Kōrero: 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.

Te whakamahi i tēnei tūemi

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.

Ngā whakaahua me ngā rauemi katoa o tēnei kōrero

Te tuhi tohutoro mō tēnei whārangi:

Megan Cook, 'Energy supply and use - Electricity after the Second World War', Te Ara - the Encyclopedia of New Zealand, http://www.TeAra.govt.nz/mi/photograph/21449/selling-electric-power (accessed 3 December 2020)

He kōrero nā Megan Cook, i tāngia i te 11 Mar 2010