ABSTRACT
The previous chapter showed a detailed analysis of shareholder performance in the Electricity Industry in England and Wales for the period from privatization to 31 March 1997. This analysis supported the conclusions from the value added analysis that shareholders had benefited significantly since privatization. This was most clearly demonstrated by the very large shareholder returns in the form of dividends and share price appreciation over the period. The value added analysis suggested that at least part of this wealth was a redistribution from other stakeholders, most clearly in the case of employees. This chapter analyzes the performance to a number of other stakeholder groups. The purpose of this is to better understand whether there has been a creation or redistribution of wealth and what the implications of this may be.
