Although 1995 was an important year in the deregulation of the Finnish elf tricity industry, with the Electricity Market Act (EMPI), the market in Finland has always been very liberalized. This is probably one of the most distinct features of the Finnish situation. To put the Finnish reform process in perspective, a four-dimension restructuring framework is introduced. Its dimensions are market type, ownership and horizontal and vertical integration. Some important aspects of reforms in other countries are also presented, showing the originality of the Finnish case. We give here a description of the market before and after 1995, with a highlight on the changes. Such an account of the Finnish electricity reform is not otherwise documented in the energy literature.