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Aldred & Co., 173, 175, 191 modernization of Chinese properties,
Aldred Investment Trust, 401 mid-1930s, 216
Alfred Booth and Co., 168, 361 number of employees (1939), 219


461
Index
462

American & Foreign Power Co. (cont.) Heineman trip (1942), 227
optimism of 1950s, 233 Motor-Columbus™ interests in, late 1920s,
organized (1923), 145 150
problems with Chilean properties (1935), percent of electric utilities foreign owned,
four periods, 32
213
purchase of Whitehall properties, late sale of German electric utilities, early
1920s, 165 1920s, 134“5
subsequent corporate history, 249 summary of domestication process, 255
American depository receipts, 176 in World War II, 227
American depository shares, 175 Armstrong Whitworth & Co., 163
American Founders group, 178 Arthur Meighen Co., Montreal, 168
American Gas and Electric Co., 183 ASEA, 94, 95, 163, See also Appendix A
American Intercontinental Trade and Services ASEA Brown Boveri (ABB), 265
(Amitas), 223“4 Asia
American International Corp., 145, 178 electric utility investments, mid-1930s, 216
American Tobacco Co., 91 Asia Infrastructure Fund, 268
American Water Works and Electric Co., 120 Asian Development Bank, 263
Anaconda Copper Mining Co., 146, 244, 249 Associated Electrical Industries, 170
Anglo-American Brush Electric Light Associated Gas & Electric Co., 110, 299
Corp., 108, 338 Asuncion Tramway, Light and Power Co.,
´
Anglo-American Trust Co., 296 303
Anglo-Argentine Tramways Co., 108, 213 Aswan Dam project, 196, 242
Anglo-Austrian Bank, Ltd., 394 Atel, 267
´
Anglo-Japanese Hydro-Electric Co., 366 Ateliers de Construction Electriques du Nord
Anglo-Japanese Water Power Co., 253 et de l™Est, 103
´
Anglo-Mexican Electric Co., 114 Ateliers de Constructions Electriques de
Anglo-Persian Oil Co., 122 Charleroi (ACEC), 103
Anglo-Polish Bank, 166 Ateliers Thomson-Houston, 358, See also
Anglo-Polish Electrical Development Thomson-Houston
Corp., 164 Athens Piraeus Electricity Co., 192
Angola, 106 Atlas Corp., 205, 209
ANSEC group, 184, 240, 405 Atlas Electric and General Trust, Ltd., 303
Anthony Gibbs & Co., 111 Atlas Light and Power Co., 165, 184
Argentina, 85, 99, 101, 103, 104, 105, 110, Auckland Electric Tramways Co., 106, 108,
122, 136, 153, 165, 171, 189, 191, 205, 130, 295
Australasia, 77
207, 264, 266
activities of Sofina, World War II, 224 Australasian Electric Light, Power and
American & Foreign Power investments in, Storage Co., 80
Australia, 86, 106, 107, 130, 266, 268
1920s, 184
attempted Spanish takeover of CHADE electric power pools, 264
(1947), 237 electric utility investments, mid-1930s,
CHADE activities in, 151 216
domestication of foreign-owned electric percent of electric utilities foreign owned,
utilities, 239“41, 246 four periods, 31
early Edison company, 77 state takeover of foreign-owned electric
exchange rate depreciation (1931), 197, utilities, 239
summary of domestication process, 255
199
foreign-owned electric utilities, 1930s, Austria, 90, 138, 221, 394“5
electric utility investments in Greece, 164
211“13
foreign-owned electric utilities, 1950s“ electric utility securities issued in U.S.
(1925), 173
1970s, 246“7
German and British banks, 87 electricity exports (1933), 30
Index 463

electricity production in industry (1933), Banque des Pays du Nord, 117, 136
Banque Imperiale Ottomane, 136
´
28
nationalization of electric utilities (1947), Barbados
percent of electric utilities foreign owned,
237
percent of electric utilities foreign owned, four periods, 33
four periods, 31 Barbados Electric Light Corp., 305
universal banking, pre“World War I, 48 Barcelona Traction, Light and Power Co., 88,
Volpi interests in (1929), 192 110, 119, 133, 143, 166, 206, 218, 237,
Austro-Hungarian empire, 68, 99, 137, 354 238, 255, 295, 361
Barcelonesa, 85, 93, 99, 361, See also
Babcock & Wilcox, 163, 312 Appendix A
Baghdad Railway, 69 Baring Crisis, 80
Balfour, George, 163, 369 Barings banking house, 48, 85, 143
Balfour Beatty, 163 Basler Handelsbank, 98, 117, 136, 203,
Banca Commerciale Italiana (BCI), 85, 98, 235
Bechtel Corp., 266
151, 180, 196, 204
Banca Commerciale Italiana Trust Co., Behn, Sosthenes, 183
New York, 192 Beith, B.D.F., 160
Banca Nazionale di Credito, 180 Belgian Congo, 103, 104
Banco di Roma, 180 copper mining, 146
Banco Urquijo, 135, 136, 349 electrification of, 235
Bank fur Elektrische Unternehmungen. See independence, 243
¨
Elektrobank Belgium, 100, 104, 133, 141, 153
Bank fur Handel und Industrie, 116 electric utility holding companies, interwar
¨
Bank of Brazil, 211 period, 151“6
Bank of Commerce, Toronto, 88 electric utility holding companies, late
Bank of England, 140, 141, 157, 196 1920s, 161“3
Bank of Montreal, 48, 88, 112, 113, 115 electric utility holding companies, post“
Bankers Trust Co., New York, 182, 191, World War II, 235
electricity production in industry (1933),
201
banks 28
association with holding companies and foreign investments in electric utilities,
manufacturers, 104 mid-1930s, 203, 207
Belgian reforms of 1930s, 235 German invasion of (1940), 223
British and German compared, 140 holding companies, 53, 62
failures in 1930s, 195 percent of electric utilities foreign owned,
international, 35, 197, 249 four periods, 31
merchant, 61, 113, 157 railroad finance, 63
relationship to holding companies, 97 universal banking, pre“World War I, 48
Swiss, on eve of World War II, 225 Belgrade, Serbia
universal, 96, 122 electrification of, 159, 164, 193
banks and financial intermediaries Bell, Russell, 177
early role in electric utilities, 46“50, 84“6 Beneduce, Alberto, 403
Banque Centrale de Commerce et de Benson, Robert, 158
l™Industrie, Paris, 78 Berlin, Germany
Banque d™Anvers, 162 Heineman-Oliven plan, 194
Banque de Bruxelles, 133, 153, 154, 161, Berlin City Electric Co., 176, 191, 196
Berlin Industrial Exhibition (1879), 15
193, 355
Banque d™Escompte de Paris, 78 Berliner, Alfred, 112
Banque de l™Union Parisienne, 162, 358 Berliner Handels-Gesellschaft, 84, 97, 99
Banque de Paris et des Pays-Bas (Paribas), 85, Berliner Kraft und Licht (Bewag) AG, 197,
98, 102, 161, 162 202
Index
464

BET, 86, 108“9, 130, See also Appendix A summary of domestication process, 256
Bhatpara Power Co., 216 World Bank investments in, 242
Billings, Asa, 211 Brazilian Light and Power Co., 249, See also
blackouts, 3 Brazilian Traction, Light and Power Co.
Blake, Lash, and Cassels, 88 Brazilian Traction, Light and Power Co.,
Bligny, Joseph, 348 143, 155, 166, 184, 189, 210, 212, 217,
Boel group, 426 218, 221, 225, 244, 248, 249, 266, 301
Boise Cascade Corp., 249, 252, 305 Bretton Woods, New Hampshire, 228
Bolivia, 167, 189, 249 Brisbane Electric Tramways Investment
percent of electric utilities foreign owned, Co., 106
four periods, 32 British Aluminium Co., 90
Bolivian & General Enterprise Co., 301 British and Foreign Utilities Development
Bolivian Power Co., 302, 396 Corp., 166, 392
Bombay Electric Supply & Tramways Co., British & International Utilities, Ltd., 193,
106, 108, 130 209
Bonbright & Co., 49, 84, 175, 180, 182, 191 British Columbia Electric Power Co., 119
bonds, 47, 81, 96, 119, 159, 163, 167, 175, British Columbia Electric Railway Co., 86,
179, 184, 197, 199, 206, 209, 238 129, 168, 215, 307
Bonneville Power Administration, 234 British Columbia Power Corp., 182
Bowater Co., 215, 382 British Electric Traction Co. See BET
Braden Copper Co., 146 British Electrical & Allied Manufacturers™
Braithwaite, Joseph Bevan, 107 Association
Branco, Humberto Castelo, 248 report on combines and trusts, 149
Brand, Robert, 140 British Empire Trust, 86
Brandenburg Electric Power Co., 176 British Gas Group International, 267
Brascan Ltd., 249, 252, 256, 266, See also British Guiana, 89, 189, See also Guyana
Brazilian Traction, Light and Power Co. British Ministry of Munitions, 127, 128
Brasilianische Elektrizitats-Gesellschaft, British Museum
¨
Berlin, 110 Siemens Brothers lights, 75
Brazil, 20, 89, 104, 110, 121, 122, 146, 151, British Overseas Bank, 166
British Thomson-Houston, 82, 92, 163, 170,
166, 171, 189, 191, 265, 266
activities of Sofina, World War II, 224 See also Thomson-Houston
American & Foreign Power investments in, brokers, 46, 47, 50, 88, 122, 176, 191
Bronfman, Peter and Edward group
1920s, 184
domestication of electric utilities, 1950s“ (Edper), 252
Brookfield, S.M., 114, 115
1970s, 248
EDF investments in, 2000s, 266 Brookfield Asset Management, 266
electric utilities, post-World War II, 241 Brown, Boveri, 101, 136, 150, 162, 171, 205,
electric utility regulation, 1930s, 211 235, 244, 254
exchange rate depreciation (1931), 197, early years, 91“4
merger with ASEA (1988), 265
199
foreign-owned utilities challenged, 1930s, Brown, C.E.L., 316
Brown Brothers, 175
210“11
last remaining foreign-owned electric Brush, Charles F., 10
utilities, mid-1970s, 249 Brush boom, 338, 359
Loewenstein investments in, 85 Brush Electric Co., 81
percent of electric utilities foreign owned, BTU Power Co., 268
four periods, 32 Budapest, Hungary
sale of last foreign-owned electric utility Heineman-Oliven plan, 194
(1979), 250 Buenos Ayres and Belgrano Tramway Co.,
Sofina control of Brazilian Traction, Light 108
and Power, mid-1920s, 155 Buffett, Warren, 267
Index 465

Bulgaria outward and inward foreign direct
Belgian holding company investments in, investments in electric utilities, interwar
mid-1930s, 202, 208 years, 142“4
electricity production per capita, growth percent of electric utilities foreign owned,
rates (1900“85), 26 four periods, 33
nationalization of electric enterprises, 236 percent of Motor-Columbus™s investments
percent of electric utilities foreign owned, in (1938), 206
four periods, 31 repeal of favorable tax provisions, 1970s,
Burma (Myanmar), 106 249
percent of electric utilities foreign owned, tax provisions, effects of, 167
four periods, 32 U.S. electrical investments, mid-1930s,
Burmah Electric Tramways & Lighting Co., 214“15
U.S. foreign direct investments in, 1940s,
106
business groups, 38, 40, 57, 61, 97, 101, 104, 234
120, 137, 187, 197, 243, 273, See also Canada Electric Co., 209
clusters Canadian Hydro-Electric Corp., 147
Canadian International Light and Power
CADE, 207, 212, 213, 221, 227, 237, 238, Investment Co., Toronto. See Caninlipo
240, 244, 246, 249, 255, See also Canadian International Power Co., 247
Appendix A Canadian Niagara Power Co., 129, 307
Cairo Electric Railways and Heliopolis Oasis Caninlipo, 154, 163, 167, See also Appendix A
Co., 104, 155, 243 Cape Electric Tramways, Ltd., 106
Calais, France Capetown Consolidated Tramways & Land
Heineman-Oliven plan, 194 Co., 106
Calcutta Electric Supply Corp., 106, 131, capital controls
British, interwar period, 142
141, 158, 185, 216
Calcutta Tramways Co., 106 capital intensity, 4, 45
Calder, Curtis E., 210 economic implications of, 19“23
Calgary Power Co., 119 Carlisle, Anthony, 8
Cammell Laird & Co., 394 Cascade Water Power and Light Co., 119
Canada, 20, 62, 65, 87, 90, 92, 115, 119, Cassel, Ernest, 83
Castiglioni Bank, 394
121, 214, 217, 266, 268
Alcoa investments in, 147 Castro, Fidel, 246
branch banking, 48 CATE, 99, 102, 134, 136, 342, See also
corporate borrowers in the U.S., 1920s, Appendix A
Ceara Tramways, Light & Power Co., 369
176
domestication of electric utilities, post“ Centrais Electricais Brasileiras SA
´
World War II, 250“1 (Eletrobras), 250
´
electricity exports (1933), 30 Central America. See Latin America
electricity production in industry (1933), Central American Power, 305
Central and South West Co., 265
29
electricity production per capita, growth Central Mining and Investment Corp., South
rates (1900“85), 26 Africa, 139, 379
foreign direct investments in electric Central States Electric Co., New York, 167
utilities, late 1920s, 166“9 Central States Power & Light Co., 209
free standing companies, 56 central stations, 9, 10, 12, 13, 29, 79, 81, 93,
holding companies, pre“World War I, 105 128, 151
as importer and exporter of capital, 143 Cerro de Pasco Mining Co., 244, 421
Insull investments in, 191 Ceylon, 77, 106, See also Sri Lanka
investments in Mexican electric utilities, CHADE, 135“7, 140, 141, 151, 154, 188,
pre“World War I, 112“13 189, 202, 206, 211, 213, 221, 227,
large power consumers, 52 237“9, 240, 376, See also Appendix A
Index
466

Charles Gordon & Co., 239 City of London Electric Lighting, 86, 108
Chartered Gas Light and Coke Co., 7 Clarke, Harley, 181, 198, 208
Chase Manhattan Bank, 172 Clouston, E.S., 112
Chase Securities, 172, 191 CLP Holdings, 268, See also China Light &
Chatham & District Light Railways, 104 Power Co.
Chavez, Hugo, 272 clusters, 37, 40, 49, 56, 59“61, 67, 72, 86,
Cheung Kong group, 268 87, 93, 108, 109, 111, 158, 164, 166,
Chicago economists, University of, 264 171, 182, 191, 269, 273
Chile, 20, 86, 99, 100, 103, 104, 110, 165, Coastal Corp., 266
Coffin, Charles A., 81, 145
171, 189, 191, 197, 213, 266, 268
American & Foreign Power investments in, cold war, 236
Colombia, 189, 206, 241, 265, 267
1920s, 184
copper mining in, 89 American & Foreign Power investments in,
electric utility restructuring, 263 1920s, 184
government purchase of foreign-owned Cali utility expropriated (1947), 239
electric utilities, 1960s, 248 government purchase of foreign-owned
percent of electric utilities foreign owned, electric utilities, 1960s, 247
four periods, 32 percent of electric utilities foreign owned,
post“World War I era, 139“40 four periods, 32
summary of domestication process, 256 Colombo Electric Tramway & Lighting
in World War II, 227 Co., 106
Chile Exploration Co., 20, 51, 146 colonies, 24, 36, 90, 123, 163, 189, 204, 242,
Chilean Electric Tramway and Light Co., 86, See also decolonization
Columbus, 101, 102, 136, 244, See also
100, 139
Chilectra, 264 Appendix A
Chilgener, 264 Columbus AG fur Elektrische
¨
Chilquinta International, 264 Unternehmungen. See Columbus
China, 4, 103, 104, 106, 156, 187, 226, 257, Comision Federal de Electricidad (CFE), 247
´
Commercial Bank of the River Plate,
266
American & Foreign Power investment Argentina, 87
written off (1941), 228 Compagnie Belge des Chemins de Fer
American & Foreign Power investments in, Reunis, 103
´
´
Compagnie Centrale d™Electricite de Moscou,
´
1920s, 184, 189
communist takeover, 236 116, 117
´ ´
electric utility concessions, pre-World War Compagnie Centrale d™Energie Electrique,
I, 370 427
electricity production in industry (1933), 29 Compagnie Continentale Edison, 77, 78, 92
´
electricity production per capita, growth Compagnie d™Electricite Thomson-Houston
´
rates (1900“85), 26 de la Mediterranee, 93, 358
´ ´
´
exchange rate depreciation (1931), 199 Compagnie d™Enterprises Electromecaniques,
´
inward direct investments in electric 162
´
utilities (1990“2007), 265“9 Compagnie Electrique de la Loire et du
inward electric utility investments, Centre, 427
mid-1930s, 216 Compagnie Europeenne pour Entreprises
´
´ lectricite et d™Utilite Publique, 163,
percent of electric utilities foreign owned, d™E ´ ´
four periods, 32 192
summary of domestication process, 255 Compagnie Financiere d™Exploitations
`
China Light & Power Co., 298, 431, 436 Hydroelectriques SA (Hydrofina), 162,
´
Christiana Securities Co., 403 208, 218
CIADE, 249, See also Appendix A Compagnie Francais pour L™Exploitation des
¸
Cincinnati Edison Electric Co., 341 Procedes Thomson-Houston, 358,
´´
Cities Service Co., 120 See also French Thomson-Houston
Index 467

Compagnie Francaise de Tramways et
¸ Compan±a Hispano-Americana de
˜´
´ ´
d™Eclairage Electrique, Shanghai, 370, 420 Electricidad. See CHADE
Compagnie Generale de Railways et Compan±a Italo-Argentina de Electricidad,
´´ ˜´
´
d™Electricite, 103
´ 101, 136, 150, 151, 206, 213, 246, 301
Compagnie Generale de Traction, 93 Compan±a Limitada de Ferrocarriles del
´´ ˜´
´
Compagnie Generale d™Electricite, 93 Distrito, 113
´´ ´
Compagnie Generale du Maroc, 161 Compan±a Luz y Fuerza de Parana, 358
´´ ˜´
´
Compagnie Hellenique d™Electricite, 93, 138, Compan±a Nacional de Fuerza, 140
´ ´ ˜´
Compania Romana de Electricitate, Brasov,
164
Compagnie Italo-Belge pour Entreprises 415
´
d™Electricite et d™Utilite Publique, 162, Company for Petersburg™s Electric Lighting,
´ ´
192, 193, 209 116
´
Compagnies Reunies d™Electricite et de concessions, 23, 57“9, 64, 67, 71, 87, 99,
´ ´
Transport. See Electrorail 111, 116, 163, 164, 183, 193, 211, 234
´
Compagnies Reunies Gaz et Electricite, Conchos River, 114
´ ´
Lisbon, 154, 384 Congo
Compan±a Alemana Transatlantica de expulsion of Societe Generale de Belgique,
˜´ ´ ´´ ´ ´
Electricidad. See CATE 251
Compan±a Americana de Luz y Traccion, Consolidated Gas, Electric Light and Power
˜´ ´
Co. of Baltimore, 120
303, 385
Compan±a Argentina de Electricidad. See Consolidated Hydro-Electric Works of Upper
˜´
CADE Wurttemberg, 176
¨
Compan±a Barcelonesa de Electricidad. See Consolidated Investment Corp. of Canada,
˜´
Barcelonesa 168
Compan±a Central Argentina de Electricidad, Constantinople Consortium, 93, 101
˜´
construction companies, 56, 60, 63, 109,
405
Compan±a Chilena de Electricidad (Chilena),
˜´ 122, 243
Construction des Batignolles (Schneider), 427
140, 165, 186
Compania Cubana de Electricidad, 199 Cordoba Light and Power Co., 301
˜
Compan±a de Electricidad de Andes, 405 Corporacion de Fomento de la Produccion,
˜´ ´ ´
Compan±a de Electricidad de Merida, 115, Chile, 227, 242
˜´
Corporacion Dominicana de Electricidad,
´
358
Compan±a de Electricidad del Este Argentino,
˜´ 306
corporate governance, 38“40, 273
405
Compan±a de Electricidad del Norte Corporation Securities Co., Chicago, 411
˜´
Argentino, 405 Costa Rica, 189, 241
Compan±a de Electricidad del Sud Argentino, American & Foreign Power investments in,
˜´
405 1920s, 184
Compan±a Electrica Mexicana, SA, 210 percent of electric utilities foreign owned,
˜´ ´
Compan±a Electricidad de la Provincia de four periods, 32
˜´
Buenos Aires, 301 Coster, Charles H., 83
Compan±a Electricidad de Rosario, 301 Couzens, Herbert, 211
˜´
Compan±a Explotadora de las Credit Suisse, 98, 102, 117, 119, 136, 203,
˜´
Hidro-Electricas de San Ildefonso, 112
´ 225, 235, 237, 238
Compan±a General Madrilena de Creditanstalt crisis (1931), 197
˜´ ˜
Electricidad, 93 Credito Italiano, 101, 179, 180, 204
Compan±a Hidroelectrica de Chapala, 114, Cripple Creek mining district, 84
˜´ ´
cross-investments, 38, 53, 161, 356
210
Compan±a Hidro-Electrica del Rio de la Cuba, 89, 145, 184, 189, 199, 242
˜´ ´
Alameda, SA, 114 American & Foreign Power investments in,
Compan±a Hidroelectrica e Irrigadora del
˜´ ´ 1920s, 184
Chapala, 21 early Edison company, 77
Index
468

Cuba (cont.) D±az, Porfirio, 114, 115, 142
´
electrification of sugar mills, 89 Dillon, Clarence, 143, 182
percent of electric utilities foreign owned, Dillon, Read & Co., 174, 175, 182, 191,
four periods, 33 See also W.A. Read & Co.
summary of domestication process, 255 Disconto Gesellschaft, 100, See also Deutsche
Cuyamel Fruit Co., 305 Bank und Disconto Gesellschaft
Czechoslovakia, 203, 221 Docker, Bernard, 196
electricity exports (1933), 30 Docker, Dudley, 134, 141, 153, 154, 196,
electricity production in industry (1933), 217, 356
domestication, 5, 24, 30, 67, 71, 95, 130,
28
percent of electric utilities foreign owned, 168, 209, 233, 239, 245, 250, 262
four periods, 31 in Europe, post“World War II, 251
percent of Indelec™s investments in (1929), summary of process in many countries, 256
Dominican Republic, 266, 434
150
percent of Indelec™s investments in (1938), electricity production per capita, growth
rates (1900“85), 26
203
summary of domestication process, 255 percent of electric utilities foreign owned,
four periods, 33
Dabhol power project, 266 Dominion Securities Corp., Toronto, 88,
Dalmatia (part of Croatia) 112, 119
Heineman-Oliven plan, 194 Drake, Edwin, 7
Davis, Arthur Vining, 147, 179 Dresdner Bank, 84, 100, 112, 115
Davy, Sir Humphry, 8 Drexel, Harjes & Cie., 78
Dawnay, Day & Co., 193 Drexel, Morgan & Co., 48, 77, 80, 83
Dawson, Sir Philip, 181 Drummond, George, 112
decolonization, 242, 243, 251 DUEG, 99, 102, 109, 134, 135, 136, 137,
Delbruck bank, 98 140, , See also Appendix A
¨
Delhi Electric Tramways & Lighting Co., 106 Duke, James B., 91, 129, 147
Demachy bank, 162 Duke Energy, 265
Demerara Electric Co., 306 Duke Price Power Co., 173
Denmark, 268 Dunn, Fischer & Co., 133
electric power pools, 264 Dunn, James, 88, 143
electricity exports and imports (1933), 30 Durand group, 89, 193, 198, 203
electricity production in industry (1933), Dutch East Indies, 90, 146, 226, , See also
Indonesia
28
percent of electric utilities foreign owned,
four periods, 31 E. Rollins & Sons, 191
percent of Motor™s investments in (1913), E.ON, 267
East African Power and Lighting Co., 296
99
Deptford power station, London, 14 East India Tramways Co., 106
deregulation, 72, 269, , See also restructuring East Prussia Power Co., 176
Despres, Roger, 397 Eastern Canada Power Co., 177
`
Despret, Maurice, 133, 153 Eastern Electric & Development Co., 209
Deutsch-Asiatische Bank, 85 Ebasco Industries, 249
Deutsche Bank, 48, 79, 84“5, 93, 97, 99, Ebro Irrigation and Power Co., 20, 133, 237,
101, 110, 116, 134, 140, 336 255
Deutsche Bank und Disconto-Gesellschaft, Ecuador, 189, 205, 249, 266
American & Foreign Power investments in,
178, 191
Deutsche Edison Gesellschaft. See AEG 1920s, 184
¨
Deutsche Uberseeische Bank, 85 percent of electric utilities foreign owned,
¨ berseeische Elektrizitats
Deutsch-U four periods, 32
¨
Gesellschaft. See DUEG Ecuadorian Corp., 302
Index 469

Ecuadorian Electrification Institute Electrical Securities Corp., 104
(INECEL), 303 electrical technology
EDF, 236, 251, 266, 268, See also advantages and early development of
Appendix A networks, 12“15
Edison, Thomas, 4, 11, 17, 76, 79, 80 alternating current, 9, 10, 14, 18, 81
Edison & Swan United Electric Light Co., arc lighting, 8, 10, 12
battery, 8
78, 83
Edison Electric Light Co. of Cuba and Porto direct current, 10, 14, 314
Rico, 77 high-voltage transmission lines (1897“
Edison Electric Light Co. of Europe, Ltd., 1914), 18“19
hydroelectricity, 12, 13, 18
77, 78
Edison Electric Light Co. of Havana, 77 incandescent lighting, 8
Edison Electric Light Co. Ltd. of London, line losses in transmission (1933 and
77, 78 1990), 318
Edison General Electric Co., 82, 84, 93 long-distance transmission, 12, 14, 23,
activities in the 1880s, 79“80 30
German interests (1889“91), 253 motors, 9, 15
merger with Thomson-Houston, 81 motors in industry, 18, 27
Edison Mission Energy Co., 265 motors in trams, 15
Edison Spanish and Colonial Electric Light patents, 14, 60, 77, 92, 312
Co., 77, 78 precursors of electric light, 6“8
Edmundson™s Electricity Corp., 159, 181, Electricidad de Caracas, 248
´
Electricite de France. See EDF
´
189
´
Egypt, 93, 103, 155, 159, 193, 196, 208, Electricite d™Ha±ti, 306
´ ¨
´ lectricite et Gaz d™Algerie (EGA), 295
E ´ ´
243
´
activities of Empain group in, 103 Electricite et Gaz de France (EGF), 236
´
Aswan Dam project, 242 electricity
nationalization of electric utilities, 239 exports and imports of (1933), 30
percent of electric utilities foreign owned, exports in 1928, 326
four periods, 31 per capita production and consumption
summary of domestication process, 255 (2001), 4
El Paso Electric Co., 113 percent of households with access (1984), 4
El Portezuelo Light and Power Co., 114 percent of population in areas supplied
El Salvador, 167, 189 (1933), 27
percent of electric utilities foreign owned, production by industrial establishments
four periods, 33 (1933), 27
Electric and General Investment Corp., production per capita, growth rates (1900“
London, 86, 108 85), 25
Electric and Railway Finance Corp. (Elrafin), relationship of production and
consumption, 24
141
Electric Bond and Share Corp., 104, 121, total production (2003), 4
Electricity Act, U.K. (1989), 264
144, 158, 171, 180, 182, 187, 191, 199,
Electricity Supply Co. for Spain, Ltd., 106
358
Electric Investors Inc., 182 Electrobel, 100, 156, 161, 162, 193, 207,
Electric Lighting Act, U.K. (1882), 78 218, 223, 268, See also Appendix A
Electric Power & Light Corp., 224 Electro-Invest, 163, 193
Electric Power Corp., Germany, 174, 176 Electrorail, 162, 208
electric railways. See tramways Elektrische Licht und Kraftanlagen, AG, 101,
Electric Shareholdings Corp., 167 110, 219
Electric Supply Co. of Victoria, 106 Elektrizitats AG vorm. W. Lahmeyer & Co.,
¨
electric tramways. See tramways 150
electrical manufacturers. See manufacturers elektrizitats-trusts, Swiss, 102, 136
¨
Index
470

Elektrobank, 97, 100, 102, 117, 120, 133, Enskilda Bank, 163
Ente Nazionale per l™Energia Elettrica. See
135“6, 163, 186, 190, 206, 218, 225,
235, 236, See also Appendix A Enel
distribution of investments by country Entergy, 265
(1913), 99 Ericsson, 94
distribution of investments by country Escom (Electricity Supply Commission),
(1938), 203 South Africa, 239, 255
Elektro-Watt, 235 Estonia
Elektrowerte, AG, 378 electricity production in industry (1933),
Elektrownia Okrege Warszawskiego, 166 28
´
Ellert, Arnold, 112, 115 Etablissement Autrichien pour la Circulation
Empain, Baron Edouard, 102, 155 par Chemin de Fer Wien, 394
Empain group, 53, 92, 102“4, 117, 118, 155, Ethiopia
percent of electric utilities foreign owned,
162, 188, 193, 208, 217, 223, 236, 243,
four periods, 31
296
Empresa Electrica de Guatemala, 304 Europe
´
Empresa Guatemalteca de Electricidad, Inc., economic depression, 1930s, 195
electric utility developments, early 1930s,
304
Empresa Nacional de Electricidad, SA. See 192“4
Endesa, Chile inward and outward foreign direct
Empresa Nacional de Energie Electrica investment in electric utilities,
´
(ENEE ), 305 mid-1930s, 206
Empresa Publica de Electricidad del Peru European Electric and Public Utility
´ ´
(ELECTROPERU), 303 Company (Europel), 163
Empresas Electricas Asociadas. See Lima European Electric Corp., 192, 193, 219
´
Light, Power and Tramways Co. exchange rate fluctuations, 45
Empresas Electricas de Bahia Blanca, 385 Export-Import Bank, United States, 229, 242
´
enclave form of electric investments, 64, 66, ExxonMobil, 266
243
interwar years, 146“7 Fala electricity works, 378
Latin America, 1950s“1970s, 244 Faraday, Michael, 9
pre“World War I, 50“1, 89“90 Farmer, Moses, 10
Endesa, 226, 255, 267 Farrer, Gaspard, 143
Endesa, Chile, 227, 241, 264 Federal Power Commission, U.S., 130
Enel, 267 Federal Reserve Act (1913), 48
Energ±a Electrica de Cataluna, 21, 92, 134, Ferranti, Sebastian Ziani de, 14
´ ´ ˜
Field, Marshall, 192
361
´ ´
Energie Electrique de Bakou, 93, 117 Finelec, 152, 207, See also see Appendix A
´ nergie Electrique du Maroc, 161
´
E Finland
´ ´
Energie Electrique du Nord de la France, 427 electric power pools, 264
energy crisis electricity production in industry (1933),
1970s, 262 28
Enersis, Chile, 264 German investments in, effect of World
engineers, 47, 54, 56, 59, 60, 63, 67, 86, 104, War I, 137
Imatra project, 117
107, 110, 122, 128, 129, 162, 178, 194,
municipalization of electric utilities, 188
235, 242, 256
Engineers Public Service Corp., 177 percent of electric utilities foreign owned,
English Electric Co., 132, 159, 164, 170, four periods, 31
F.J. Liseman Co., 173
243, 394
English-Austrian Brush Electric Co., Vienna, Fleming, Robert, 86, 113, 158
Florida Power & Light Co., 426
338
Enron, 266, 269, 324 foreign direct investment, 55, 216, 222, 241
Index 471

assets of electric utilities with foreign electricity production per capita, growth
investments (1937), 217 rates (1900“85), 26
by Belgian holding companies, 235 foreign utility investments, interwar
declining importance of in Canada, period, 156
mid-1970s, 250 free standing companies, 56
definition of, 37“8 nationalization of electric utilities (1946),
desirability of, late 20th century, 262 236
as form of investment, 41 outward foreign direct investments in
inward in U.S. electric utilities, 120 electric utilities, interwar period,
Italian outward, 1920s, 205 160“1
in Latin America after World War II, 242 percent of electric utilities foreign owned,
in Mexico, 116 four periods, 31
summary of domestication process, 253 percent of Elektrobank™s investments in
U.S. outward, 1920s, 169 (1913), 99
foreign direct investments in electric utilities. percent of Elektrobank™s investments in
See also specific countries and (1938), 203
companies percent of Indelec™s investments in (1913),
interwar period, summary, 186“9 99
status on eve of World War I, 120“4 percent of Indelec™s investments in (1929),
foreign exchange controls 150
dismantling of, 1960s“1970s, 243 percent of Indelec™s investments in (1938),
Foreign Light & Power Co., Montreal, 150, 203
percent of Motor™s investments in (1913),
168
foreign ownership and control, 4, 37, 42, 67, 99
percent of Motor-Columbus™ investments
187, 209, 215, 237, 238, 239, 250, 251
attitudes toward in 1990s, 269 in (1929), 151
defined, 30, 323 percent of Motor-Columbus™s investments
at end of World War II, 234 in (1938), 206
foreign ownership of electric utilities, percent summary of domestication process, 254
by country, four periods, 31“4 franchises. See concessions
foreign portfolio investment, 41, 176, 222 Franco, General Francisco, 206, 238
definition of, 37“8, 321 Franco Tosi company, 101
in electric utilities, pre“World War I, Frazar & Co., 339, 368
free standing companies, 57, 55“7, 86
118“20
Foreign Power Securities Corp., 169 British, 87, 119, 121, 139, 156, 158, 165,
foreign-owned operating companies 186, 217
in Europe, pre“World War I, 116“18 British, in Latin America, 111
in Great Britain (1915), 105 Canadian, 87, 121, 166
in Latin America, pre“World War I, and clusters, 67
compared with holding companies, 61“3
111“16
Fortum Oil and Gas Oy, 267 defined, 40
Foster & Braithwaite, 49, 86, 108, 109 and engineering/construction firms, 109
Foster Wheeler company, 266 French, 156
Fox Film, Inc., 198 operating electric utilities as, 59
France, 77, 92, 102, 104, 120, 132, 147, 153, French Indo-China, 146
French Thomson-Houston, 44, 82, 92, 93,
169, 191, 206, 265, 268
early lighthouses, 1860s, 9 101, 104, 117, 138, 152, 154, 161,
electric utility holding companies, late 163, 171, 179, See also
Thomson-Houston
1920s, 163
electricity exports (1933), 30 Fris, Victor, 348
electricity production in industry (1933), frozen assets, 224“6
Fuerzas Electricas de Cataluna, 239
´ ˜
28
Index
472

Fuerzas Motrices del Valle de Lecrin, SA, percent of Motor™s investments in (1913),
192, 226 99
Fuji Electric Co., 398 percent of Motor-Columbus™ investments
Fummi, Giovanni, 192 in (1929), 151
percent of Motor-Columbus™s investments
Galileo (electric utility), 415 in (1938), 206
Ganz & Co., 14, 313 recovery of electrotechnical manufacturers,
Gardiner, Arthur C.D., 166 late 1920s, 149
gas lighting, 7, 12, 76 universal banking, pre“World War I, 48
Gatineau Power Co., 215 Volpi interests in (1929), 192
Gaulard, Lucien, 14 Gesellschaft fur Elektrische
¨
Gaz de France (GDF), 236, 268 Unternehmungen. See Gesfurel ¨
General Electric (GE), 44, 62, 81, 82, 89, Gesfurel, 100, 138, 149, 153, 188, 194, 202,
¨
218, See also Appendix A
100, 121, 138, 144, 145, 176, 179, 182
created by merger of Edison General Gesner, Abraham, 7
Electric Co. and Thomson-Houston Giant Power proposal, U.S., 27
(1892), 81 Gibb, Livingston & Co., 160, 362
early years, 91“5 Gibbs, John, 14
foreign direct investments, 1920s, 170 Gibraltar
formation of utility holding companies, 104 percent of electric utilities foreign owned,
spinoff of Electric Bond and Share (1925), four periods, 31
Giros, Alexandre, 152, 360
182
General Electric Co., Ltd., London, 134, 170 Giros et Loucheur group, 360
General Electric Power Systems, 265 G.L. Ohrstrom & Co., 191
General Hellenic Co., 160, 164 Glass Steagall Act (1933), 48, 201
General Theaters Equipment Inc., 198 Glyn Mills & Co., 85
Genoa, Italy Godalming
Heineman-Oliven plan, 194 Siemens Brothers lighting system, 76
Germany, 17, 20, 64, 92, 98, 104, 148, 153, Goebel, Heinrich, 11
Goldman Sachs, 266
186, 191, 198, 234, 268
corporate borrowers in U.S., late 1920s, Good Neighbor policy, U.S., 210
Goulart, Joao, 248
˜
176
early Edison company, 77 government, role of in electric utility sector,
electricity exports (1933), 30 23“4
electricity in World War II, 226 government ownership, 71, 129, 148, 188,
electricity production in industry (1933), 234
government regulation, 64, 71, 188, 207, 258
28
electricity production per capita, growth Gramme, Zenobe-Theophile, 10
´ ´
rates (1900“85), 26 Great Britain, 17, 87, 92, 105, 109, 144, 186,
foreign direct investments, mid-1930s, 202 217, See also United Kingdom
percent of electric utilities foreign owned, abandonment of gold standard (1931), 194
four periods, 31 direct foreign investments in Latin
percent of Elektrobank™s investments in American electric utilities, late 1920s,
(1913), 99 165“6
percent of Elektrobank™s investments in electric utility holding companies, late
(1938), 203 1920s, 163
percent of Indelec™s investments in (1913), electric utility investments in Africa and
India, interwar period, 158
99
percent of Indelec™s investments in (1929), electric utility investments in Hong Kong,
interwar period, 160
150
percent of Indelec™s investments in (1938), foreign direct investments in Greek electric
utilities, late 1920s, 163“5
203
Index 473

foreign investment in Polish electric Haller, Max, 171, 202
utilities, 166 Hambros bank, 85
foreign-owned electric utilities, interwar Hamburg, Germany
period, 156 Heineman-Oliven plan, 194
free standing companies, 56 Hankow Light & Power Co., 106
Ministry of Transport, 209 Hanson, Edwin, 114
outward foreign direct investment, Harriman & Co., 177
interwar period, 138“42 Harris, Forbes & Co., 174, 175, 178, 191
percent of electric utilities foreign owned, Havana, Cuba
four periods, 31 Havana Electric Ry., Light & Power Co., 173
return to gold standard (1925), 157 Edison exhibition plant (1882“84), 78
summary of domestication process, 254 Heineman, Dannie, 13, 100, 133, 141, 151,
utility bond issues, interwar period, 158 154, 192, 196, 202, 206, 207, 211, 212,
Great Consolidated Electric Power Co., 174, 223“4, 227, 235, 251
Heineman-Oliven plan, 194, 221, 274
175, 182
Great Western Electric Light & Power Co., Hentsch, Ernest, 356
Hermann Goring Werke, 202
¨
107
Great Western Power Co., 120 Hidroelectrica Espanola Molina, 21
´ ˜
Greater London and Counties Trust, 181, Higginson, Henry L., 83
Higginson & Co., London, 158
189, 198
Greater London and Counties Hirst, Hugo, 134
Trust-Edmundson™s, 208, See also Hitler, Adolf, 202
Edmundson™s Electricity Corp. Hobson, C.K., 69
Greece, 93, 103, 104, 189, 196, 205, 265 Hoctief AG, 242
electricity production in industry (1933), Holborn Viaduct, 78, 312
holding companies, 66, 119, 176, 177“8,
28
electrification of, 1920s 138, 163“4 182, 186, 198, 201, 214, 273
Pearson group investments in, 192, 217 Belgian, pre“World War I, 96
percent of electric utilities foreign owned, Canadian, pre“World War I, 105
four periods, 31 creation of United Corp. (1929), 158
Volpi interests in (1929), 192 general discussion of, 52“5
Greenshields, E.B., 114 holding companies and free standing
Greenwood, G.F., 114 companies compared, 61“3
Griolet, Gaston, 161 investment activities, late 1920s, 161“9
Guanajuato Power and Electric Co., 84, 113 investment activities, pre“World War I,
Guaranty Co., New York, 172, 174, 191 95“105
Guaranty Trust Co., 172 as multinational enterprises, 40
Guatemala, 145, 182, 189, 266 Swiss, pre“World War I, 96, 97
American & Foreign Power investments in, United States, pre“World War I, 104
use of leverage, 22
1920s, 184
percent of electric utilities foreign owned, Whitehall group, 140
four periods, 33 Holt, Sir Herbert S., 168
Guyana (British Guiana) home countries, 33, 39, 43, 52, 56, 57,
percent of electric utilities foreign owned, 156
four periods, 33 Honduras
Guyana Electricity Co., 306 percent of electric utilities foreign owned,
four periods, 33
H. Eckstein & Co., 379 Hong Kong
Haber-Bosch process, 148 percent of electric utilities foreign owned,
Haiti four periods, 32
percent of electric utilities foreign owned, Hong Kong Electric Co., 159, 298
four periods, 33 Hong Kong Tramway Co., 106
Index
474

Hong Kong Tramways, Ltd., 131, 298 American & Foreign Power investments in,
Hongkong Electric Holdings, Ltd., 268 1920s, 184
Hoover Moratorium, 197 electricity production in industry (1933),
Horne-Payne, R.M., 86 29
host countries, 36, 37, 39, 64, 66, 200, 207 independence (1947), 239
Houston, Edwin J., 81 percent of electric utilities foreign owned,
Howard, George H., 182 four periods, 32
Huelva Gas & Electricity Co., 106 Indian and Colonial Electric Co., 77
Hughes, Thomas P., 36, 150, 222 Indian Electric Supply & Traction Co., 106
Hungarian National Exhibition, 1885, 14 Indonesia, 267, 268
Hungarian Trans-Danubian Electrical Co., percent of electric utilities foreign owned,
four periods, 32
160
Hungary, 268 Insull interests, 191, 197
electricity production in industry (1933), Insull Utility Investments, Inc., 411
insurance companies, 46, 47, 49, 50, 59, 88,
28
electricity production per capita, growth 157, 169, 176, See also Prudential
rates (1900“85), 26 Assurance
Gesfurel investments in, late 1920s, 149 Intercontinents Power Co., 171, 197
¨
Gesfurel investments in, late 1930s, 202 interlocking directorates, 158
¨
nationalization of electric enterprises, 236 International Bank for Reconstruction and
percent of electric utilities foreign owned, Development. See World Bank
four periods, 31 International Electric Co., 338
summary of domestication process, 255 International Energy Agency, 262
Hyde, Sir Clarendon, 380 International General Electric Co., 81, 145,
Hydro One, 266 192
Hydro Quebec, 268 International Light & Power Co., Toronto,
Hydro-Electric Power & Metallurgical Co., 105, 110, 115, 142, 166, 168, 304,
106 361
Hydro-Electric Power Commission of International Monetary Fund, 228, 263
Ontario, 20, 129, 130, 214 International Paper and Power Co., 147, 178,
Hydro-Electric Securities Corp., 167 215
hydroelectricity. See electrical technology International Petroleum Co., 421
International Power. See National Power
Iberian Electric, Ltd., 192 International Power and Paper Co. of
I.G. Farben, 148 Newfoundland, 215, 382, See also
Illinois Traction Co., 120 Newfoundland Power and Paper Co.
Imatra waterfall, 117 International Power Co., 167, 189, 210, 219,
Imperial Continental Gas Association, 109 221, 244, 247
Impresse Elettriche della America Latina, 151 International Power Securities Corp., 173,
Inawashiro Hydroelectric Power Co., 20 179, 204, 218, 382
Indelec, Basel, 97“9, 112, 117, 135, 186, Interstate Chemical Co., 91
206, 235, 236, See also Appendix A inter-urban railways, electrification of, 17
distribution of investments by country investment companies, 46, 47, 49, 50, 55, 66,
(1913), 99 96, 157, 163, 168, 169, 176
distribution of investments by country investment trusts, 46, 47, 49, 50, 59, 86, 87,
(1929), 150 96, 122, 157, 168
distribution of investments by country Iowa Southern Utilities, 191
(1938), 203 Iran, 122, 146
India, 20, 77, 106, 108, 130, 187, 189, 199, oil field electrification, 216
Ireland, 103, 104, 110
251, 266, 267, 268
American & Foreign Power investments in electricity production in industry (1933),
(1929), 185 28
Index 475

percent of electric utilities foreign owned, Volpi interests in (1929), 192
four periods, 31 Ivory Coast, 266
Siemens hydroelectric plant, 132
Islands Gas & Electric Co., 306 J. & P. Coats, 43
isolated plants, 12, 13, 79 J. Henry Schroder & Co., 119, 151, 157
¨
definition of, 7 Jablochkoff, Paul, 10, 75, 78, 81
Israel, 266 Jacob Landau (bank), 98
Israel (Palestine). See also Palestine Jacob S.H. Stern banking house, 341
percent of electric utilities foreign owned, Jamaica, 89
four periods, 33 percent of electric utilities foreign owned,
Istituto Nacional de Industria, Spain, 226 four periods, 33
Istituto per la Ricostruzione Industriale, Italy, Jamaica Light and Power Co., 306
Jamaica Public Services, Ltd., 177
204, 226
Istituto per le Imprese di Pubblica Utilita, 403 Japan, 4, 20, 60, 79, 92, 172, 182, 187, 204,
`
Italian Power Co., 179 221, 336
Italian Superpower Corp., 180, 182, 204, absence of foreign owned electric utilities,
209, 218 120
Italy, 20, 93, 95, 98, 103, 104, 116, 132, electric utilities, mid-1930s, 204
electricity production in industry (1933),
149, 151, 153, 175, 205, 265, 266, 267
1930s depression, 196 29
corporate borrowing in U.S., 1920s, 175 electricity production per capita, growth
early Edison company, 77 rates (1900“85), 26
electricity exports (1933), 30 foreign direct investments in electric
electricity production in industry (1933), utilities (1990“2007), 268
outward foreign direct investments in
28
electricity production per capita, growth electric utilities, World War II period,
rates (1900“85), 26 226
inward direct investments in electric percent of electric utilities foreign owned,
utilities, 1920s, 178“81 four periods, 32
inward direct investments in electric summary of domestication process, 253
utilities, mid-1930s, 204 Jardine, Matheson, 160, 362
nationalization of electric utilities, 237 J.D.Hutchison & Co, 160
percent of electric utilities foreign owned, J.G. White & Co., 105, 110, 115, 168, 191
four periods, 31 John Brown & Co., 394
percent of Elektrobank™s investments in J.P. Morgan & Co., 48, 80, 153, 158, 172,
(1913), 99 190
percent of Elektrobank™s investments in J-Power, 268
(1938), 203 J.S. Morgan & Co., 48, 76, 82
percent of Indelec™s investments in (1913),
Kalgoorlie Electric Power & Lighting Corp.,
99
percent of Indelec™s investments in (1929), 106
Kalgoorlie Electric Tramways, Ltd., 106
150
percent of Indelec™s investments in (1938), Kalgoorlie Power Corp., 295
Katowice, Poland
203
percent of Motor™s investments in (1913), Heineman-Oliven plan, 194
Katsuragawa Denryoku Kabushiki Kaisha,
99
percent of Motor-Columbus™ investments 21
in (1929), 151 Kazakhstan, 265, 268
percent of Motor-Columbus™s investments Kennecott Copper Corp., 146, 244, 249
in (1938), 206 Kenya, 107, 265
universal banking, pre“World War I, 48, percent of electric utilities foreign owned,
four periods, 31
85, 122
Index
476

Keynes, John Maynard, 157 Lazard Freres, New York, 140
`
KeySpan, 267 Lazard Freres & Cie., Paris, 426
`
Kiev Electric Co., 117 Lazard Speyer-Ellissen, 83
Killam, I.W., 167 Le Creusot, 102
Kindersley, Sir Robert, 140, 156, 194 Le Havre, France
Klingenberg, Georg, 317 Jablochkoff system, 75
Korea, 123, 175, 204, 226, 335 Lebanon, 266
percent of electric utilities foreign owned, Lebon & Co., 243
four periods, 32 Lee, Higginson & Co., Boston, 83, 157, 173,
Korea, North, 269 175
Korea, South, 266, 268 less developed countries
Korea Electric Power Corp., 269 in World War II, 226
Korean war, 243 Leu & Co., 98, 101
Kraftwerk Laufenburg, 384 Leucadia National Corp., 305
Kuhn, Loeb & Co., 83, 153, 175 Lever, E.H., 159
Liberia, 146
La Oroya refinery, Peru, 244 Libya, 85
Laing, Wharton & Down, 339 percent of electric utilities foreign owned,
Lamont, Thomas, 172 four periods, 31
Lanarkshire Tramways Co., 104 Lima Light. See Lima Light, Power and
large power consumers, 51, 105 Tramways Co.
interwar period, 147“8 Lima Light, Power and Tramways Co., 119,
pre“World War I, 90“1 151, 219, 244, 249, 303
in World War II, 226 Lisbon, Portugal
Lash, Miller, 211 Lisbon Electric Tramways, Ltd., 106
Latin America, 111 Heineman-Oliven plan, 194
electric utilities, 1950s“1970s, 244“50 Lithuania, 208
government ownership of electric utilities, loan guarantees, 141
post“World War II, 245 Lobito Benguilla & Catembella Electric Light
hydroelectric developments, 1950s, 246 & Power Co., 106
inflation and exchange rate depreciation, Lodyguine, Alexander de, 11
Loewe, Ludwig, 339
1950s, 245
inward direct investment in electric Loewenstein, Alfred, 85, 113, 133, 141, 143,
utilities, mid-1930s, 210“14 154, 167, 208, 211
percent of electricity production foreign Lombard, Odier, Geneva, 102
owned, post“World War II, 244 London, England
percent of Elektrobank™s investments in London and River Plate Bank, Argentina, 87
(1938), 203 London Canadian Investment Corp., 168
percent of Motor-Columbus™ investments London Electric Supply Corp., 14
in (1929), 151 London Stock Exchange, 76, 120, 122
percent of Motor-Columbus™s investments first central station (1882), 12
in (1938), 206 gas lighting, 7
Latvia as international financial center, 50, 142
electricity production in industry (1933), international security listings, 35
Jablochkoff system, 10, 75
28
Electro-Invest concessions in, 193 Royal Institution demonstration, 8, 11
percent of electric utilities foreign owned, Loucheur, Louis, 152, 360
four periods, 31 Louisville Gas and Electric Co., 267
Lauchhammer AG, 20 Lower Austria Hydro-Electric Power, 173
Laval, Pierre, 207 Lowrey, G.P., 77
lawyers, 56, 59, 67, 88 Lumumba, Patrice, 243
Lazard Brothers, London, 140, 175, 196, 208 Luxembourg, 103, 268
Index 477

electricity production in industry (1933), Matsunaga, Yasuzaemon, 175, 367
May, George, 159
28
German occupation (1940), 227 May, William, 181
percent of electric utilities foreign owned, McKenna, Reginald, 153, 217
four periods, 31 Medio Banca, Milan, 426
percent of Indelec™s investments in (1938), Meiya Power Co. (MPC), 268
Melbourne Electric Supply Co., 107, 130,
203
Public Utility Holding Co. interests in, 191 172, 173, 295
registration of CHADE in (1938), 207 Melbourne Tramway & Omnibus Co., 107
relationship of SODEC and CHADE, post“ M.M. Warburg & Co., 83
World War II, 238 Meraker Smelting, 148
Luxemburger Electrizitats AG, 293 Mercier, Ernest, 179
¨
Luz Electrica de Venezuela, 248 Mercier group, 203
Lyon, France Messine group, 403
Heineman-Oliven plan, 194 Meston, Rt. Hon. Lord, 158
Metropolitan Carriage, Wagon and Finance
M. Samuel & Co., 368 Co., 144
Macartney, M™Elroy & Co., 293 Metropolitan Vickers Co., 134, 141, 159,
Mackenzie, William, 88, 143 170
Mackie, C.G.S., 160 Mexican Electric Tramways, Ltd., 113
Madras Electric Tramways, Ltd., 107 Mexican Electric Works, Ltd., 112
Madras Electricity Supply Co., 107 Mexican Federal Electric Commission, 242
Madrid Gas Co., 93 Mexican Gas and Electric Light Co., 111,
Malaga Electricity Co., 107 112
Malaya, 146, 158, See also Malaysia Mexican Light and Power Co. (Mexlight),
Malaysia, 90, 158, 267 20, 112, 113, 115, 142, 143, 154, 155,
percent of electric utilities foreign owned, 166, 189, 210, 212, 218, 221, 235, 244,
four periods, 32 247
Malta, 107 Mexican Northern Power Co., 20, 114, 115,
percent of electric utilities foreign owned, 142
four periods, 31 Mexican Utilities Co., 184
Malta (Valletta) Lighting and Power Co., 293 Mexico, 20, 84, 86, 89, 105, 110, 121, 122,
Malta Tramways, Ltd., 107 142, 165, 166, 184, 189, 208, 210, 241,
Manaos Tramway & Light Co., 369 249, 266
Manchuria, 175, 204 American & Foreign Power investments in,
Japanese invasion (1931), 197 1920s, 184
percent of electric utilities foreign owned, electricity exports (1933), 30
four periods, 32 electricity production in industry (1933),
Manila Electric Railroad and Light Co. 29
(Meralco), 299 expropriation of electric utility properties,
manufacturers, electrical 1940s, 234
manufacturers and manufacturers™ satellites government purchase of foreign-owned
pre“World War I, 91“5 electric utilities, 1960s, 247
inward foreign direct investments in
1870s“1890s, 75“82
manufacturers™ satellites, 43, 44, 64, 79, 94 electric utilities, pre“World War I,
manufacturers™ satellites, extended, 44, 64, 112“16
percent of electric utilities foreign owned,
79, 92, 121
March, Juan, 206, 238 four periods, 33
Maritime Coal, Railway and Power Co., 209, summary of domestication process, 256
Mexlight. See Mexican Light and Power Co.
407
Marubeni Corp., 268 MidAmerican Energy, 267
Mathews, Borlase, 193 Middle South Utilities, 426
Index
478

Middle West Corp., 207, 223 Motta, Giacinto, 181
Middle West Utilities Co., 120, 207 Mozambique
Midland Bank, 153, 217 percent of electric utilities foreign owned,
Milan, Italy four periods, 32
municipal power company, 21 multinational enterprise
Miller, Oskar von, 316 classic form, 40“1, 55, 56, 109, 324
Minas Gerais Electric Light & Tramway Co., electric utility forms of, 50“1
political dimensions, 67“71
369
Minor, C.H., 192 Municipal Council, Shanghai, 185
Mirant Co., 268 municipal franchises. See concessions
Mississippi River Power Co., 120 Mutuelle Solvay, 162
Mitchell, Charles E., 182 Myanmar. See Burma
Mitchell, S.A., 180, 182
Mitchell, S.Z., 182, 192 Nacional Financiera, Mexico, 242, 247, 256
Mitteldeutsche Credit Bank, 116 Nairobi Electric Light & Power Co., 107
Moncton Electricity & Gas, Ltd., 209 Nasser, Gamal Abdel, 243
monopoly, 22, 67, 70 National Bank of Greece, 93, 138, 163, 164
Monterey Railway, Light and Power Co., National City Bank, New York, 48, 83, 125,
114, 115, 142, 247, 256 145, 172, 176, 182, 190
Montgomery, George H., 168 National City Co., 173, 176, 191
Montreal Engineering. See Royal Securities National Electric of Chile, 264
Co. National Grid Plc, 267
Montreal Light, Heat and Power Co., 214 National Power, 267
Montreal Tramways & Power Co., 173 National Power Corp. (NAPOCOR),
Moore, John, 249 Philippines, 300
Moore, S.J., 114 National Provincial Bank, 196
Morgan, J.P., 76, 82, See also J.P. Morgan & Nationalbank fur Deutschland, 97
¨
Co. Nederlandishen Standard Bank, Amsterdam,
Morgan & Cie., Paris, 158 394
Morgan Grenfell, London, 48, 134, 158 Nesbitt, A.J., 168
Morocco, 266 Nesbitt, Thomson & Co., Montreal, 168
electricity production in industry (1933), 29 Netherlands, 39, 104
electrification of, 160 electricity production in industry (1933),
percent of electric utilities foreign owned, 28
four periods, 32 percent of electric utilities foreign owned,
Morrison-McCall interests, 417 four periods, 31
Morrow, Dwight, 183 Netherlands East Indies. See also Indonesia
Motor, Zurich, 136, 267, See also electricity production in industry (1933),
Appendix A 29
Motor fur Angewandte Elektrizitat. New York
¨
¨
See Motor, Zurich as financial center, interwar period, 142
distribution of investments by country first central station (1882), 12
(1913), 99 New York and Honduras Rosario Mining
early years, 97“102 Co., 305
Motor-Columbus, 136, 168, 205“6, 208, New York Stock Exchange, 35, 84, 144, 172,
213, 218, 221, 235, 236, 244, 246, 267, 175
333, See also Appendix A New York World™s Fair (1939), 222
activities in 1920s, 150“1 New Zealand, 77, 106, 266
distribution of investments, by country electric power pools, 264
(1929), 151 electric utility investments, mid-1930s, 216
distribution of investments, by country electricity production in industry (1933),
(1938), 206 29
Index 479

percent of electric utilities foreign owned, obsolescing bargain, 258, 260
four periods, 31 Odlum, Floyd Bostwick, 205, 208
Newfoundland, 167 oil lamp, 7
power and paper companies, 382 oil producers
Newfoundland Power and Paper Co., 382 nationalization and expropriation of,
Newfoundland Pulp and Paper Mills, Ltd., 1960s“70s, 244
215, See Newfoundland Power and Oklahoma Gas & Electric Co., 426
Paper Co. Oliven, Oscar, 153, 194, 202, 354
Niagara Falls, 18, 34, 84, 117 Omnilux, 426
´
Niagara Falls Power Co., 105, 250, See also Omnium Francais d™Electricite, 348
¸ ´
Canadian Niagara Power Co. Ontario Hydro. See Hydro-Electric Power
Niagara Mohawk Power Corp., 267 Commission of Ontario
Niagara Power Co., 105 Ontario Power Co., 129, 307
Nicaragua Oregon & Transcontinental Co., 337
percent of electric utilities foreign owned, Organization for Economic Cooperation and
four periods, 33 Development, 262
Nicholson, William, 8 Oriental Development Co., 226
Niederosterreichische Escompte-Gesellschaft, Orsi, Carlo, 180
¨
˜rsted, Hans Christian, 9
162
Nigeria, 266 Oruro Light & Power Co., 302
percent of electric utilities foreign owned, Oslo, Norway
four periods, 32 Heineman-Oliven plan, 194
¨ sterreichische Brown Boveri, 162
Nigerian Electricity Supply Corp. (NESCO), O
Ottoman empire, 123, 137, 138, 215
296
Nigerian Power and Tin Fields, Ltd., 296 ownership and control. See foreign
Norman, Montagu, 157 ownership and control
Norsk Hydro, 91, 148
North American Co., 79, 82, 83, 104 PacifiCorp, 267
North British Locomotive Co., 394 Palestine, 216
North Melbourne Electric Tramways & Palestine Electric Corp., 159, 308
Lighting Co., 107 Panama, 145, 182, 189, 225, 266
North State Power Co., Mexico, 405 American & Foreign Power investments in,
Northern Ireland 1920s, 184
AES and Tractebel interests in, 2000s, 266 percent of electric utilities foreign owned,
Northern Mexican Power and Development four periods, 33
Co., 142, 184 Panama Canal, 69, 144
Norway, 30, 77, 147 Panama-American Corp., 305
electric power pools, 264 Panhandle Eastern Pipe Line Co., 224
electricity production in industry (1933), 29 Panic of 1893, 82
electricity production per capita, growth paper and pulp industry
rates (1900“85), 26 as large power consumer, 90, 147
enclave investments in, pre“World War I, Paraguay
percent of electric utilities foreign owned,
91
large power consumers, 52 four periods, 32
large power consumers, interwar period, Paribas. See Banque de Paris et des Pays-Bas
Paris, France
147“8
percent of electric utilities foreign owned, Empain group investments in Metro, 103
four periods, 31 Heineman-Oliven plan, 194
International Electrical Exhibition (1881),
Oberschlesische Kraftwerk, Katowice, 384 77
Oberschlesischen Elektrizitats und Gas AG, Jablochkoff system, 75
¨
Universal Exhibition (1878), 81
177
Index
480

´
Parisienne Electrique, 103, 155 Poland, 138, 164, 166, 177, 188, 193, 203,
patents. See electrical technology 268
Paterson, John D., 114 Belgian holding company investments in,
Peace of Brest-Litovsk (1918), 137 mid-1930s, 208
Peacock, Edward, 88, 133, 155, 375 electricity production in industry (1933),
peak-load problem, 13 29
Pearce, T.E., 160 Gesfurel investments in, late 1920s, 149
¨
Pearl Harbor, Hawaii nationalization of electric enterprises, 236
Japanese attack (1941), 228 percent of electric utilities foreign owned,
Pearl Street station, New York, 4, 78, 312 four periods, 31
Pearson, B.F., 114, 364 percent of Indelec™s investments in (1938),
Pearson, Fred Stark, 88, 110, 112, 121, 133, 203
summary of domestication process, 255
143, 154, 364
Pearson, Sir Edward, 141 Volpi interests in (1929), 192
Pearson, Weetman D. (Lord Cowdray), political risk, 70, 246
114“16, 364, See also S. Pearson & Son Portugal, 77, 86, 103, 104, 106, 151, 153,
and Whitehall companies 223, 266, 268
Peninsula Electric Power Co., 436 electricity production in industry (1933), 29
Perak River Hydro-Electric Power Co., 158, Gesfurel investments in, late 1920s, 149
¨
percent of electric utilities foreign owned,
160, 299
Pereire Brothers, 93 four periods, 31
Pernambuco Tramways & Power Co., 369 percent of Elektrobank™s investments in
Peron, Juan, 240 (1913), 99
´
Peru, 119, 151, 206, 244, 264, 266, 268 percent of Elektrobank™s investments in
electricity production per capita, growth (1938), 203
rates (1900“85), 26 Power and Traction Finance Co., 159, 163,
nationalization of electric utilities, 1970s, 166
Power and Traction Finance Co. (Poland),
249
percent of electric utilities foreign owned, Ltd., 164
four periods, 32 Power Corp. of Canada, 168, 215
Petersburger Gesellschaft fur Electroanlagen, Power Securities Corp., 163
¨
PowerGen, 267
117
Petsche, Albert, 161, 179 Price, William, 147
Pfalzwerke, AG, 20 price discrimination, 23
Philadelphia Centennial Exhibition (1876), privatization, 72, 262, 264, 269, 271
promoters, 46, 47, 49, 50, 56, 59, 85, 86, 87,
10
Philipp Holzmann AG, 109 110
Philippart group, 103 Prudential Assurance, 159, 163, 166, 196,
Philippines, 110, 266, 269 208
percent of electric utilities foreign owned, Public Service Enterprise Group (PSEG), 265
four periods, 32 Public Utilities Consolidated Corp., 214, 305
Philips, 94 Public Utilities Securities Corp. (Pusco), 198
Phoebus AG fur Elektrische public utility
¨
Unternehmungen, 384 definition of, 7
Phoenix Insurance Co., 159 Public Utility Holding Company Act, U.S.
Pictet & Cie., 102 (1935), 201, 215, 224, 328
Pinochet, Gen. Augusto, 264 Public Utility Holding Corp., 147, 178, 191,
Pirelli group, 101 198
Pittsburgh Reduction Co. See Alcoa Public Utility Regulatory Policies Act, U.S.
Pixii, Hippolyte, 310 (1978), 263
plantations, 18, 50, 146, 252 Puebla Tramway, Light and Power Co., 114,
Poincare, Raymond, 69
´ 115
Index 481

Puerto Rico, 89 Royal Securities Co., 88, 110, 167
Pybus, Percy John, 159 Ruhrkohle AG, 267
pyramided corporate structure, 38, 52, 53, Rural Electrification Administration, U.S.,
55, 100, 111, 161, 166, 167, 180, 188, 201
Russia, 91, 92, 99, 103, 104, 116, 131, 155,
197, 198, 201
188, See also U.S.S.R.
Qatar, 268 foreign-owned operating companies, pre“
Quito Electric Lighting & Power Co., 302 World War I, 116“18
percent of electric utilities foreign owned,
railroads, 18, 35, 36, 63“4, 82, 88, 145, 240 four periods, 31
capital intensity of, 19 percent of Indelec™s investments in (1913),
electrification of, 80 99
´
Railways et Electricite, 103, 155 Russian revolution, 126, 131, 136
´
Rand Mines, Ltd., 379 Russiches Syndicate fur Elektrische
¨
Rangoon Electric Tramway & Supply Co., Unternehmungen, 117
107
Rathenau, Emil, 79 S. Pearson & Son, 109, 114“16, 122,
Raub-Australian Mining Co., 90 139“41, 192, 196, 217, 226, See also
Reagan, Ronald, 72 Whitehall companies
regulation. See government regulation Saguenay River
reparation payments, 149 power developments, 91, 129, 147, 148,
restructuring, 66, 67, 72, 262, 264, 269 177, 189, 346
Rhine-Westphalia Electric Power Co. (RWE), Sale & Frazar. See Frazar & Co.
149, 150, 176, 190, 234, See also Salomon, William, 83
Appendix A Santiago Electric Light & Tramway Co., 302
Riesser, Jacob, 95 Sao Paulo Electric Co., 20
˜
Rio de Janeiro Tramway, Light and Power Sauda Falls Co., 148
Co., 20, 167 Schacht, Hjalmar, 202
Rio Tinto, 51, 122 Schiff, J.H., 83
River Plate Electricity Co., 301 Schneider & Cie., 102, 161, 236
Rockefeller, William, 83 Schroder Gebruder, Hamburg, 119
¨ ¨
Rogers, Massingberd, 181 Schweizerisch-Amerikanische
Romania, 151, 162, 193, 205, 208 Elektrizitats-Gesellschaft (SAEG), 150,
¨
Belgian holding company investments in, 206, 219
mid-1930s, 208 Schweizerische Eisenbahnbank, 378
electricity production in industry (1933), Schweizerische Elektrizitats- und
¨
Verkehrsgesellschaft (Suiselectra), 378,
29
nationalization of electric enterprises, 236 413
percent of electric utilities foreign owned, Schweizerische Gesellschaft fur Elektrische
¨
four periods, 31 Industrie. See Indelec, Basel
summary of domestication process, 255 Scottish Power, 267
Rome, Italy securities companies, 46, 50, 59, 87, 88
Heineman-Oliven plan, 194 Seligman Freres & Co., 78
`
Roosevelt, Franklin D., 210 Services Inc., Panama, 225
as advocate of public power, 201 Servico Publico de la Electricidad del Gran
´
Ross, James, 88, 112 Buenos Aires (SEGBA), 246
Rostov, Russia Shanghai, Shanghai
Heineman-Oliven plan, 194 Shanghai Electric Construction Co., 107
Rothschilds banking house, 48, 85, 117 Shanghai International Settlement, 420
Royal Dutch Shell, 267 Shanghai Power Co., 184, 216, 236, 255
Royal Institute of International Affairs, Japanese takeover of foreign-owned
London, 158 electric utility, 228
Index
482

Shawinigan Water and Power Co., 20, 90, Societe Alsacienne de Constructions
´´
Mecaniques, 171
´
129, 147, 177, 182, 214, 307, 365
Sidro, 154, 167, 202, 208, 211, 218, 239, Societe Anonyme Hellenique, 415
´´ ´
´
388, 397, , See also Appendix A Societe Anonyme pour l™Industrie Electrique,
´´
Siebenburgische Elektrizitats AG, 150 Vienna, 394
¨
¨
´
Siemens, 75, 84, 101, 110, 117, 150, 159, Societe Centrale pour l™Industrie Electrique,
´´
170, 171, 225, 265 93, 101, 117, 136, 152, 163, 357
´´ ´
Aswan Dam project, 242 Societe d™Electricite et Traction, Brussels, 394
´
confiscation of British properties, 134, 138 Societe de Necaxa, 362
´´
´
early years, 91“9 Societe de Traction et d™Electricite. See
´´ ´
expansion in late 1920s, 202 Tractionel
´´ ´
Siemens, Georg von, 336, 342 Societe d™Electricite (SODEC). See SODEC
´
´´ ´
Siemens, Werner von, 9, 336 Societe d™Electricite de Paris, 103
´
´ lectricite de Rosario, 93
Siemens & Halske, 15, 75, 79, 89, 98, 112, Societe d™E
´´ ´
´´ ´
Societe d™Electricite d™Odessa, 117
´
115, 116
Siemens & Halske Telegraph Construction Societe des Forces Motrices de Truyere, 427
´´ `
´
Co., 75 Societe des Tramways et de l™Electricite de
´´ ´
Siemens Brothers, 75, 94, 132 Constantinople, 101, 357, 384
´
Siemens Brothers Dynamo Works, Ltd., See Societe Egyptienne d™Electricite, 155
´´ ´
´´´
English Electric Co. Societe Electrique de Mytilene, 415
´´´
Siemens Freres, 15 Societe Electrique de Volo, 415
`
´´´
Siemens-Bauunion, 132 Societe Electrique Edison, 77, 78
Siemens-Schuckertwerke, 117, 347 Societe Financiere de Transports et
´´ `
Silesia Electric Corp., 176 d™Entreprises Industrielles. See Sofina

Simpson, Thacher & Bartlett, 183, 208 Societe Financiere Electrique, Paris. See
´´
Singapore, 107, 268 Finelec

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