This write up gives the  background and major features of the Electricity Act 2003 (E Act), land mark legislation in the Indian electricity sector. To discuss the impact of E Act and related policies, this write up considers different functional aspects of the sector. These include – Generation, Transmission, Distribution, Regulation, Trading, Theft, Consumer grievance, Tariff and Institutions & Policy. Each of these is seen with reference to the status before E-Act and possible impact of E-Act.