Toby Stevenson, Kieran Murray and Joanna Smith return to a framework for evaluating significant policy changes in the electricity industry originally published in 2009. It asks whether the outcomes expected from the reforms since that report are being achieved. In addition to assessing outcomes under the current arrangements, the same evaluation method is used to consider recent proposals to change core aspects of the wholesale electricity market by establishing a new Crown entity, NZ Power. NZ Power would buy all generation output and be the single supplier of electricity to electricity retailers. The report compares key elements of current proposed market arrangements against each of five enduring public policy goals. It draws conclusions on the achievements and short comings of the current arrangements. It expresses a view as to the likelihood of the NZ Power proposals meeting their stated objectives.