October 27, 1997

Power privatization and competition introduced in the electricity market in the State of Victoria, Australia in 1994 has caused electricity prices there to drop for homeowners by 6% in inflation adjusted terms. The rate drop has occurred despite unexpectedly high prices paid by the new owners of the electricity system after an intense bidding war broke out during privatization.

first in the UK in 1989, a system which has so far resulted in UK homeowners seeing their rates drop by 15% in inflation adjusted terms The model of electricity reform used in Victoria was adapted from a system used rms.