The previous three chapters have dealt with the decision to privatise the electricity industry, the diffi culties of selling nuclear generation, and the contracts, regulation and other arrangements that had to be put in place before the various privatisations were achieved. This chapter turns to the fl otation of the companies that made up the privatised electricity industry in England and Wales and Scotland. There is also a brief discussion of the restructuring and sale of the electricity industry that followed later in Northern Ireland. The chapter begins by reviewing the capital restructuring of the various businesses in England and Wales ahead of their fl otation. Later, the organisation and marketing of the fl otations, the employee share incentive schemes and the decision to retain special shares, are considered in detail, before moving on to the actual fl otations. The chapter concludes with a brief discussion of the development of the electricity sector since privatisation, drawing attention to some of the issues that arose from the structures and regulatory regime that had been put in place.