You want to get excited by the prospect of Brazil's reform?  Look at the devastation in the Utility Sector as displayed by Electrobras (EBR, quote) and the five year chart.

Image courtesy the Brazilian Ministry of Culture: http://www.flickr.com/people/ministeriodacultura/

Brazilian president Dilma Rousseff

Electrobras was once one of the core stocks for institutional investors in Brazil's offering conservative returns and a high div.

That changed dramatically when Dilma began to use the electric utilities as a means to pave the streets with political gold ie., forced these entities into inefficient, loss leading, credit disasters, short on cash flow.  

Any real change in Brazil will not be easy for the utilities where power rationing is a real threat later this year on depleted hydro-resources, but opportunities are massive for investors who watch the developments in this sector.

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