The objective of the Regulatory project is to promote sustainability, transparency, and accountability in the power sector through strengthening regulatory processes, reviewing and restructuring tariffs, and improving the environment for private sector investments. The performance evaluation of the Regulatory project will focus on assessing the project’s implementation, progress toward achieving outcomes, and its longer-term sustainability, including the existence of a cost-reflective tariff and greater access to power for the poor. The methodological approach for the performance evaluation of the Regulatory project relies on tracking key outcomes over time to assess pre-post changes, qualitative data analysis, simulation, and a political economy analysis to understand institutional incentives. The objectives of the Regulatory project are closely linked to those of the EFOT project. In many cases, addressing the research questions below will capture the combined effects of the projects. Evaluation questions include: 1. Did the project result in cost-reflective tariffs or tariffs that were on track to be cost-reflective by the end of the compact (cost-reflect means tariffs that tracked inflation, sector costs, macroeconomic performance, and exchange rates)? 2. To what extent were tariff changes driven by reforms to the tariff structure and methodology versus other factors (such as inflation, macroeconomic performance, exchange rates)? 3. Did “hidden costs” drop when project activities were implemented? If so, to what extent can this be attributed to the project activities? 4. Did the project contribute to improved tariff targeting and greater access to power for the poor? How were the benefits distributed among the different stakeholders? 5. Were projects activities implemented as designed? How did implementation (in terms of objectives, activities and beneficiaries) deviate from the original logic driving the investment, and why? How did changes in implementation affect project performance? What were the implementation successes and challenges? Are distribution utilities meeting performance targets set by the regulator? Why or why not? 6. Does the regulator have the data necessary to measure sector performance? If yes, do those data influence their decisions and how they implement the tariff formula? 7. Were improvements in project outcomes sustained after the end of the compact? What sustainability planning was done during implementation, and why? What are the critical institutional factors that affected their sustainability?