, January 1, 2003,” International Energy Annual, Posted June 24, 2005.
Eskom. Proposals for the restructuring of the electricity supply industry in South Africa and implications for Eskom. Confidential internal document. 16/7/90. 1990.
Eskom. Annual Report. 1990, 2001, and 2003.
Eskom Act, 1987. Government Printer. Pretoria, 1987.
Estache, A. and M. Rodriguez-Pardina, “Light and Lightning at the End of the Public Tunnel: Reform of the Electricity Sector in the Southern Cone,” Policy Research Working Paper No. 2074, Washington, D.C.: The World Bank, 1999.
Estache, A. and M. Rodriguez-Pardina, “Regulatory Lessons from Argentina's Power Concessions,” Viewpoint Note No. 92, The World Bank Group, Sept. 1996.
Esty, B. and W. L. Megginson, “Creditor Rights, Enforcement, and Debt Ownership Structure: Evidence From the Global Syndicated Loan Market,” Journal of Financial and Quantitative Analysis, Vol. 38, No. 1, pp. 37–59. 2003.
Ferreira, P., On the Efficiency of the Argentinean Electricity Wholesale Market, Seminario No. 09/02. June 6, 2002.
Finon, D., T. Arnt Johnsen and A. Midttun. “After the grace period: Economic and political challenges when electricity markets fact the investment phase.” Mimeo.
Fridley David ed. LBNL: China Energy Databook v. 5.0, LBNL-47832, May 2001.
Furtado, C, Formação Econômica do Brasil, Cia. Editora Nacional, São Paulo. 1972.
Goldemberg, J., E. Lebre la Rovere and S. Teixeira Coelho. “Expanding Access to Electricity in Brazil.” Energy for Sustainable Development. 8(4): 86–94. 2004.
Gray, P., “Private Participation in Infrastructure: A Review of the Evidence.” Washington, D.C.: The World Bank 2001.
Green, J., Managing Risks in International Power Projects, 672 PLI/Comm 669, Practising Law Institute. 1993.
GTRDC, “Guangdong Provincial Electric Power Market Reform and Future Development,” Working Paper, PESD, Stanford University. 2003. (Chinese)
Guangdong Energy Techno-economic Research Center, 1999. Guangdong Electric Power Development and Future Trend. Paper presented at the Forth China Energy Project Workshop of CISAC, Stanford University, November 1999. (Chinese)
Guasch, J. L. Granting and Renegotiating Infrastructure Concessions. World Bank, 2004.
Guasch, J. L. and P. Spiller, Managing the Regulatory Process: Design, Concepts, Issues, and the Latin American and Caribbean Story. The World Bank, 1999.
Gupta, J., J. Vlasblom, and C. Kroeze, An Asian Dilemma: Modernizing the electricity sector in China and India in the context of rapid economic growth and the concern for climate change. Vrije Universiteit, Amsterdam, Report number E-01/04. 2001.
Hall, P. A. and D. Soskice eds., Varieties of Capitalism: The Institutional Foundations of Comparative Advantage. 2001.
Harris, C., “Private Participation in Infrastructure in Developing Countries: Trends, Impacts, and Policy Lessons,” World Banks WP No. 5, 2003.
Harris, C., et al., Infrastructure Projects: A Review of Cancelled Private Projects, Public Policy for the Private Sector Note NO. 252, The World Bank, 2003.
Heller, T. C. and D. G. Victor, A Political Economy of Electric Power Market Restructuring: Introduction to Issues and Expectations, PESD Working Paper #1, 2003.
Heller, W. B. and M. D. McCubbins, “Politics Institutions, and Outcomes: Electricity Regulation in Argentina and Chile,” Policy Reform 1, 357–387, 1996.
Hellman, J. S., “Winners Take All: The Politics of Partial Reform in Postcommunist Transistions,” World Politics 50, no. 2, January 1998.
Henisz, Witold J. “The Institutional Environment for Infrastructure Investment,” presented at The International Society for the New Institutional Economics Third Annual Meetings: Washington D.C. September 17, 1999.
Henisz, W. J., Zelner, B. A., and Guillen, M. “The Worldwide Diffusion of Market-Oriented Infrastructure Reform, 1977-1999,” The Wharton School WP, October 24, 2005.
Henisz, W. J. and Zelner, B. A., “Interest Groups, Veto Points, and Electricity Infrastructure Deployment,” International Organization 60, 263-286, Winder 2006.
Hofmaenner, A., A history of energy research in South Africa. PhD thesis. ETH, Zurich. 2002.
Hollingsworth, J. Rogers et al., Contemporary Capitalism: The Embeddedness of Institutions 1997.
Ibge, Estatísticas Históricas do Brasil, Rio de Janeiro. 1986.
IEA, World Energy Outlook. 2002.
IEA, México Energy Outlook Paris, 2002.
IEA, Electricity Market Reform: An IEA Handbook, OECD/IEA, 1999.
IEA, Electricity Reform: Power Generation Costs and Investment, OECD/IEA, 1999b.
IEA, World Energy Outlook 2002: Energy and Poverty, Paris, France, September 2002.
International Finance Corporation, Project Finance in Developing Countries, International Finance Corp., 1999.
Irwin, T., M. Klein, G. E. Perry, and M. Thobani, Dealing with Public Risk in Private Infrastructure, The World Bank, 1997.
Jadresic, A. and F. Fuentes “Government Strategies to Reduce Political and Regulatory Risks in the Intrastructure Sector,” paper presented at Private Infrastructure for Development: Confronting Political and Regulatory Risks, Sept. 8–10, 1999, Rome, Italy.
Jamash, T., Mota, R., Newbery, D. and Pollitt, M. “Electrcity Sector Reform in Developing Countries: A Survery of Empirical Evidence on Determinants and Performance,” World Bank Policy Research Working Paper 3549, March 2005.
Jiang, S., Ouyang, C., “Strategic Structural Adjustment of the Electric Power Industry during the 9th Five-year Plan Period,” in SPC (Comp.), Summary of the Electricity Industry Performance during the 9th Five-year Plan. China Electric Power Press, Beijing, pp. 218 – 232, 2002 (Chinese)
Jiménez San Vicente, A., “The Social and Economic Cost of Structural Adjustments in Mexico”. Masters Degree Thesis, Harvard University. 1999.
Jiménez San Vicente, A., “The Political Economy of Tax Collection in Mexico, 1970–2000,” PhD Thesis, London School of Economics. 2002.
Joskow, P., “Deregulation and Regulatory Reform in The U.S. Electric Power Sector,” mimeo, MIT, 2000.
Joskow, P. L. and R. Schmalensee, “Incentive Regulation for Electric Utilities,” Yale Journal of Regulation 4, No. 1, 1986.
Joskow, P. L. and R. Schmalensee, Markets for Power: An Analysis of Electrical Utility Deregulation. The MIT Press, 1983.
Kanungo Committee, G.o.O., Report of the Committee on Power Sector Reform of Orissa, Ministry of Power of the Government of India. 2001.
Kessides, I. N. Reforming Infrastructure: Privatization, Regulation, and Competition, World Bank Policy Research Report, 2004.
Kornai, J., “Hardening of the Budget Constraint: The Experience of the Post-socialist Countries,” European Economic Review, 45(9) :1573–1600 (2001). (chapter 1)
Kornai, J., “Understanding the Soft Budget Constraint,” available at <http://post.economics.harvard.edu/faculty/kornai/papers/understanding.pdf> as accessed Nov. 19, 2005.
La Porta, R., F. Lopez-de-Silanes, A. Shleifer and R. Vishny, “Investor protection and corporate governance,” Journal of Financial Economics 58, 3–27, 2000.
Lal, S., Political Factors Affecting Power Sector Reform in India - An Internal (World Bank) Discussion Note, The World Bank: New Delhi. 2003.
Lamech, R. and K. Saeed, “What International Investors Look For When Investing In Developing Countries: Results from a Survey of International Investors in the Power Sector,” World Bank, Energy and Mining Sector Board Discussion Paper No. 6, 2003.
Levy, B. and P. T. Spiller, Regulations, Institutions, and Commitment New York., Cambridge University Press, 1996.
Levy, B. and P. T. Spiller, “Regulatory Commitment: A Comparative Analysis of Telecommunications Regulation,” Journal of Law, Economics & Organization, vol. 10, 201–246, 1994.
Lieberthal, K. and Oksenberg, M., Policy Making In China – Leaders, Structures, and Processes, Princeton University Press, Princeton, New Jersey. 1988.
Lieberthal, K., “China's Governing System and Its Impact on Environmental Policy Implementation,” China Environment Series, Issue 1. Woodrow Wilson Center, Washington, D.C. 1997.
Lima, M, “Petróleo, Energia Elétrica e Siderurgia: A luta pela Emancipação,” Paz e Terra, Rio de Janeiro. 1975.
Lopez-Calva, L. F. and J. Rosellon, “The Benefits of Privatization: Evidence from México,” Universidad de las Americas, Puebla, Mexico, 2002a.
López-Calva, L. F. and J. Rosellon, “On the Potential Distributive Impact of Electricity Reform in Mexico”. Working Paper. CIDE. 2002.
Mahalingam, S., Power to the Regulator, in Frontline. 1998.
Manibog, F. Dominguez, R., and Wegner, S., “Power for Development, a Review of the World Bank Group's Experience with Private Participation in the Electricity Sector,” The World Bank, Washington, D.C. 2003.
Marquard, A & A. Eberhard, Towards energy equity, efficiency and environmental sustainability in South Africa: policy challenges. Energy for Sustainable Development, Vol IV, No 4, pp 3–7. 2000.
May, M., T. C. Heller, and C. Zhang, Electricity Industry Development and Global Warming Impact: Case Studies of Three Chinese Provinces. Prepared for EPRI, Stanford University, November 2002.
Mc Kinsey, D. And D. Mookherjee ‘The Distributive Impact of Privatization in Latin America: Evidence from Four Countries,’ Economia, vol. 3, no. 2, Spring. 2003.
McElroy, M., Industrial Growth, Air Pollution, and Environmental Damage. In Energizing China: Reconciling Environmental Protection and Economic Growth. Harvard University Press, Cambridge, MA. 1997.
Medeiros, R., O Capital Privado na Reestruturação do Setor Elétrico, M.Sc., COPPE. 1993.
Megginson, W. L., R. C. Nash and M. Van Randenborgh, “The Financial and Operating Performance of Newly Privatized Firms: An International Empirical Analysis,” The Journal of Finance, 49:2, 403–452, 1994.
Memória da Eletricidade, A Eletrobrás e a Historia do Setor de Energia Elétrica no Brasil, Rio de Janeiro. 1995.
Merrill Lynch & Co. 2002. “Energy Reform Mexico”. México, D. F.
Meyer, J. W. and B. Rowen, “Institutionalized Organizations: Formal Structure as Myth and Ceremony,” American Journal of Sociology 83 (2):340–363, 1977.
Millan, J. “Power Sector Reform in Latin America: Accomplishments, Failures and Challenges,” Economic and Political Weekey, December 10, 2005.
Ministério de Minas e Energia, Balanço Energético Nacional, Brasília. 2000.
Ministry of Coal, Annual Report 2004–05. 2005, Ministry of Coal, Govt. of India: New Delhi.
Ministry of Electric Power Industry, Electric Power Industry in China, China Electric Power Press, Beijing. 1996. (Chinese)
Ministry of Finance, Economic Survey 2001–02, Ministry of Finance (Economic Division), Govt. of India: New Delhi. 2002.
Ministry of Finance, Economic Survey 2003–04, Ministry of Finance (Economic Division), Govt. of India: New Delhi. 2002.
Ministry of Finance, Economic Survey 2004–05, Ministry of Finance (Economic Division), Govt. of India: New Delhi. 2005.
Ministry of Power, 2001–02 Annual Report, Ministry of Power, Govt. of India: New Delhi. 2002.
Ministry of Power, Blueprint for Power Sector Development. New Delhi, 2001.
Ministry of Power, Discussion Paper on Rural Electrification Policies. Ministry of Power: New Delhi, 2003.
Minor, M. S., The Demise of Expropriation as an Instrument of LDC policy 1980–1992, of Journal of International Business Studies 1:25, 1994.
Mlambo-Ncguka, P, Electricity supply industry (ESI) vision and objective. Electricity Supply Industry Reform Workshop, Midrand, 3–5 April, 2000.
Mlambo-Ngcuka, p., Minister of Minerals and Energy, press conference July 31, 2001, Pretoria.
Moran, T. H., Political and Regulatory Risk in Infrastructure Investment in Developing Countries: Introduction and Overview, preliminary draft presented at “Private Infrastructure for Development: Confronting Political and Regulatory Risks, Sept. 8–10, 1999, Rome, Italy.
Morgan, G. and S. Tierney, “Research Support for the Power Industry,” Issues in Science and Technology, Fall 1998.
National Electricity Regulator, Lighting up South Africa: a century of electricity serving humankind. National Electricity Regulator and Open Hand Press, Pretoria. 2001.
National Electricity Regulator, Electricity Supply Handbook of South Africa. National Electricity Regulator, Pretoria. 2001a.
National Electrification Economic Study, Financing requirements of national electrification scenarios. Finance and Tariffs Working Group. National Electrification Forum. Johannesburg. 1993.
National Energy Regulator, National Integrated Resource Plan. Pretoria. 2002.
National Institute of Public Finance and Policy. Conference Summary, in India: Fiscal Policies to Accelerate Economic Growth. X New Delhi: National Institute of Public Finance and Policy. 2002.
Newbery, David M., “Regulatory Policies and Reform in the Electricity Supply Industry,” Cambridge Working Papers in Economics 9421, Department of Applied Economics, University of Cambridge. 1995.
Newbery, D. M., Privatization, Restructuring, and Regulation of Network Utilities. The MIT Press, 1999.
Padmanaban, S. and J. Totino, Energy Efficiency in Indian Agriculture, USAID-India: New Delhi. 2001.
Paixão, L. E., Memórias do Projeto RE-SEB, Masao Ohno, São Paulo. 2000.
Parikh, K. S., The Enron Story and Its Lessons, Indira Gandhi Institute of Development Research. 1996.
Personal communication: Eberhard interview with Eskom Treasury Department, January 27, 2003.
Personal communication: Eberhard interview with Kevin Morgan, the then-secretary of the privatization study, 28 January 2003.
Pinheiro, AC, F. Giambiagi and J. Gostkorzeqicz, O desempenho Macroeconômico do Brasil nos anos 90, in AC Pinheiro, and M. Mesquita, A Economia Brasileira nos Anos 90, BNDES, Rio de Janeiro. 1999.
Planning Commission, Annual Report 2001–02 on the on the Working of State Electricity Boards & Electricity Departments. Planning Commission, Govt. of India: New Delhi. 2002.
Planning Division of the Ministry of Electric Power, 1996. Report on Electricity Supply and Demand in China, in Planning Division of the Ministry of Electric Power, ed., Reform and Planning in the Power Industry, Beijing: China Electric Power Press, 1996. (Chinese)
Powell and Starks, “Does Reform of Energy Sector Networks Improve Access for the Poor?” Washington, DC: The World Bank. 2000.
Powers, L. F., New Forms of Protection for International Infrastructure Investors, in Managing International Political Risk Theodore M. Moran ed., 1998.
Prayas, India Power Sector Reforms Update, Issue 1. 2001, Prayas: Pune.
Radebe, J., Press release by the Minister of Public Enterprises, dated August 10, 2000.
Rajan, A. T., Power sector reform in Orissa: an ex-post analysis of the causal factors. Energy Policy, 28(10). 2000.
Rao, M. G. and N. Singh, Intergovernmental Transfers: Rationale, Design and Indian Experience. Center for Research on Economic Development and Policy Reform (CREDPR): Palo Alto. 1998.
Rao, N. V., India's Labor Laws Remain Inflexible. 2000.
Reddy, M. T. Development in the Power Sector in Andhra Pradesh. in Prayas-Focus on Global South – Event on Power Sector Reforms. 2000. Mumbai.
Rodríguez y Rodríguez, G., “Evolución de la Industria Eléctrica en México” in El Sector Eléctrico de México, México, CFE y Fondo de Cultura Económica. 1994.
Rosellón, J., “Pricing Electricity Transmission in Mexico,” in Repsol YPF-Harvard Kennedy School Fellows 2003–2004 Research Papers, William Hogan, editor, Cambridge, MA, Kennedy School of Government, Harvard University, April 2005.
Rosellón, J. and J. Halpern, “Regulatory Reform in Mexico' Natural Gas Industry. Liberalization in the Context of a Dominant Upstream Incumbent”, Policy Research Working Paper, The World Bank, 2537. 2001.
Ruet, J., “The Limited Globalisation of the Electrical Sector: From The Pre-Eminence Of The States To The Relative Come back Of The Centre,” in From globalization to local development in India: questions of scale, Landy, editor. Manohar Publishers: New Delhi. 2003.
Ruet, J., Winners and Losers of State Electricity Board Reforms: An Organizational Analysis. Center de Sciences Humaines: New Delhi. 2001.
Rufin, C., U. Srinivasa Rangan and R. Kumar, “The Changing Role of the State in the Electricity Industry in Brazil, China and India.” American Journal of Economics and Sociology. 62(4), pp. 649–675. 2003.
Sankar, T. L. and U. Ramachandra, Regulation of the Indian power sector. ASCI Journal of Management, 29(2). 2000.
Sankar, T. L., Fiscal Impact of Electricity Board's Overdues on States' Finance, in India: Fiscal Policies to Accelerate Economic Growth. New Delhi: National Institute of Public Finance and Policy. 2001.
Sankar, T. L., Towards a People's Plan for Power Sector Reform. Economic and Political Weekly, October 5, 2002: p. 4143–4151.
Schiffer, M. and B. Weder, “Catastrophic Political Risk versus Creeping Expropriation: What determines private infrastructure investment in less developed countries?” University of Basel, July, 2000.
Secretaría de Energía, “Proposal for the electricity sector modernization”. México, D.F. 2002a.
Secretaría de Energía, “Prospectiva del Mercado de Gas Natural 2002–2011”. DGFPE. México. 2002b.
Secretaría de Energía, “Prospectiva del Sector Eléctrico 2002–2011”. DGFPE. México. 2002c.
Secretaría de Hacienda y Crédito Público, “Programa Nacional de Financiamiento al Desarrollo, 2002–2006”. Mexico. 2002.
Shah, T. and Tewari, D. D. “An assessment of South African prepaid electricity experiment, lessons learned, and their policy implications for developing countries,” Energy Policy 31, 911–927. 2003.
Shao, H., A Critique of Electricity Grid Price Reform. China Energy No. 1, 33–39. 1998. (Chinese)
Shao, S., Z. Lu, N. Berrah, B. Tenenbaum, and J. Zhao, China: Power Sector Regulation in a Socialist Market Economy. World Bank, Washington, D.C. 1997.
Shirley, M. M. and P. Walsh, “Public versus Private Ownership: The Current State of the Debate,” Mimeo.
Shleifer, A. and R. W. Vishny, “A Survey of Corporate Governance,” The Journal of Finance 52:2, 737–783, 1997.
Shy, O. The Economics of Network Industries, Cambridge University Press. 2001.
Singh, N. and T. N. Srinivasan, Indian Federalism, Economic Reform and Globalization. 2002, Center for Research on Economic Development and Policy Reform (CREDPR): Palo Alto.
Sinton, J. E. and D, Fridley, Growth in China's Energy Consumption. Energy Policy, 28, 671–687, 2000.
Skidmore, T. E., Brasil: de Getúlio a Castelo, Paz e Terra, Rio de Janeiro. 1969.
Smil, V., Energy in China's Modernization: Advances and Limitations. M. E. Sharpe, New York, New York. 1988.
SPC, Main Report in SPC (Comp.), Summary of the Electricity Industry Performance during the 9th Five-year Plan. China Electric Power Press, Beijing, 29 – 174. 2001. (Chinese)
Srinivasan, T. N., India's Fiscal Situation: Is a Crisis Ahead? 2001, Center for Research on Economic Development and Policy Reform (CREDPR): Palo Alto.
State Power Corporation, Report on Electric Power Industry during the Ninth Five-year Plan. China Electric Power Press, Beijing, China. 2002.
State Statistical Bureau of China. China Statistical Yearbook, various years. China Statistical Publishing House, Beijing, China.
Steyn, G., A competitive electricity market for South Africa: the need for change and a strategy for restructuring South Africa's electricity supply industry. Paper prepared for the Department of Minerals and Energy. Pretoria. February, 2000.
Steyn, G., Governance, Finance and Investment: Decision making and risk in the electric power sector. DPhil, University of Sussex. 2001.
Stigler, G. and Friedland, C., “What Can Regulators Regulate? The Case of Electricity,” Journal of Law and Economics, Vol.5, 1-16, October 1962.
Stiglitz, J., “The Private Uses of Public Interests: Incentives and Institutions,” Journal of Economic Perspectives 12, 3–22, 1998.
Streek, W. and K. Yamamura eds., The Origins of Nonliberal Capitalism, 2001.
Surrey, J., The British Power Experiment, Earthscan, London. 1996.
Sweeney, J. L. “The Response of Energy Demand to Higher Prices: What have we Learned?” The America Economic Review 74, 2 pages 31–37. May 1984.
Sweeney, J. L. The California Electricity Crisis, Hoover Institution Press. 2005.
The Economist, Happy Anniversary? Special on India's 50, in The Economist. 1997.
Theron, P (ed). Proceedings of the ANC National Conference on Electrification. Elan Press, Cape Town. 1992.
Theron, P, A. Eberhard, and C. Dingley, Electricity provision in the urban areas of South Africa: towards a new framework. Urban Forum Vol 2, No 2, 1992.
Tinto, E, Restructuring South Africa's Electricity Supply Industry. MPhil. University of Cape Town. 2002.
Tjiong, H. I., T. Heller and D. G. Victor, “Electricity Restructuring and the Social Contract.” PESD Working Paper #15, 2003.
Tongia, R. and R. Banerjee, Price of Power in India. Energy Policy, 26(7): p. 557–575. 1998.
U.S. Agency for International Development (USAID) Innovative Approaches to Slum Electrification. Washington, DC: USAID. 2004.
Velasco, M. Surviving a Power Crisis, Polistrat International, 2006.
Velloso, J. Paulo dos Reis, Estratégia Industrial e Retomada do Desenvolvimento, José Olympio, Rio de Janeiro. 1992.
Vernon, R., Sovereignty at Bay: The Multinational Spread of US Enterprises, 1971.
Victor, D. G. “Power Sector Reform in Developing Countries: Crafting Markets and Providing Access for the Poor.” UNDESA 2005, 2006.
Vogel, D. National Styles of Business Regulation: A Case Study of Environmental Policy. Beard Books. 2003.
Wamukonya, N., ‘Power Sector Reform in Developing Countries: Mismatched Agendas’. In: Wamukonya, N. (ed): Electricity Reform: Social and Environmental Challenges. United Nations Environmental Programme, Roskilde. 2003.
Wamukonya, N., “Power sector reform in developing countries: mismatched agendas.” Energy Policy 31, 1273–1289. 2003.
Wang, T., Y. Zuo, D. Zeng, L. Tang and J. Zhang, Liaoning Electric Power Industry Development and Greenhouse Gas Emissions Abatement Policy, Report submitted to China Energy Project, Institute for International Studies, Stanford University, Stanford, CA. 2001. (Chinese)
Wang, X., G. Chai, Review of Economic Policy in the Electricity Industry During the 9th Five-year Plan and Future Prospect. In SPC (Comp.), Summary of the Electricity Industry Performance during the 9th Five-year Plan. China Electric Power Press, Beijing, pp. 266–277, 2001. (Chinese)
Wang, W. Research Report on China's Photo Voltaic Industry Development, The Chinese Renewable Energy Development Program Office, Beijing, October 2004.
Wang, X., X. Ni and A. Feng, Evolution of the Chinese Investment Financing System: Problems and Reform Directions, in Guo Shuqing eds. Investment Financing System Moving toward Market Economy. Reform Press, Beijing. P. 53. 1998. (Chinese)
Wells, L. T., “Private Foreign Investment in Infrastructure: Managing Non-Commercial Risk,” paper presented at Private Infrastructure for Development: Confronting Political and Regulatory Risks, Sept. 8–10, 1999.
Wells, L. T. Jr., The New International Property Rights: Can the Foreign Investor Rely on Them?, in International Political Risk Management: Looking to the Future (Theodore H. Moran and Gerald T. West, eds., 2005
Williamson, J. and R. Zagha, From the Hindu Rate of Growth to the Hindu Rate of Reform, Center for Research on Economic Development and Policy Reform (CREDPR): Palo Alto. 2002.
Williamson, J., ed. The Political Economy of Policy Reform. Washington, D.C.: Institute for International Economics, 1994.
Wilson, R., “Market Architecture”, Stanford University, mimeo. 1999.
World Bank, The Private Sector in Infrastructure: Strategy, Regulation, and Risk. 1997.
World Bank (2002b), Private Participation in Infrastructure: Trends in Developing Countries in 1990–2001, Energy, Telecommunications, Transport, Water, World Bank, 2002.
World Bank, Why Liberalization May Stall in a Mature Power Market: A Review of the Technical and Political Economy Factors that Constrained the Electricity Sector Reform in Thailand 1998–2002, Energy Sector Management Assistance Program 2003.
World Bank, China Power Sector Reform: Toward Competition and Improved Performance. World Bank, Washington, D.C. 1994.
World Bank, Clear Water, Blue Skies: China's Environment in the New Century. Washington, D.C. 1997.
World Bank, Reforming Infrastructure. Washington, D.C. 2004.
World Bank, 2005 World Development Indicators, the International Bank for Reconstruction and Development. 2005.
World Bank, Bureaucrats in Business: The Economics and Politics of Government Ownership, pp. 81–92. Oxford University Press, 1995.
World Bank, India - Power Supply to Agriculture. Energy Sector Unit, South Asia Regional Office, Washington, DC. 2001.
World Bank, World Development Report 2002: Building Institutions for Markets. Oxford University Press, 2002.
Wu, G., 2003. Retrospect and Perspective of Rural Electrification in China. http://www.drcnet.com.cn/html_document/guoyan/inoth/2003‐01–24. (Chinese)
Wu, J., 1999. Contemporary Chinese Economic Reforms. Far East Press, Shanghai. (Chinese)
Xinhua News Agency, http://www.sp.com.cn/html/gndt/c2.htm, http://www.sp.com.cn/html/yaowen/y0429.htm (Chinese)
Xu, Y., Powering China: Reforming the Electric Power Industry in China. Ashgate Publishing Company, Burlington, VT. 2002.
Yang, M., China's rural electrification and poverty reduction. Energy Policy 31, 283–295. 2003.
Yarrow, G., “A Theory of Privatization, or Why Bureaucrats are Still in Business,” World Development, 27, 157–168, 1999.
Zelner, B. A. and W. J. Henisz “Politics and Infrastructure Investment,” McDonough School of Business, Georgetown University; and The Wharton School, University of Pennsylvania, September 2000.
Zeng, L, L. Chen, B. Su, Guangdong Electric Power Development and Future Trend. Paper presented at the Forth China Energy and Global Environment Workshop of CISAC, Stanford University, November 1999. (Chinese)
Zhang, C., T. Heller, and M. May, “Carbon intensity of power generation and CDM baseline: case studies of three Chinese Provinces.” Energy Policy 33:4, 451–465, March 2005.
Zhang, C., M. May and T. Heller, “Impact on global warming of development and structural changes in the electricity sector of Guangdong Province, China.” Energy Policy 29, 179–203. 2001.
Zhou, D., Y. Guo, Y. Shi, and J. Logan, “Electric Power Options in China.” Prepared for the Pew Center on Global Climate Change, May 2000.
Zhu, C., W. Li, F. Yang, and D. Ogden, Overview of Institutional and Market Reforms and Future Prospective in China's Utility Sector. Report of Lawrence Berkeley National Laboratory submitted to China Sustainable Energy Program, The Energy Foundation. 1999.
Zhu, C., Fifty years of structural reform in the Chinese electric power industry. National Electric Power Information Net. 2003. (Chinese)