This paper discusses significant developments in three areas of power sector governance since the enactment of reform legislation in 2001. Improvements in executive-legislative relations as they affect the sector are noted, allowing more initiative on the part of Executive agencies subject to Congressional oversight as delimited by the Court. Hiccups were observed in the relationship between the Department of Energy and the Energy Regulatory Commission at some points in areas where ERC actions under EPIRA impact on policy, particularly in the implementation of retail competition and open access. While alternative administrative relationships were explored, both agencies have the flexibility to fashion a healthy working relationship on policy-related issues. There are more actions needed to be carried out in the case of governance over the spot market to effect the EPIRA's requirement of an independent market operator. These require joint action on the part of the Secretary of Energy as interim chair of the governing board and of the industry participants in formulating a structure that is independent of both industry participants and government while being responsive to legitimate business interests of industry and to the policy and regulatory supervision of the government.