The structural reforms of the electric power industry have created new opportunities for competition, therefore motivating more dynamic patterns of behavior in electric utilities. In the new environment created by reforms, uncertainties and risks can be made into market opportunities, especially by means of innovations in patterns of firm organization. The objective of this article is to describe organizational innovations that foster the development of new capabilities and reshape the organization of the industry, especially in the segment of electricity distribution. In a competitive environment, companies have to adopt organizational models that allow for asset optimization, and for reduced operational costs, while allowing for the development of new capabilities. The organizational strategy of the Spanish group Iberdrola in Brazil is presented as an example of this recent trend in the industry, showing some of the new possibilities of organization in Brazilian electric utilities.