The paper investigates a number of issues about the large hydroelectric derivation concessions and explores the perspectives for the market and for the public undertakings, currently predominant in the sector, in the light of the latest legislative developments. Perspectives are not market-friendly. The so-called Semplificazioni decree has strenghtened the legislative power of Regions about the discipline of tender for the award of concessions and has so laid the base for a Babel of local regulations which will fragment national market of hydroelectric production. No major changes are expected for the public undertakings in the sector. In view of the next wave of public auction, the most serious risks concern the use of in house companies and the design of the procedure, which both may be instrumentally used to mantain the status quo.