The Power Sector Reform in South American countries has undergone different phases, processes and transformations towards an open market on which private investment participation is expected. This process brings with it several regulatory, economical, and institutional changes, but some principles towards a clean, affordable and efficient electricity service were left aside. The purpose of this project is to determine what the deficiencies on the reform were, and how the principles on economic growth, social equity and environmental protection were not considered in a combined way. This project purposes general alternatives and recommendations on which South American countries may integrate sustainable development in the ongoing power sector reform.