Recommendation: China’s new electricity industry regulator (SERC) should initiate an open and impartial review of proposed large-scale hydro investments in Yunnan province, in cooperation with its environmental counterpart, SEPA. This would bring much-needed financial transparency and economic scrutiny to investment proposals that affect electricity service and river management in jurisdictions within and beyond national borders. SERC’s review should preempt any new multilateral development bank support for large hydro projects and export-oriented grid expansion in China.