When you turned on the light, page-35

Do not blame Hydro Tasmania. They were - IMO - one of the leading power cos IN THE WORLD until, that is, the lousy, useless Guvnuts smelt the folding stuff.

HEC had saved hundreds of millions - from memory - as part of their due diligence, etc. The Guvnuts got wind of these reserves and they endd up as part of consolidated revenue.

Then, of course, we had this power "renaissance' and States started competing, etc etc etc. Sadly for Tassie, the stupid a$seholes in the eastern States decided to pay more for hydro from Tassie (numbskulls could actually identify the source of power entering their home) and of course the Tassie pollies were having kittens at the premium prices. OK, so Tas people suffered in the sense that a wonderful system was "bastardised" to buggery.

A potted version but, I think, reasonably close.