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electri¬cation.
3. In the past, any community that wanted to see electric service
initiated and expanded would take capital from anywhere it was
available. This included private foreign capital. Also, the state
Chapter 7: Coming Full Circle, 1978“2007 271

(municipality, state, province, or nation) often participated because
of its ability to raise capital and the strong desire on the part of
citizens for access to electricity. Both private (foreign and domestic)
and public ¬nancing are likely to remain important in the future.
Much capital is needed.
4. Once a utility™s capital was in place, it represented a very large sunk
cost. An electric system could not be moved, but it could be sold or
taken over. A system also could be allowed to deteriorate. The sunk
nature of this massive investment meant that private owners were
especially vulnerable to authorities changing the rules of the game
after the investment had been made.51 If this served to discourage
further investment in order to maintain the system, then government
policy might turn increasingly hostile. This remains as true today as it
ever was. There is little reason to believe that liberalization,
privatization, and deregulation (where it has occurred) are perma-
nent states of affairs.
5. Today™s technology that allows smaller, ef¬cient generating plants
still requires that they be connected to the transmission and
distribution system. This creates a whole new set of problems related
to access pricing that involve regulation.
6. Utilities today face many and various risks.52 Internally, there are the
normal project risks; at the national level, there are regulatory risks,
political stability risks, and macroeconomic (in¬‚ation, interest rate,
and business cycle) risks; and internationally, there are exchange rate
risks, the risk of war, and now we might add the risk inherent in
climate change and potential government responses to that. In those
countries where the generating sector is unregulated or lightly
regulated, the macroeconomic risks may have been enhanced (for
example, when an economic downturn causes electricity prices to
fall, thus hurting the generating sector).53 There is always a risk that
policy changes will tighten rules on capital mobility, which heightens
the risk of retaliation by other countries. The United States, for
example, in the aftermath of the September 11, 2001 terrorist attack,
has been considering tightening the rules on who can own certain
strategic assets in the country.54 While recent legislation did not do
so, in a substantial manner the threat remains and if, in the interest of
national security there are new restrictions on foreign direct
investment, those with interests in electric utilities could well be
affected. It is almost certain that there will be similar rules adopted
elsewhere. Exchange rate risks are especially important to electric
utilities because of the magnitude of the sunk costs. A multinational
enterprise, like a private domestic company, can operate in a
regulated environment if the regulations are ˜˜fair and appropriate.™™
Where the multinational enterprise differs from the domestic
Global Electri¬cation
272

company is that it must remit pro¬ts to a parent abroad. If what is
˜˜fair and appropriate™™ in one period turns out “ based on currency
depreciation (with no change in the operations of the enterprise) “ to
be unfair and inappropriate in a subsequent period, the multinational
enterprise is stuck. This, of course, is possible even in the absence of
strict regulation.
7. Many individuals believe that there have been two eras of
globalization: one that began in the 1880s and ended either in
1914 or 1930, and a second that began in the post“World War II era
and only came of age at the end of the twentieth and beginning of the
twenty-¬rst centuries. If the ¬rst age of globalization was reversed, so
may be the second wave, and if a reversal were to occur, the electric
light and power sector “ because of the public™s dependency on
electricity “ would be particularly at risk. Many economists believe
that globalization is ˜˜good,™™ and that means it is probably good for
electric utilities as well. But globalization also tends to create a few
big winners and many losers, at least in the short term. Much of the
literature on economic history would con¬rm that the distribution of
income worsens, sometimes substantially, during the industrializa-
tion/development process. The losers tend to make political demands,
including the demand for cheap electricity (often cheaper than it costs
to produce). This could create serious problems for the industry,
leading to onerous regulations and perhaps the reappearance of
extensive state ownership. In fact, in early January 2007 Hugo
Chavez, President of Venezuela, announced plans to nationalize the
´
country™s electricity and telecommunications industries.55



conclusion
Multinational enterprises and international ¬nance were deeply involved in
the electric light and power industry at its birth and for many decades
thereafter. Businesses that participated in the spread of electric light and
power systems were buffeted by winds of tumultuous economic, political,
and social change as they served as important catalysts in the transforma-
tion of electricity from a luxury to a necessity. The process of global elec-
tri¬cation was neither quick nor easy.
Manufacturers of electrical equipment, which were pioneer multina-
tional enterprises, aided in the development of their customers, electric
utilities, at home and abroad. German and American manufacturers were
innovators from the late 1870s forward, but electrical manufacturers were
not alone. Because electric utilities were capital intensive, banks and other
¬nancial intermediaries were needed to facilitate the process of setting them
up. The banks and other ¬nancial intermediaries took part in two ways: ¬rst,
Chapter 7: Coming Full Circle, 1978“2007 273

as multinational enterprises themselves, and second, as underwriters and
marketers of bonds for and, to a lesser extent, providers or arrangers of
loans to existing utilities at home and abroad. The two roles were often
blended in a complex manner. Canadians, Britishers, Germans, Americans,
Italians, Swiss, and others participated.
As already urbanized areas were being electri¬ed, frequently by mul-
tinational enterprises, company towns founded by other multinational
enterprises (associated with plantations, mining, and oil production) were
introducing modern infrastructure, including electri¬cation. We called
this the enclave form of doing business, and it greatly expanded the
geographical span of electri¬cation. So, too, international businesses in
aluminum and electrochemicals (processes that required cheap energy)
assisted the development of hydroelectric power. From the 1890s onward,
holding companies, headquartered in Switzerland, Belgium, the United
States, and Canada (and other countries), served as a mode of corporate
governance and were linked with clusters of electric utilities, electric
tramways, and related companies at home and abroad. Holding compa-
nies typically owned controlling interests in diverse operating companies.
Other operating companies were free standing “ that is, companies that
had been formed for the purpose of operating abroad but with no parent
carrying on that activity in the home country. These ¬rms frequently were
part of a loosely formed business group. The international clusters, with
their networks, encompassed various knowledge workers, including
lawyers, engineers, construction company executives, accountants, and
their ¬rms. Trading companies also played a role in identifying oppor-
tunities, investing in public utilities and providing supplies for the utilities
abroad.
Thus, in the establishment of electric light and power around the world
a wide variety of multinational enterprise actors served to get the task
accomplished. Rather remarkably, absent for the most part were electric
utility operating companies that extended over borders. Instead, the var-
ious other forms of multinational enterprise activities coalesced in
providing light and power facilities internationally. Our text describes
multinational enterprise in various nonconventional forms, moving capi-
tal, ownership and control, management, technology, processes, proce-
dures, and know-how across borders. The story adds substantially to our
understanding of the ways in which multinational enterprises, making
their foreign direct investments, developed their strategies over time as
they diffused electri¬cation around the globe. Many countries had busi-
nesses that were investors abroad and recipients of foreign investments,
with no uniformity in the mix.
Public utilities in some countries obtained foreign ¬nance without
inward foreign direct investment, as was the case in the main with
the United States and Japan. In Italy, France, and Spain, as well as the
Global Electri¬cation
274

United Kingdom, inward foreign direct investment was crucial for many
years. From Russia (before 1917) to Mexico (up to 1960), foreign multi-
national enterprises dominated the provision of electric power. Our narrative
and analysis of the role of multinational enterprises in the spread of elec-
tri¬cation has brought together many national accounts in a totally unique
manner, casting new light on the actors in what was a highly inter-
nationalized process. Multinational enterprises mattered.
By 1930, among the many multinational enterprises, two major com-
panies stood out as global leaders in electric utilities. One was American &
Foreign Power Co., a U.S.-headquartered holding company with wide-
spread interests in Latin America, new foreign direct investments in China
and India, and a tranche (minority, portfolio investments) in activities
within Europe. The second company, So¬na, was also structured as a
holding company, headquartered in Brussels. Its hundreds of af¬liated
companies formed a business group, with numerous cross-investments and
minority interests. Its activities were concentrated in Europe but stretched
into Latin America and to a lesser extent elsewhere beyond the European
continent. So extensive were its foreign direct investments by 1930 that
Dannie Heineman, its chief executive, was making plans for a Europe
united by electric power companies™ transmission lines as well as other
fundamentals. The plans were before their time, and, in the autarchic
conditions of the 1930s, their failure was inevitable.
Electric utilities were the pride and joy of countries. They were basic
infrastructure. Business and government interactions were inherent, from
the initial concessions, to the creation and administration of regulatory
structures, to government ownership. Over time, around the world, coun-
tries wanted their power plants to be run by nationals and owned domes-
tically. Thus, gradually and globally, multinational enterprise in this sector
disappeared. Foreign ¬nance remained, but much of it after World War II
was provided by bilateral and multilateral aid agencies rather than by
private-sector lending. National enterprises replaced multinational ones,
with the process virtually completed at the end of the ¬rst century of
electri¬cation, in 1978.
And then, with globalization, privatization, restructuring, and deregu-
lation, and a new emphais on ˜˜markets,™™ a new wave of multinational
enterprise activities began in the electric utility sector, activities that have
recently mounted. Unlike the ¬rst round, described in detail in this book,
now it is the giant, well-funded public utilities that are making acquisitions
and spreading over borders in an unprecedented manner. We have asked
whether these new investors, by the very nature of this essential service,
would experience the same (or similar) nationalist reactions as did prior
generations. Our tale links one age of globalization to the next.
One thing history teaches is that we can never know the future. There
will always be surprises. And so it will be with foreign direct investment in
Chapter 7: Coming Full Circle, 1978“2007 275

the second round of global electri¬cation. We will not and cannot predict
the extent or even whether the second round will continue to ¬‚ourish or will
wither, and at what pace. We can predict that there will be surprises, and
we can only hope that the story told in this volume will help us better
understand the past and better prepare for what the future may bring.
Appendix A: Abbreviations, Acronyms, Company
Names, and Variations on Company Names




1886 Company: Company for Electric Lighting, St. Petersburg
ABB: ASEA Brown Boveri, sometimes ABB ASEA Brown Boveri, ABB Ltd., or ABB
followed by any member of the group
´
ACEC: Ateliers de Constructions Electriques de Charleroi
´
ACENE: Ateliers de Constructions Electriques du Nord et de l™Est
ADB: Asian Development Bank
Adriatic Electric Company: Societa Adriatica di Elettricita (SADE)
` `
ADRs: American depository receipts
ADSs: American depository shares
AEG, Berlin: Allgemeine Elektrizitats Gesellschaft, sometimes rendered Allgemeine
¨
Elektricitats Gesellschaft
¨
AEI: Associated Electrical Industries
AFPC: American & Foreign Power Co.
AIAG: Aluminium Industrie AG
AIC, New York: American International Corporation
Alabama Traction Light and Power Company, Ltd. (ATLPC)
Alcoa: Aluminum Company of America
Allgemeine Elektricitats Gesellschaft: AEG
¨
Allgemeine Elektrizitats Gesellschaft: AEG
¨
Allmanna Svenska Elektriska AB (ASEA)
¨
´
Alsthom: Societe Generale de Constructions Electriques et Mecaniques
´´ ´ ´ ´
Aluminum Company of America (Alcoa)
Aluminium Industrie AG (AIAG)
American & Foreign Power Co. (AFPC)
American depository receipts (ADRs)
American depository shares (ADSs)
American Intercontinental Trade and Services (Amitas)
American International Corporation (AIC)
Amitas: American Intercontinental Trade and Services
Anglo-Japanese Hydro-Electric Company, Ltd.: otherwise referred to as the Anglo-
Japanese Water Power Company or the Anglo-Japanese Water Power Electric
Company

277
Appendix A
278

Anglo-Japanese Water Power Company: Anglo-Japanese Hydro-Electric Company,
Ltd.
Anglo-Japanese Water Power Electric Company: Anglo-Japanese Hydro-Electric
Company, Ltd.
APEC, Athens: Athens Piraeus Electricity Company, Ltd.
ASEA: Allmanna Svenska Elektriska AB
¨
ASEA Brown Boveri: ABB
Asian Development Bank (ADB)
Associated Electrical Industries (AEI)
´
Ateliers de Constructions Electriques de Charleroi (ACEC)
´
Ateliers de Constructions Electriques du Nord et de l™Est (ACENE)
Athens Piraeus Electricity Company, Ltd. (APEC)
ATLPC: Alabama Traction Light and Power Company, Ltd.
Badische: see Badische Anilin- und Soda-Fabrik AG
Badische Anilin- und Soda-Fabrik AG: known as Badische before 1926 and BASF
after World War II
Banca Commerciale Italiana: BCI, also known as Commerciale and Comit
Banco Hipotecario Suizo-Argentina: Buenos Aires ˜˜branch™™ of Schweizerisch-
Argentinische Hypothekenbank, Zurich
Bank fur Elektrische Unternehmungen (Elektrobank), Zurich: otherwise known as
¨
´ ´
Banque pour Entreprises Electriques (Electrobanque), name change in 1947 to
Elektro-Watt and in 1974 to Electrowatt.
Bankverein Schweizerische: Schweizerischer Bankverein
Bankverein Suisse: Schweizerischer Bankverein
Banque Commerciale de Bale: Commercial Bank of Basel or Basler Handelsbank
ˆ
Banque de l™Union Parisienne (BUP)
Banque de Paris et des Pays-Bas (Paribas)
Banque Francaise et Italienne pour l™Amerique du Sud (BFI)
¸ ´
´ lectriques (Elektrobank), Zurich: Bank fur Elektrische
Banque pour Entreprises E ¨
Unternehmungen
Barcelona Electric Co.: Barcelonesa
Barcelona Traction, Light and Power Co.: BTLP, sometimes shortened to
Barcelona Traction
Barcelonesa, Barcelona: Compan±a Barcelonesa de Electricidad, also known as the
˜´
Barcelona Electric Co.
BASF: Badische Anilin- und Soda-Fabrik AG
Basler Bankverein: after merging with Zurcher Bankverein, became in 1897,
¨
Schweizerischer Bankverein; in English Swiss Bankverein, in French Bankverein
Suisse
Basler Handelsbank: otherwise known as Banque Commerciale de Bale or ˆ
Commercial Bank of Basel, acquired by SBC in 1945.
BCI, Milan: Banca Commerciale Italiana
BEAM: British Electrical & Allied Manufacturers™ Association
Belgian Gas: Compagnie Generale pour l™Eclairage et le Chauffage par le Gaz,
´´
Brussels
Berliner Elektricitats-Werke AG: Bewag
¨
Berliner Kraft und Licht (Bewag) AG: Bewag
Appendix A 279

BET: British Electric Traction Co.
Bewag: Berliner Kraft und Licht (Bewag) AG, once Berliner Elektricitats-Werke
¨
AG, hence the initials Bewag
BCER: British Columbia Electric Railway Co.
BFI: Banque Francaise et Italienne pour l™Amerique du Sud
¸ ´
BFUD: British and Foreign Utilities Development Corporation
BIU: British & International Utilities, Ltd.
Brascan Ltd.: Brazilian Traction, Light and Power Co. Ltd.
Brazilian Light and Power: Brazilian Traction, Light and Power Co. Ltd.
Brazilian Traction: Brazilian Traction, Light and Power Co. Ltd.
Brazilian Traction, Light and Power Co. Ltd.: became Brazilian Light and Power in
1966 and Brascan Ltd. in 1969
British and Foreign Utilities Development Corporation (BFUD)
British & International Utilities, Ltd. (BIU)
British Columbia Electric Railway Co. (BCER)
British Electric Traction Co., London (BET)
British Pearson group: S. Pearson & Son, also known as Cowdray group, Pearson
group, Whitehall Securities/Whitehall Electric
BTLP: Barcelona Traction, Light and Power Company, sometimes shortened to
Barcelona Traction
BUP, Paris: Banque de l™Union Parisienne
CADE: Compan±a Argentina de Electricidad (initially abbreviated as CAE)
˜´
CAE: Compan±a Argentina de Electricidad (CADE)
˜´
California Electric Light Company (CELC)
Canadian International Light and Power Investment Company (Caninlipo)
Caninlipo: Canadian International Light and Power Investment Company
CATE: Compan±a Alemana Transatlantica de Electricidad, otherwise known as
˜´ ´
¨
Deutsch-Uberseeische Elektrizitats Gesellschaft (DUEG)
¨
CCE: Compagnie Continentale Edison
´ ´
CCEE: Paris: Compagnie Centrale d™Energie Electrique (with central power station
in Rouen)
CEAG: Continentale Elektrizitatsunion AG
¨
CELC: California Electric Light Company
Centrais Electricas Brasileiras SA (Eletrobras)
´ ´
Central Mining and Investment Corporation (CMIC)
´
Centrales Electriques de l™Entre-Sambre et Meuse et de la Region de Malmedy (ESMA )
´
CFE: Comision Federal de Electricidad or Federal Electric Commission, Mexico
´
´
CGE, Paris: Compagnie Generale d™Electricite
´´ ´
CHADE, Madrid: Compan±a Hispano-Americana de Electricidad
˜´
´
CHdE: Compagnie Hellenique d™Electricite
´ ´
Chilean Electric: Chilean Electric Tramway and Light Company
Chilean Electric Tramway and Light Company (Chilean Electric)
Chilena: Compan±a Chilena de Electricidad
˜´
Cia: Compan±a ˜´
CIADE: CIAE
CIAE, Buenos Aires: Compan±a Italo-Argentina de Electricidad, also called Italo-
˜´
Argentina, CIADE, or Italo-Argentine Electric Co.
Appendix A
280

´
CIBEE: Compagnie Italo-Belge pour Entreprises d™Electricite et d™Utilite Publique,
´ ´
also known as Italian-Belgian Electric & Public Utility Co. (Italo-Belge)
Cie.: Compagnie.
CLFD, Mexico City: Compan±a Limitada de Ferrocarriles del Distrito
˜´
CMIC: Central Mining and Investment Corporation
CNEP, Paris: Comptoir National d™Escompte de Paris
Columbus: Columbus AG fur Elektrische Unternehmungen
¨
Columbus AG fur Elektrische Unternehmungen (Columbus)
¨
Comision Federal de Electricidad or Federal Electric Commission, Mexico (CFE)
´
Comit: Banca Commerciale Italiana
Comitato per le Applicazioni dell™Eletricita Sistema Edison: became in Dec. 1883“
`
Jan. 1884 Societa Generale Italiana di Elettricita Sistema Edison; renamed in
` `
1895 Societa Generale Italiana Edison di Elettricita (Societa Edison, Edison
` ` `
Company, Milan, or Italian Edison Company)
Commercial Bank of Basel: otherwise known as Basler Handelsbank or Banque
Commerciale de Bale ˆ
Commerciale: Banca Commerciale Italiana
´ ´
Compagnie Centrale d™Energie Electrique (CCEE)
Compagnie Continentale Edison (CCE)
´
Compagnie d™Electricite Thomson-Houston de la Mediterranee: also known as
´ ´ ´
Thomson-Houston de la Mediterranee (THM)
´ ´
´
Compagnie Europeenne pour Entreprises d™Electricite et d™Utilite Publique:
´ ´ ´
European Electric & Public Utility Company (Europel)
Compagnie Financiere d™Exploitations Hydroelectriques SA (Hydro¬na)
` ´
Compagnie Financiere et Industrielle de Belgique (Finabel)
`
Compagnie Francais pour L™Exploitation des Procedes Thomson-Houston: the
¸ ´´
formal name for French Thomson-Houston
´
Compagnie Generale d™Electricite (CGE)
´´ ´
´
Compagnie Generale d™Entreprises Electriques et Industrielles, Brussels (Electrobel)
´´
´ ´
Compagnie Generale de Railways et d™Electricite: Railways et Electricite
´´ ´ ´
Compagnie Generale pour l™Eclairage et le Chauffage par le Gaz, Brussels (Belgian Gas)
´´
´
Compagnie Hellenique d™Electricite (CHdE)
´ ´
´
Compagnie Italo-Belge pour Entreprises d™Electricite et d™Utilite Publique (CIBEE):
´ ´
also known as Italian-Belgian Electric & Public Utility Co. (Italo-Belge)
´
Compagnies Reunies d™Electricite et de Transport (Electrorail)
´ ´
Compan±a Alemana Transatlantica de Electricidad (CATE): otherwise known as
˜´ ´
¨ berseeische Elektrizitats Gesellschaft (DUEG)
Deutsch-U ¨
Compan±a Argentina de Electricidad (CADE)
´
˜
Compan±a Barcelonesa de Electricidad (Barcelonesa)
˜´
Compan±a Chilena de Electricidad (Chilena)
˜´
´ ´
Compan±a Energ±a Electrica de Cataluna: otherwise known as L™Energie Electrique
˜´ ´ ˜
de Catalogne, also Energ±a Electrica de Cataluna (EEdC)
´ ´ ˜
Compan±a General Madrilena de Electricidad: also known as Sociedad General
´
˜ ˜
Madrilena de Electricidad (Madrilena)
˜ ˜
Compan±a Hispano-Americana de Electricidad (CHADE)
˜´
Compan±a Italo-Argentina de Electricidad (CIAE): also known as Italo-Argentine
˜´
Electric Co.
Appendix A 281

Compan±a Limitada de Ferrocarriles del Distrito (CLFD)
˜´
Compan±a Sudamericana de Electricidad (SUDAM)
˜´
Company for Electric Lighting, St. Petersburg: 1886 Company
Company for Petersburg™s Electric Lighting (CPEL)
Comptoir National d™Escompte de Paris (CNEP)
Continentale Elektrizitatsunion AG (CEAG)
¨
Corporacion de Fomento (Fomento)
´
Cowdray group: S. Pearson & Son (British Pearson group)
Cowdray (Lord): Weetman Pearson
CPEL, St Petersburg: Company for Petersburg™s Electric Lighting
Credit Suisse: originally, Credit Suisse; in Italian, Credito Svizzero; in German,
´
Schweizerische Kreditanstalt (SKA)
Credito Svizzero: Credit Suisse
¨
Deutsch-Uberseeische Elektrizitats Gesellschaft (DUEG): otherwise known as
¨
Compan±a Alemana Transatlantica de Electricidad (CATE)
˜´ ´
Deutsche Bank und Disconto-Gesellschaft: name of Deutsche Bank 1929“1937,
adopted after Deutsche Bank merged with Disconto-Gesellschaft in 1929.
¨
DUEG, Berlin: Deutsch-Uberseeische Elektrizitats Gesellschaft
¨
Ebro: Ebro Irrigation and Power Co., known in Spanish as Riegos y Fuerza del
Ebro
Ebro Irrigation and Power Co.: Ebro
´
EDF or EdF: Electricite de France
´
Edison & Swan, London: Edison & Swan United Electric Light Company
Edison & Swan United Electric Light Company: Edison & Swan, London
Edison Company, Milan: Societa Generale Italiana Edison di Elettricita
` `
Edison General Electric Co. (EGE)
Edmundson™s: Edmundson™s Electricity Corporation
Edmundson™s Electricity Corporation: Edmundson™s
EEC: European Economic Community
EEdC: Compan±a Energ±a Electrica de Cataluna
˜´ ´ ˜
EElC: European Electric Corp.
EGE: Edison General Electric Co.
EIA: Energy Information Administration (U.S.)
Electrabel, Brussels: not to be confused with Electrobel; Electrabel, formed in 1990,
had predecessor companies dating back to 1905; the Suez group became majority
owner of Electrabel in 2003 and completed its takeover in 2005
Electric and Railway Finance Corporation (Elra¬n)
Electric Lighting and Traction Company of Australia (ELTC)
´
Electricite de France (EDF or EdF)
´
´ lectricite et Traction: Societe d™Electricite et Traction
´´ ´
E ´ ´
Electricity Supply Commission, South Africa (Escom or ESCOM)
´
Electrobanque: Elektrobank
´
Electrobel, Brussels: Compagnie Generale d™Entreprises Electriques et Industrielles,
´´
´
Brussels, the successor to Societe Generale Belge d™Entreprises Electriques
´´ ´ ´
´ lectricite et de Transport
Electrorail: Compagnies Reunies d™E
´ ´
Electrowatt (or Elektro-Watt): Bank fur Elektrische Unternehmungen (Elektrobank)
¨
Elektrische Licht und Kraft, AG (ELK)
Appendix A
282

Elektrizitats A.G. vorm. W. Lahmeyer & Co. (Lahmeyer).
¨
Elektrobank, Zurich: Bank fur Elektrische Unternehmungen
¨
Eletrobras: Centrais Electricas Brasileiras SA
´ ´
´
ELIN, Vienna: ELIN Societe Anonyme pour l™Industrie Electrique, also known as
´´
Elin Aktiengesellschaft fur Elektrische Industrie
¨
Elin Aktiengesellschaft fur Elektrische Industrie: ELIN Societe Anonyme pour
´´
¨
´
l™Industrie Electrique (ELIN)
´
ELIN Societe Anonyme pour l™Industrie Electrique: Elin Aktiengesellschaft fur
´´ ¨
Elektrische Industrie (ELIN)
ELK: Elektrische Licht und Kraftanlagen, AG
Elra¬n: Electric and Railway Finance Corporation
ELTC: Electric Lighting and Traction Company of Australia
Empresa Nacional de Electricidad SA (Endesa): different Spanish and Chilean
companies bore the same name and abbreviation; the Chilean company was
sometimes called Endesa de Chile.
Empresas Electricas Asociadas: Lima Light
´
Endesa: Empresa Nacional de Electricidad SA.
ENEL or Enel: Ente Nazionale per l™Energia Elettrica; in English, National Agency
for Electric Power
Energ±a Electrica de Cataluna (EEdC)
´ ´ ˜
´ nergie Electrique de Catalogne: Energ±a Electrica de Cataluna (EEdC)
´
E ´ ´ ˜
Energy Information Agency (EIA)
Ente Nazionale per l™Energia Elettrica (ENEL or Enel)
E.ON: created in 2000 as a merger of Veba and Viag, two leading German energy
concerns
Escom or ESCOM: Electricity Supply Commission, South Africa
´
ESMA: Centrales Electriques de l™Entre-Sambre et Meuse et de la Region de
Malmedy´
European Economic Community (EEC)
European Electric & Public Utility Company, Brussels (Europel): also known as
´
Compagnie Europeenne pour Entreprises d™Electricite et d™Utilite Publique
´ ´ ´
European Electric Corp., Canada (EElC)
Europel: European Electric & Public Utility Company
FDI: foreign direct investment
FECSA: Fuerzas Electricas de Cataluna
´ ˜
Federal Electric Commission, Mexico, in Spanish Comision Federal de Electricidad
´
(CFE)
Federal Power Commission (FPC): U.S. regulatory agency
Finabel: Compagnie Financiere et Industrielle de Belgique
`
´
Finelec: Societe Financiere pour le Developpement de l™Electricite, and its successor
´´ ` ´ ´
´ lectrique, Paris
Societe Financiere E
´´ `
Fomento: Corporacion de Fomento
´
Foreign Direct Investment (FDI), which is what multinational enterprises make
Foreign Portfolio Investment (FPI), a passive, ¬nancial investment
Foreign Power Securities Corporation (FPSC)
FPC: Federal Power Commission (U.S.)
FPI: foreign portfolio investment
Appendix A 283

FPSC: Foreign Power Securities Corporation
´
Franco-Suisse: Societe Franco-Suisse pour l™Industrie Electrique, sometimes called
´´
´ lectrique
Franco-Suisse pour l™Industrie E
´
Franco-Suisse pour l™Industrie Electrique: Franco-Suisse
French Thomson-Houston (FTH): its formal name was Compagnie Francais pour ¸
L™Exploitation des Procedes Thomson-Houston, often referred to as Societe
´´ ´´
Thomson-Houston
FTH: French Thomson-Houston
Fuerzas Electricas de Cataluna (FECSA): the successor to Barcelona Traction, Light
´ ˜
and Power
GE: General Electric, or The General Electric Company
GEC, London: General Electric Company, Ltd.
General Electric (GE)
General Electric Company, Ltd. (GEC): this British company was not associated
with the U.S. GE
General Hellenic Co.: Societe Generale Hellenique (SGH)
´´ ´ ´ ´
Gesellschaft fur Elektrische Unternehmungen (Gesfurel)
¨ ¨
Gesfurel, Berlin: Gesellschaft fur Elektrische Unternehmungen
¨ ¨
GLCT: Greater London and Counties Trust
Greater London and Counties Trust (GLCT)
Hydro¬na: Compagnie Financiere d™Exploitations Hydroelectriques SA
` ´
ICGA: Imperial Continental Gas Association
IEA: International Energy Agency
IGE: International General Electric Co.
IMF: International Monetary Fund
Imperial Continental Gas Association (ICGA)
Impresse Elettriche della America Latina (Latina Lux)
Indelec, Basel: Schweizerische Gesellschaft fur Elektrische Industrie, otherwise
¨
´ lectrique (SSIE); the French rendition is
known as Societe Suisse pour l™Industrie E
´´
´
sometimes given as Societe Suisse d™Industrie Electrique
´´
Independent Power Producers (IPPs)
INI: Istituto Nacional de Industria, Spain
Institute for Industrial Reconstruction: in Italian, Istituto per la Ricostruzione
Industriale (IRI)
International Bank for Reconstruction and Development: World Bank
International General Electric Co. (IGE)
International Monetary Fund (IMF)
International Paper and Power Co. (IPP)
International Power Co. (IPC)
International Power Securities Corporation (IPSC): its predecessor was Italian
Power Co.
IPC: International Power Co.
IPO: Initial public offering
IPP: International Paper and Power Co.
IPPs: Independent Power Producers
IPSC: International Power Securities Corporation
Appendix A
284

IRI: Institute for Industrial Reconstruction (in Italian, Istituto per la Ricostruzione
Industriale)
Istituto Nacional de Industria (INI), Spain
Istituto per la Ricostruzione Industriale (IRI)
Italian-Belgian Electric & Public Utility Co. (Italo-Belge)
Italian Edison Company: Societa Generale Italiana Edison di Elettricita
` `
Italian Power Company: International Power Securities Corporation
Italo-Argentina: CIAE
Italo-Argentine Electric Co.: CIAE
Italo-Belge: Italian-Belgian Electric & Public Utility Co., also known as Compagnie
´
Italo-Belge pour Entreprises d™Electricite et d™Utilite Publique (CIBEE or Italo-
´ ´
Belge)
Italo-Suisse, Geneva: Societe Financiere Italo-Suisse
´´ `
J. Henry Schroder & Co., London (Schroders)
¨ ¨
kW: kilowatts
kWh: kilowatt hours
Lahmeyer: Elektrizitats A. G. vorm. W. Lahmeyer & Co.
¨
Latina Lux: Impresse Elettriche della America Latina
LCIC: London Canadian Investment Corp.
Lima Light: Lima Light, Power and Tramways Company, Ltd., known in Peru as
Empresas Electricas Asociadas; English name changed to Lima Light & Power
´
Co. in 1935
Lima Light, Power and Tramways Company, Ltd.: Lima Light
London Canadian Investment Corp. (LCIC)
´ ´
Lyonnaise des Eaux et de l™Eclairage: Societe Lyonnaise des Eaux et de l™Eclairage
´´
Madrilena: Compan±a General Madrilena de Electricidad
˜´
˜ ˜
Meridionale: Societa Meridionale di Elettricita (SME)
` `
Mexican Light and Power Co. (Mexlight)
Mexican Northern Power Company: reorganized as Northern Mexican Power and
Development Co. in 1919
Mexlight: Mexican Light and Power Co.
MNE: multinational enterprise
Motor, Zurich: Motor fur Angewandte Elektrizitat, also known as Motor, Societe ´´
¨
¨
´ lectricite and Motor, Societe Anonyme
Anonyme pour les Applications de l™E ´ ´´
´ lectricite
pour l™E ´
Motor-Columbus, Baden: Motor-Columbus AG fur Elektrische Unternehmungen
¨
Motor-Columbus AG fur Elektrische Unternehmungen (Motor-Columbus)
¨
Motor fur angewandte Elektrizitat (Motor)
¨ ¨
´
Motor, Societe Anonyme pour l™Electricite: Motor
´´ ´
´
Motor, Societe Anonyme pour les Applications de l™Electricite: Motor
´´ ´
National Agency for Electric Power: ENEL
North Bohemian Electric Power Works: Severoceske elektrarny
ˇ ´ ´
Northern Mexican Power and Development Co.: Mexican Northern Power Co.
OECD: Organization for Economic Cooperation and Development
OEG, Genoa: Of¬cine Elettriche Genovesi
´
OFE: Omnium Francais d™Electricite
¸ ´
Of¬cine Elettriche Genovesi (OEG)
Appendix A 285

´
OHE: Omnium Hellenique d™Electricite
´ ´
´
Omnium Francais d™Electricite (OFE)
¸ ´
´
Omnium Hellenique d™Electricite (OHE)
´ ´
Organization for Economic Cooperation and Development (OECD)
Paribas, Paris: Banque de Paris et des Pays-Bas
´
Parisienne Electrique: Societe Parisienne pour l™Industrie des Chemins de Fer et
´´
´
Tramways Electriques
Pearson Engineering, New York (F.S. Pearson™s company)
Pearson group, London: S. Pearson & Son, Whitehall Securities/Whitehall Electric/
Whitehall Trust, British Pearson group, Cowdray group
Pearson, Weetman (Lord Cowdray, from 1910)
Petersburger Gesellschaft fur Electroanlagen (PGE)
¨
PGE, St. Petersburg: Petersburger Gesellschaft fur Electroanlagen
¨
Power and Traction Finance Company (PTFC)
Power Securities Corporation (PSC)
PSC: Power Securities Corporation
PSEG: Public Service Enterprise Group
PTFC, London: Power and Traction Finance Company
Public Service Enterprise Group (PSEG)
Public Utilities Securities Corporation (Pusco)
Public Utility Holding Company Act of 1935 (PUHCA): U.S. regulatory law
Public Utility Holding Corporation (PUHC)
Public Utility Regulatory Policies Act of 1978 (PURPA): U.S. regulatory law
PUHC: Public Utility Holding Corporation
PUHCA: Public Utility Holding Company Act of 1935
PURPA: Public Utility Regulatory Policies Act of 1978
Pusco: Public Utilities Securities Corporation
´ ´
Railways et Electricite: Compagnie Generale de Railways et d™Electricite
´ ´´ ´
RF: Societe Russe-Francaise de Chemin de Fer et Tramways
¸
´´
Rheinisch-Westfalisches Elektrizitatswerk (RWE)
¨ ¨
Rhenish-Westphalian Electric Power Co. (RWE)
Rhine-Westphalia Electric Power Company (RWE)
Riegos y Fuerza del Ebro: in English, Ebro Irrigation and Power Co. (Ebro)
RWE: Rhine-Westphalia Electric Power Company, otherwise known as Rheinisch-
Westfalisches Elektrizitatswerk, sometimes translated as Rhenish-Westphalian
¨ ¨
Electric Power Co.
S. Pearson & Son, London (SP&S): also referred to as Pearson group, London,
British Pearson group, or Cowdray group; Whitehall Securities/Whitehall
Electric were part of this group
SADE: Societa Adriatica di Elettricita, also called the Adriatic Electric Company
` `
SAEG: Schweizerisch-Americanische Elektrizitats-Gesellschaft, otherwise known
¨
as Swiss-American Electric Co.
SBC: Swiss Bank Corporation; Schweizerischer Bankverein
SBG: Schweizerische Bankgesellschaft; Union Bank of Switzerland (UBS)
SBS: Societe de Banque Suisse; Schweizerischer Bankverein
´´
SBU: Siemens-Bauuion
SBV: Schweizerischer Bankverein
Appendix A
286

Schroders: J. Henry Schroder & Co., London
¨ ¨
Schweizerisch-Americanische Elektrizitats-Gesellschaft, Zurich (SAEG), also
¨
known as Swiss-American Electric Co.
Schweizerisch-Argentinische Hypothekenbank, Zurich, known in Argentina as
Banco Hipotecario Suizo-Argentina
Schweizerische Bankgesellschaft (SBG): Union Bank of Switzerland
Schweizerische Eisenbahnbank: renamed in 1924 Schweizerische Elektrizitats- und ¨
Verkehrsgesellschaft (Suiselectra)
Schweizerische Elektrizitats- und Verkehrsgesellschaft (Suiselectra)
¨
Schweizerische Gesellschaft fur Anlagewerte (Socval)
¨
Schweizerische Gesellschaft fur Elektrische Industrie: Indelec
¨
Schweizerische Kreditanstalt (SKA): Credit Suisse
Schweizerischer Bankverein (SBV): Swiss Bank Corporation (SBC), or Societe de ´´
Banque Suisse (SBS), names adopted in 1917; before 1917 in English, Swiss
Bankverein and in French Bankverein Suisse
´
SCIE: Societe Centrale pour l™Industrie Electrique
´´
SEC: Securities and Exchange Commission (U.S.)
Securities and Exchange Commission (SEC): a U.S. regulatory agency
SEE, Barcelona: Sociedad Espanola de Electricidad
˜
SEGBA: Servico Publico de la Electricidad del Gran Buenos Aires
´
´ lectricite de Paris
SEP: Societe d™E
´´ ´
Servico Publico de la Electricidad del Gran Buenos Aires (SEGBA)
´
Severoceske elektrarny: North Bohemian Electric Power Works
ˇ ´ ´
SFMT: Societe des Forces Motrices de Truyere
´´ `
´ lectriques
SGB: Societe Generale Belge d™Entreprises E
´´ ´ ´
´
SGCF: Societe Generale des Chemins de Fer Economiques
´´ ´ ´
SGE: Societe Generale d™Entreprises
´´ ´ ´
SGEA: Societa Generale Elettrica dell™ Adamello
`
´
SGEl: Societe Generale d™Electricite
´´ ´ ´ ´
SGH: Societe Generale Hellenique, also known as General Hellenic Company
´´ ´ ´ ´
Shawinigan Water and Power Co. (SWP)
´
SIDRO or Sidro, Brussels: Societe Internationale d™Energie Hydro-Electrique
´´
Siebenburgische Elektrizitats AG: Transylvanian Electricity Co.
¨ ¨
Siemens-Bauunion (SBU)
SIP: Societa Idroelettrica Piemonte
`
´
SMD: Societe Marocaine de Distribution d™Eau, de Gaz et d™Electricite
´´ ´
SME: Societa Meridionale di Elettricita, sometimes shortened as Meridionale
` `
Sociedad Espanola de Electricidad (SEE)
˜
Sociedad General Madrilena de Electricidad: Compan±a General Madrilena de
˜´
˜ ˜
Electricidad (Madrilena) ˜
Societa Adriatica di Elettricita (SADE): also called the Adriatic Electric Company
` `
Societa di Banca Svizzera: Schweizerischer Bankverein
`
Societa Edison: Societa Generale Italiana Edison di Elettricita
` ` `
Societa Finanziaria Industriale Italiana (So¬ndit).
`
Societa Generale Elettrica dell™ Adamello (SGEA)
`
Societa Generale Italiana di Elettricita Sistema Edison: renamed in 1895 Societa
` ` `
Generale Italiana Edison di Elettricita (Societa Edison, Edison Company, Milan,
` `
or Italian Edison Company)
Appendix A 287

Societa Generale Italiana Edison di Elettricita: Societa Generale Italiana di
` ` `
Elettricita Sistema Edison
`
Societa Idroelettrica Piemonte (SIP)
`
Societa Meridionale di Elettricita: SME or Meridionale
` `
´
Societe Centrale pour l™Industrie Electrique (SCIE)
´´
Societe de Banque Suisse (SBS): Schweizerischer Bankverein
´´
´
Societe de Traction et d™Electricite, Brussels (Tractionel): sometimes called
´´ ´
´
Traction et Electricite ´
´ lectricite, Luxembourg (SODEC)
Societe d™E
´´ ´
´ lectricite de Paris (SEP)
Societe d™E
´´ ´
´ lectricite et Traction, Brussels: became Traction et Electricite ´
Societe d™E
´´ ´ ´
(Tractionel)
Societe des Forces Motrices de Truyere (SFMT)
´´ `
´ lectricite de Constantinople (STEC)
Societe des Tramways et de l™E
´´ ´
Societe Financiere de Transports et d™Entreprises Industrielles (So¬na)
´´ `
´
Societe Financiere Electrique, Paris, successor to Societe Financiere pour le
´´ ` ´´ `
´ lectricite, also called Finelec
Developpement de l™E
´ ´
Societe Financiere Italo-Suisse, Geneva (Italo-Suisse)
´´ `
´
Societe Financiere pour Entreprises Electriques aux Etats-Unis, Geneva
´´ `
´
Societe Financiere pour le Developpement de l™Electricite (Finelec)
´´ ` ´ ´
´ lectrique (Franco-Suisse)
Societe Franco-Suisse pour l™Industrie E
´´
Societe Generale, Brussels: Societe Generale de Belgique, Brussels
´´ ´ ´ ´´ ´ ´
Societe Generale, Paris: Societe Generale pour Favoriser le Developpement du
´´ ´ ´ ´´ ´ ´
Commerce et de l™Industrie en France
´
Societe Generale Belge d™Entreprises Electriques (SGB): Electrobel
´´ ´ ´
Societe Generale de Belgique (Societe Generale, Brussels)
´´ ´ ´ ´´ ´ ´
´
Societe Generale de Constructions Electriques et Mecaniques: commonly called
´´ ´ ´ ´
Alsthom
´
Societe Generale d™Electricite (SGEl)
´´ ´ ´ ´
Societe Generale d™Entreprises, Paris (SGE)
´´ ´ ´
´
Societe Generale des Chemins de Fer Economiques, Brussels (SGCF)
´´ ´ ´
Societe Generale Hellenique (SGH): General Hellenic Co.
´´ ´ ´ ´
Societe Generale pour Favoriser le Developpement du Commerce et de l™Industrie
´´ ´ ´
en France (Societe Generale, Paris)
´´ ´ ´
´
Societe Internationale d™Energie Hydro- Electrique (SIDRO)
´´
´
Societe Lyonnaise des Eaux et de l™Eclairage (Societe Lyonnaise)
´´ ´´
´
Societe Marocaine de Distribution d™Eau, de Gaz et d™Electricite (SMD)
´´ ´
´
Societe Ottomane d™Electricite de Constantinople (SOEC)
´´ ´
´
Societe Parisienne pour l™Industrie des Chemins de Fer et Tramways Electriques:
´´
´
sometimes called Parisienne Electrique; name change after 1945 to Societe ´´
´ lectriques (SPIE)
Parisienne pour l™Industrie E
´
Societe Parisienne pour l™industrie Electriques (SPIE)
´´
Societe Russe-Francaise de Chemin de Fer et Tramways (RF)
´´ ¸
´
Societe Saint- Petersbourgeoise de Transmission Electrique de la Force des Chutes
´´
d™eau (SSPT).
´
Societe Suisse d™Electricite et de Traction, Basel
´´ ´
´
Societe Suisse d™Industrie Electrique: Indelec
´´
Appendix A
288

´
Societe Suisse pour l™Industrie Electrique: Indelec
´´
Societe Thomson-Houston (STH): French Thomson-Houston (FTH)
´´
Socval: Schweizerische Gesellschaft fur Anlagewerte
¨
´ lectricite, Luxembourg
SODEC: Societe d™E
´´ ´
SOE: State-owned enterprise
´
SOEC: Societe Ottomane d™Electricite de Constantinople
´´ ´
So¬na or SOFINA, Brussels: Societe Financiere de Transports et d™Entreprises
´´ `
Industrielles
So¬ndit: Societa Finanziaria Industriale Italiana
`
SP&S, London: S. Pearson & Son
´
SPIE: Societe Parisienne pour l™industrie Electriques
´´
´
SSIE, Basel: Societe Suisse pour l™Industrie Electrique, otherwise known as
´´
Schweizerische Gesellschaft fur Elektrische Industrie (Indelec)
¨
´
SSPT, St. Petersburg: Societe Saint-Petersbourgeoise de Transmission Electrique des
´´
la Force de Chutes d™Eau
State-owned enterprise (SOE)
´
STEC: Societe des Tramways et de l™Electricite de Constantinople
´´ ´
Steiermark Electric Power Co.: Steiermarkishe Elektrizitats-Gesellschaft.
¨ ¨
Steiermarkishe Elektrizitats-Gesellschaft: Steiermark Electric Power Co.
¨ ¨
STH, Paris: Societe Thomson-Houston
´´
SUDAM: Compan±a Sudamericana de Electricidad
˜´
Sudamerikanische Elektrizitats-Gesellschaft, Zurich (Sudelkra)
¨ ¨ ¨
Sudelkra: Sudamerikanische Elektrizitats-Gesellschaft, Zurich
¨ ¨
¨
Suez Group: a broad collection of energy (and other) companies that emerged out
of the old canal company after the expropriation of the canal in 1956.
Suiselectra: Schweizerische Elektrizitats- und Verkehrsgesellschaft, new name in
¨
1924 for Schweizerische Eisenbahnbank
Swiss-American Electric Co.: Schweizerisch-Americanische Elektrizitats-Gesellschaft,
¨
Zurich (SAEG).
Swiss Bank Corporation (SBC): Schweizerische Bankverein
Swiss Bankverein: Schweizerische Bankverein
SWP: Shawinigan Water and Power Co.
´
Syndicat des Etudes et des Enterprises: in Greek, Syndicato Meleton kai
Epichiriseon
Syndicato Meleton kai Epichiriseon: Syndicato Meleton kai Epichiriseon,
´
sometimes translated as Syndicat des Etudes et des Enterprises
Tennessee Valley Authority (TVA): U.S. government-owned electric utility
´
THM: Thomson-Houston de la Mediterranee, or Compagnie d™Electricite
´ ´ ´
Thomson-Houston de la Mediterranee ´ ´
´
Thomson-Houston de la Mediterranee (THM): see also Compagnie d™Electricite
´ ´ ´
Thomson-Houston de la Mediterranee ´ ´
´ lectricite (Tractionel): Societe d™Electricite et Traction
´´ ´
Traction et E ´ ´
´
Tractionel: Societe de Traction et d™Electricite
´´ ´
Transylvanian Electricity Co.: Siebenburgische Elektrizitats AG ¨
¨
TVA: Tennessee Valley Authority
UBS: Union Bank of Switzerland; the UBS designation was adopted in 1998 when
Union Bank of Switzerland (UBS) merged with Swiss Bank Corporation (SBC).
Appendix A 289

´
UdE: Union d™Electricite ´
UEG: Union Elektrizitats Gesellschaft, sometimes rendered as Union Elektricitats
¨ ¨
Gesellschaft
UITE, Genoa: Unione Italiana Tramways Electtrici
UNES: Unione Esercizi Elettrici
Union Bank of Switzerland (UBS): otherwise known as Union des Banques Suisses,
Unione di Banche Svizzere, Schweizerische Bankgesellschaft, formed in 1912
´
Union d™Electricite (UdE)
´
Union des Banques Suisses: Union Bank of Switzerland
Union Elektricitats Gesellschaft: Union Elektrizitats Gesellschaft
¨ ¨
Union Elektrizitats Gesellschaft (UEG): also rendered as Union Elektricitats
¨ ¨
Gesellschaft
Union Financiere: Union Financiere de Geneve
` ` `
Union Financiere de Geneve: Union Financiere
` ` `
Unione di Banche Svizzere: Union Bank of Switzerland
Unione Esercizi Elettrici (UNES)
Unione Italiana Tramways Electtrici (UITE)
UPLC, Chicago: Utilities Power and Light Corporation
Utilities Power and Light Corporation (UPLC)
Vereinigte Elektrizitatswerke Westfalen GmbH, Dortmund: Westphalia United
¨
Electric Corporation
VFP: Victoria Falls Power Co. Ltd.
VFTP: Victoria Falls & Transvaal Power Co., Ltd.
Victoria Falls & Transvaal Power Co., Ltd. (VFTP)
Victoria Falls Power Co., Ltd. (VFP)
Westphalia United Electric Corporation: Vereinigte Elektrizitatswerke Westfalen
¨
GmbH, Dortmund
Whitehall Securities/Whitehall Electric/Whitehall Trust: Pearson group, London
WIR: World Investment Report
World Bank: International Bank for Reconstruction and Development
World Investment Report (WIR)
Appendix B: Notes to Table 1.4 Foreign Ownership
of Electric Utilities, Four Periods




All ¬gures for Albania were provided by Luciano Segreto.
1.
Mira Wilkins and Harm Schroter educated guess.
¨
2.
Schroter educated guess.
¨
3.
For electric power generation, complete public ownership was established in
4.
1947. Peter Eigner, ˜˜The Ownership of Austria™s Big Business, 1895“1995,™™ in
Margarita Dritsas and Terry Gourvish, eds., European Enterprise (Athens:
Trochalia Publications, 1997), 57.
Schroter educated guess.
¨
5.
Schroter educated guess.
¨
6.
This estimate is based on data for 1909 from Ivan T. Berend and Gyorgy ¨
7.
Ranki, Economic Development in East-Central Europe in the 19th and 20th
´
Centuries (New York: Columbia University Press, 1974), 143.
The ¬gure is based on the proportion of foreign direct investment in
8.
electric utilities for 1936 from R. Notel, ˜˜International Credit and Finance,™™
¨
in M. C. Kaser and E. A. Radice, eds., The Economic History of Eastern
Europe, 1919“1975 (Oxford: Clarendon Press, 1985), II, 282.
We can ¬nd no evidence that any of the electric utilities in the part of the
9.
Austro-Hungarian Empire that became Czechoslovakia were foreign-owned.
For a history of electric utilities in Prague, see http://muzeum.pre.cz/eng/hist/
uvod.php, accessed Jan. 9, 2006.
By 1928“1932, Indelec had made investments in at least one Czech electric utility
10.
(in Podmokly), but we are uncertain about control. See notes to Chapter 4 herein.
By 1934, 67 percent of Czechoslovakia™s electric utilities were government
owned. J. Tichy and F. Kneidl, ˜˜Power Resources, Their Importance and
´
Utilization in Czechoslovakia,™™ Transactions, Third World Power Conference
(Washington, DC: USGPO, 1938), vol. 2, 144.
Nationalization occurred in 1945“1946 (http://www.muzeum.pre.cz/eng/hist/
11.
uvod.php accessed Oct. 2, 2007).
Timo Myllyntaus, Electrifying Finland (London: Macmillan, 1991), 44“45,
12.
56“57.
Ibid. The ¬gure assumes approximately equal growth rates among Finnish
13.
urban electric utilities.


291
Appendix B
292

14. Peter Hertner and Pierre Lanthier educated guess.
15. Hertner and Lanthier educated guess.
16. A state monopoly was created in 1946. David Levi-Faur, ˜˜On the ˜Net Impact™
of Europeanization. The EU™s Telecoms and Electricity Regimes between the
Global and the National,™™ European Integration Online Papers, 6:7 (2002), 12
(http://eiop.or.at/eiop/texte/2002-007.htm, accessed July 28, 2006).
17. Hertner and Schroter educated guess.
¨
18. Hertner and Schroter educated guess. By 1933, 83 percent of Germany™s central-
¨
station electricity was produced by government-owned utilities. W. Leisse and
G. Balzer, ˜˜Germany™s Sources of Power, Their Development and Utilization,™™
Transactions, Third World Power Conference, vol. 2, 202.
19. There was a municipal electric system. Emile Garcke, comp., Manual of
Electrical Undertakings (London: Electrical Press, 1914“1915), 1473 (hereaf-
ter cited as Garcke, with appropriate year).
20. Garcke, 1928“1929, 1586.
21. The ¬gure is an estimate provided by Leslie Hannah.
22. The ¬gures are estimates provided by Hannah. The ¬rst ¬gure represents
capacity and the higher ¬gure output.
23. A state monopoly was created in 1947. Levi-Faur, ˜˜On the ˜Net Impact. ™™™
24. This ¬gure is based on information provided for 1918 by N. Pantelakis in e-mail
´
correspondence. The Compagnie Hellenique d™Electricite was foreign-owned.
´ ´
Pantelakis™s book From Private Initiative to State Monopoly (1889“1956) is in
Greek.
25. The ¬gure is based on e-mail correspondence from N. Pantelakis. Prior to
1930, Greek investors held a majority of the shares of the General Hellenic
Company, although control may actually have resided with British investors.
After 1930, the British group S. Pearson and Sons, through its Whitehall
´
Securities subsidiary, clearly had control. Compagnie Hellenique d™Electricite
´ ´
remained foreign-dominated.
26. The ¬gure is based on e-mail correspondence from N. Pantelakis. The Athens
electric utility remained under British control and produced approximately 85
percent of Greek electricity.
27. A state monopoly was created in 1950, and all electric companies were bought
by the state company between 1956 and 1968. E-mail correspondence from
N. Pantelakis.
28. By 1918, the Budapest electric utility, by far the largest in the country, was
government owned. This was also the case in many municipalities. L. de Berebely, ´
˜˜National and Regional Planning and Their Relation to the Conservation of
National Resources; Regional Integration of Electric-Utility Facilities,™™ Transac-
tions, Third World Power Conference, vol. 6, 410. According to Ra ´nki, by the end
of the 1920s ˜˜a few electrical trusts,™™ presumably foreign, may have controlled
several electric stations. Gyorgy Ra ´nki, ˜˜Electric Energy in Hungary,™™ in Fabienne
¨
´ lectricite dans le Monde, 1880“1980 (Paris: Presses
Cardot, ed., Un Siecle d™E
` ´
Universitaires de France, 1987), 157. See Liane Ranieri, Dannie Heineman
´
(Brussels: Editions Racine, 2005), 62, 70, 72, on So¬na in Hungary 1907ff.
29. This is an estimate. In addition, British capital helped fund the state-owned
Hungarian Transdanubian Electric Co. in 1928“1930. De Berebely, ˜˜National
´
and Regional,™™ 419.
Appendix B 293

30. Capital was entirely Irish or English, and the public sector was very large.
Garcke, 1914“1915, 121“1074. Three privately owned companies were
registered or had of¬ces in London: Larne, Portarlington, and the only large
one, Cork Electric Tramways and Lighting Co.
31. The Irish Electricity Supply Board was created in 1927 (http://www.esb.ie/
main/about_esb/history_foundation.jsp, accessed July 28, 2006).
32. Luciano Segreto, ˜˜Imprenditori e Finanzieri,™™ in Giorgio Mori, ed., Storia dell™
Industria Elettrica in Italia (Rome-Bari: Laterza, 1992), 321“22, 332. The
¬gure is for percent of total capital invested in 1913. Segreto believes most of
this capital was foreign direct investment.
33. This ¬gure, and the one for 1947“1950, was provided by Luciano Segreto.
While there still was foreign participation, by the late 1920s there were no
foreign-controlled electric utilities.
34. Italy™s state electricity company, Enel, was formed in December 1962. Michael
Polo and Carlo Scarpa, ˜˜The Italian Electricity Sector Between Privatization
and Fear of Competition,™™ in Mario Baldassarri, Alfredo Macchiati, and Diego
Piacentino, eds., The Privatization of Public Utilities: The Case of Italy
(London: Macmillan, 1997), 143.
35. Schroter educated guess.
¨
36. Schroter educated guess. By 1935, over 98 percent of electricity in Latvia was
¨
generated by government, including municipal, plants. Alfred Bilmanis,
˜˜Production of Electricity in Latvia,™™ Transactions, Third World Power
Conference, vol. 2, 290.
37. Early electricity was supplied to Luxembourg City by the iron company
Gallais-Metz, which merged with ARBED, SA in 1911. In 2006 ARBED was
part of the giant steel company Arcelor Mittal (http://www.rail.lu/arbedhisto.
html; http://www.cegedel.lu, accessed Nov. 21, 2006).
38. The Public Utility Holding Corp. of America had a 35 percent interest,
which the company asserted was noncontrolling, in Cie. Grand Ducale
´
d™Electricite du Luxembourg (CEGEDEL), which had been formed in 1928.
´
Moody™s Manual (Utilities) 1930, 2416“17. Also see New York Times, July
20, 1930.
39. The company was renamed Luxemburger Electrizitats AG during the German
¨
occupation, by which time there appears to have been no foreign ownership
(http://www.cegedel.lu, accessed Nov. 21, 2006).
40. The state became the principal shareholder in CEGEDEL in 1970 (http://www.
cegedel.lu, accessed Nov. 21, 2006).
41. This is a crude estimate. Malta (Valletta) Lighting and Power was owned by
the government. Malta Tramways, which generated its own electricity and
may have supplied some to outside customers, was British-owned (by
Macartney, M™Elroy & Co. Ltd.). Garcke, 1914“1915, 1481.
42. Garcke, 1928“1929, 1597“98 still lists Malta Tramways, but the company
went bankrupt in 1929, and the trams were replaced by buses.
43. By 1910, virtually all power stations were government-owned enterprises.
While there may have been some foreign investment in coal mines that
provided some local power or in some border power stations, it is not likely
that any of these operations were foreign-controlled. Information provided by
G. P. J. Verbong via e-mail correspondence.
Appendix B
294

44. Schroter educated guess. If power generated by industrial ¬rms were included,
¨
the ¬gure would be close to 80 percent. By 1918, 80 percent of electricity supply
undertakings were municipally owned. Robert Millward, Private and Public
Enterprise in Europe (Cambridge: Cambridge University Press, 2005), 78.
45. Schroter educated guess. If power generated by industrial ¬rms were included,
¨
the ¬gure would be approximately 60 percent. By 1934, 88 percent of electricity
supply undertakings were government, including municipally, owned. Norwe-
gian National Committee of World Power Conference, ˜˜Power Resources,
Development, and Utilization,™™ Transactions, Third World Power Conference,
vol. 2, 307.
46. This ¬gure is based on the proportion of foreign-owned capital stock in
electric, gas, and water companies. The ¬gure for 1927 was 44.6 percent and
subsequently increased. Zbigniew Landau and Jerzy Tomaszweski, ˜˜Foreign
Policy and International Business in Poland: 1918“39,™™ in Alice Teichova,
Maurice Levy-Leboyer, and Helga Nussbaum, eds., Multinational Enterprise
´
in Historical Perspective (Cambridge: Cambridge University Press, 1986), 276.
47. The ¬gure is for 1930. Landau and Tomaszewski, ˜˜Foreign Policy,™™ 276. By
1934, 19 percent of electricity was generated in government-owned ¬rms. Polish
National Committee, ˜˜Statistical Tables of the Power Sources and Their
Utilization in Poland,™™ Transactions, Third World Power Conference, vol. 2, 332.
48. Pierre Lanthier indicates that in Portugal ownership and control are very
dif¬cult to assess. There were substantial foreign investments (by both So¬na
and SCIE) by 1914, but also much participation by municipalities. The foreign
investments persisted until nationalization, but control is uncertain.
49. Data provided by Francesca Antolin via e-mail correspondence, based on
annual reports of Hidroelectrica Iberica.
´ ´
50. The electric utility industry was nationalized in 1975“1976. Levi-Faur, ˜˜On
the ˜Net Impact. ™™™
51. Schroter educated guess, con¬rmed for 1910 in Berend and Ranki, Economic
´
¨
Development, 107.
52. Schroter educated guess. By 1934, 48 percent of electricity was generated by
¨
government-owned ¬rms. Dorin Pavel and Eugen Bodea, ˜˜Power Resources of
Roumania, Their Development and Utilization,™™ Transactions, Third World
Power Conference, vol. 2, 359“60.
53. Timo Myllyntaus, ˜˜Electrical Imperialism,™™ paper presented at Business
History Conference, Glasgow, 1997.
54. After the Russian Revolution, the properties of foreign utilities were taken
over; foreigners participated in the electri¬cation activities of the ¬rst ¬ve-year
plan, but there was no foreign direct investment in the operation of Russian
public utilities.

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