ABSTRACT
Setting out the factual record of the winners and losers of the first six years of privatization is fairly straightforward. What is more dtfficult is to interpret the record. There are a number of reasons for this. First, while five U years of financial data are now available, it wdl take a further three years before the intended re-structuring will be complete in England and Wales. Furthermore, the regulator has only quite recently completed his first round of re-setting price controls in transmission, supply and distribution, and there has not yet been time to observe the full impact of these changes.
