During the 90s, most countries in LatinAmerica and the Caribbean Region (LCR) supported by theWorld Bank, implemented a market-oriented reform in theenergy sector to promote competition, economic regulationand greater private sector participation, as the maininstruments to improve the quality, reliability andefficiency of energy services, and improve thegovernment's fiscal position and increase affordableaccess to modern energy services for the poor. This reportcomprises an assessment of the energy sector reform in theregion: its achievements, difficulties, lessons learnt andcurrent status; an assessment of the future needs of theenergy sector investment and financing requirements,constraints, and challenges; and a review of the role ofdevelopment agencies in supporting the region's energyneeds. The study is not a systematic analysis of the reformexperience and needs of individual countries, which is notdeemed necessary to define an energy strategy for theregion, but rather an analysis of the main themes that arecommon to most countries, with reference to specific casesof individual countries, based on a review of thedocumentation available on the reform, and on current energyplans. The power sector reform in the region had asubstantial positive fiscal impact. During the past 15years, private investment in electricity in LCR amounted toabout US$103 bn, about 60 percent in divestiture of publicassets, and 40 percent in green-field projects. Investmentsin divestiture peaked at about US$21 bn at the time of theprivatization of major distribution assets in Brazil, andalmost vanished by 2002. Investments in green-field projectshave been more stable during the past 10 years.
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