Drawing on the Bank's PrivateParticipation in Infrastructure Project Database, this Notereviews developments in the electricity sector in 2003. Datafor the year show that total investment in electricityprojects with private participation amounted to US$14billion. Private activity grew strongly in East Asia andPacific, but remained stable, or fell in other regions.After the boom of 1996-2000, investment flows to electricityfell significantly after peaking in 1997, but are stillcomparable to pre-boom levels. Annual investment flows in2001-03 averaged US$12.9 billion, slightly higher than theUS$12.2 billion in 1990-95. During the boom of 1996-2000annual flows averaged US$29.8 billion. The decline inprivate activity played out differently across thedeveloping regions. Latin America, the most active region inthe late 1990s, sustained investment flows at levels higherthan those of the early 1990s, while East and South Asia sawannual flows fall below those levels