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The article examines different possible paths for the regional and municipality-owned power company BKK following the Norwegian energy liberalisation in 1990, as these paths were promoted by different stakeholders. The state power company Statkraft wanted BKK as a dependent subsidiary, the local political majority wanted it as a source of shareholder value and the company's employees wanted it as a local provider of jobs. After a period of tug of war, BKK's regional embeddedness was preserved.doi:10.18261/issn.1894-3195-2018-02-03 fatcat:mozbimypuvd6vohdllmopy2zzm