This work reviews the most significant stages of the past and recent evolution of the electrical energy deregulation that took place in Brazil. The past alternate cycles of the State and private ownership of hydroelectric projects across the country is discussed, as well as the recent large privatization process that is currently also including thermal plants. The issues dealt with in this paper concern the requirement that deregulation certainly be coupled with effective competition and gains in economy efficiency, but these are only some of the many issues that must be addressed. The possible different perspectives from public and private viewpoints are examined for the short and long run.282246253