The Draft Electricity Bill, 2001 is a proposed legislation that aims to replace and update existing laws related to electricity in India. The correct statements are as follows:

1. The Indian Electricity Act, 1910: The Draft Electricity Bill, 2001 seeks to replace the Indian Electricity Act, 1910. The Indian Electricity Act, 1910 was enacted during the colonial period and has become outdated in addressing the current challenges and requirements of the electricity sector in India.

2. The Electricity (Supply) Act, 1948: The Draft Electricity Bill, 2001 also seeks to replace the Electricity (Supply) Act, 1948. The Electricity (Supply) Act, 1948 provided a legal framework for the regulation of the generation, transmission, and distribution of electricity in India. However, with the changing dynamics of the power sector, there is a need to update the legal framework to address new challenges and promote efficiency.

3. The Electricity Regulatory Commission Act, 1998: The Draft Electricity Bill, 2001 aims to replace the Electricity Regulatory Commission Act, 1998. The Electricity Regulatory Commission Act, 1998 established regulatory commissions at the central and state levels to oversee and regulate the functioning of the electricity sector. The proposed bill seeks to streamline and enhance the regulatory framework by incorporating new provisions and addressing emerging issues.

4. State Electricity Boards: The statement that the Draft Electricity Bill, 2001 seeks to replace the State Electricity Boards is incorrect. The State Electricity Boards are the entities responsible for the generation, transmission, and distribution of electricity within their respective states. The Draft Electricity Bill does not seek to replace or abolish the State Electricity Boards but focuses on reforming the legal and regulatory aspects of the electricity sector.

In summary, the correct statements are 1, 2, and 3, as the Draft Electricity Bill, 2001 aims to replace the Indian Electricity Act, 1910; the Electricity (Supply) Act, 1948; and the Electricity Regulatory Commission Act, 1998.