The privatization of local public services does not have unequivocal significance. The model generally introduced should be viewed as formal rather than substantial privatization because it hinges only on the form of management (patterned on private methods) and preserves the ownership structure (prevalence of private capital). The law envisages the possibility of creating companies with minority public shareholding, and in the case of national privatizations cessation is also envisaged, except as regards utilities, where an obligatory "golden share" has been introduced. The overwhelming majority of local authorities have opted for companies formed of public members with insignificant private shareholding. Future developments will probably also depend on the framework that emerges from general policies. The current legislative framework offers real viability to the model of the company with majority public capital. The future will be determined by the interaction between national and local policies, tariff policies and the liberalization of the utilities.