Research on reform and restructuring in the Electricity Supply Industry does not adequately focus on the process of actual implementation. Using the restructuring of Orissa State Electricity Board as a case study, this paper identifies the principal players and their roles during the restructuring of an electric utility. The key players in a, utility restructuring exercise are the Government, top management, lending agencies, and the consultants. Three conceptual phases are identified in the restructuring process, namely, Impetus phase, reorganisation phase, and consolidation phase. As the restructuring process moves from one phase to another, the roles of the principal players also undergo significant qualitative changes. This paper highlights the changing role of the key players as the restructuring process moves from one phase to another.