Story: Energy supply and use

Selling electric power

Selling electric power

The sale of state-owned electricity assets to the new state-owned enterprise Electricorp took place in April 1988. It was celebrated by the symbolic handing over of a cheque for $6.3 billion to Minister of State-owned Enterprises Richard Prebble and Finance Minister Roger Douglas. Electricorp chairman John Fernyhough is on the right. At the time it was the largest transaction in New Zealand commercial history. The price was the subject of protracted negotiation between the new Electricorp managers and Treasury. Neither side would give way. The deadlock was broken at a secret late-night meeting attended by Prebble, Douglas, Electricorp chief executive officer Roderick Deane and business leader Ron Trotter. Treasury officials pushing for a price of $8.5 billion were excluded.

Using this item

Alexander Turnbull Library, Dominion Post Collection (PAColl-7327)
Reference: EP/1988/1693/20a
Photograph by Ross Giblin

Permission of the Alexander Turnbull Library, National Library of New Zealand, Te Puna Mātauranga o Aotearoa, must be obtained before any re-use of this image.

All images & media in this story

How to cite this page:

Megan Cook, 'Energy supply and use - Electricity after the Second World War', Te Ara - the Encyclopedia of New Zealand, http://www.TeAra.govt.nz/en/photograph/21449/selling-electric-power (accessed 14 June 2021)

Story by Megan Cook, published 11 Mar 2010