loss of public assets

Inside a short video on privatisation of electricity. In 1994, the Kennett government disaggregated the SECV into five distribution and retail companies (absorbing the MEUs in the process), five generation companies, and a transmission company. Along with other state-owned utilities (such as the Gas and Fuel Corporation of Victoria), these businesses were all corporatised, then privatised between 1995 and 1999.

The only entities remaining in State Government ownership is the wholesale market operator Victorian Power Exchange (VPX) and the SECV shell which holds indentures for debts owed to it by brown coal development company HRL Limited, and pays Alcoa annual subsidies for its significant electricity needs. VPX was subsequently reorganised with its market and system operation functions being transferred to the National Electricity Market Management Company (NEMMCO) and its transmission planning functions being transferred to VENCorp (now Australian Energy Markets Operator - AEMO).

Currently, the Essential Services Commission of Victoria is responsible for the regulation retail businesses and the Australian Energy Regulator is responsible for regulating distribution, transmission and the wholesale electricity market. Source: http://en.wikipedia.org/wiki/State_Electricity_Commission_of_Victoria