The sale of state-owned electricity assets to a new state-owned enterprise, the Electricity Corporation of New Zealand (Electricorp or ECNZ), 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. Electricorp was easily the largest of the state-owned enterprises created in the late 1980s.
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