Denzel prepared a comprehensive review and analysis of Armenian experience in reforming its energy sector and privatizing its power distribution company. The report identifies policy, regulatory, institutional, and financial factors which determined the outcome and progress of the reform process, analyzes the fiscal and economic impacts of the reform and its effect on other infrastructure sectors, and compares Armenia’s power sector reform with similar in other sectors, and in other countries. The report was published as a book in 2006 (“From Crisis to Stability in the Armenian Power Sector: Lessons Learned from Armenia’s Energy Reform Experience”, with Gevorg Sargsyan and Ani Balabanyan. World Bank Working Paper No. 74. 2006).