The ability of power companies to raise prices when inflation is rising is one reason why investors may welcome three large part-privatisations by the Government next year.
Some fund managers question whether investors will have the appetite to support three big listings in one year. Finance Minister Bill English is keen to get at least two done.
Tower Investments chief executive Sam Stubbs said demand for listings should remain strong next year, and it's feasible the Government could partially float Mighty River Power, Meridian Energy and Genesis Energy by the end of 2013.
Mr Stubbs said power companies have an added attraction of being a hedge against inflation, which is expected to rise in coming years as the pace of the recovery increases.