Regulation by Contract: A New Way to Privatize Electricity Distribution? By Tonci Bakovic Bernard Tenenbaum Fiona Woolf
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The last few years have not favored private investors in electricity distribution companies in developing countries. In India, the AES Corporation told the Orissa state government that it wished to sell its ownership interest in a local distribution company because it saw no way to make the company a viable commercial enterprise. A few months later, BSES, a large Indian power company that had invested in three other distribution companies in Orissa, also threatened to leave. In Ecuador, the government announced that it was abandoning its plans to privatize 17 state electricity distribution companies after receiving a poll that showed that more than 71 percent of the general public was opposed to such privatizations. In Senegal, a new government terminated its agreement with Senelec, a consortium of Tractebel/Hydro Quebec, after accusing the consortium of failing to improve the frequency and duration of blackouts. In Brazil, AES experienced major financial problems for Electropaulo, its distribution company in Sao Paulo—problems caused in part by a significant drop in sales and revenues following in the wake of a governmentmandated rationing program. The company protested that the rationing program put it in the difficult position of having to tell its customers: “We are asking you not to buy the only thing that we have to sell.”.
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