The recent Government Decree brings in the Italian legislation the principles of the EU Directive on electricity. This note analyses this step, stressing how several major choices have simply been postponed to the moment of privatisation of ENEL. So far liberalisation is not complete, as ENEL will maintain a dominant position (50% of the market). However, relative to previous bad habits, even the small steps envisaged by the decree almost seem revolutionary. The new system shows a high institutional complexity; the overlapping between the competencies of different public bodies and private firms with a "public" mission (independent system operator, market operator, single buyer) is quite worrying. Moreover, the Ministry of Industry is de facto now back at the centre of the regulatory system, while the role of the independent regulatory authority appears reduced.