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Abstract: After suffering through severe electricity rationing in 2001, Brazilian power planners developed a New Model for the Electric Power Industry. The model eschews typical decentralised wholesale power market designs in favour of a modified single buyer market. Prioritising security of supply, this model seeks to balance state and private sector roles and integrate planning and competitive elements to reduce speculation and volatility in power markets. This article explains how problems with the Brazilian power reforms led to this innovative model and illustrates useful lessons for developing countries searching concrete policy proposals to reform their power sectors. [ABSTRACT FROM AUTHOR]