The fact that the electricity sector in Brazil is now facing serious economic and finantial constraints, which in fact jeopardise its prospective expansion, is a consensus. This, alongside with the sharp downfall in revenues that the "Social Welfare State" is undergoing has clearly favoured the position of those who are for the privatisation of the whole state-owned productive sector, including the companies of the electricity area. In particular, the idea that the present crisis is due to the failure of the state as entrepreneur has gainel significant grounds. In view of this reality, the chief goal of the present piece of academic work is to ascertain the factors that, over the years, have contributed to the absolute rule of the government-owned enterprises over the entire electricity sector, in Brazil. An inevitable by-product of such approach is what we intended to be a thorough research into the causes of the utter depletion of the finantial capacity of this sector, notably in the late seventies, and the feasibility of the privatisation of the electricity sector.Existe hoje o consenso de que o setor elétrico se apresenta com graves problemas econômico-financeiros, que põem em risco sua expansão futura. Neste momento também de crise fiscal do "Estado do Bem-Estar", ganham força as teses favoráveis à privatização de empresas do setor produtivo estatal, aí incluídas as empresas do setor elétrico. Particularmente, têm tido bastante ressonância as teses que atribuem à ineficiência do Estado-empresário a causa da crise. Diante desta constatação, o objetivo deste trabalho é o de averiguar que fatos realmente contribuíram para o completo domínio das empresas públicas no setor elétrico, assim como examinar as razões do esgotamento da capacidade financeira do setor a partir do final dos anos setenta e, finalmente, discutir sobre a viabilidade de sua privatização.