By the late 1990s, the technical andfinancial performance of the power sector in India haddeteriorated to the point where the Government of India hadto step in to bail out the state utilities, almost all ofwhich were vertically integrated state electricity boards(SEBs). Considering that the dismal performance of stateutilities reflected internal and external shortfalls ingovernance, the new Electricity Act of 2003 (EA 2003)mandated the unbundling and corporatization of the SEBs,along with the establishment of independent regulators. Thiswas expected to bring about a more accountable andcommercial performance culture, with concomitant results inimproved utility performance. The rest of this review isorganized as follows. Chapter two summarizes theinstitutional context and relevant developments over thepast two decades. Chapter three focuses on the corporategovernance agenda adopted by the government and itsimplementation, specifically relating to the structure andfunctioning of utility boards of directors. Chapter fourreviews SERC regulatory governance. Chapter five analyzesthe correlation between key indicators of the quality ofregulatory and corporate governance and utility financialperformance. And chapter six concludes.
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