The announcement of a hydro-power policy in 1992 and passage by parliament of two statutes to govern water and power--Water Resources Act and Electricity Act--the same year marked the official acceptance of private sector participation in hydel development in Nepal. But six years down the line, to nobody's delight, the much touted private investments for the development of the country's hydropower potential - especially in the mega projects category - have remained fairly modest, although with a few positive instances.