The power sector of Pakistan has undergone numerous reforms, in this context we examine the impact of these reforms on efficacy and sustainability. The literature on power sector reforms in developing countries is extensive and diverse, covering various aspects and dimensions of the reform process and its outcomes. However, there is a lack of comprehensive and systematic studies in the case of Pakistan dealing with extensive range of reforms over a long period. We fill this gap by providing a comprehensive and systematic evaluation of Pakistan’s power sector reforms.