An expert report critical of the NSW government's power privatisation plan triggered a "fair degree of angst" in Premier Mike Baird's office, according to text messages that reveal the damage control deployed following the politically explosive findings.

The flurry of exchanges between the Premier's office and investment bank UBS, a key adviser to the government on its controversial electricity reform, were revealed on Wednesday in a written response by UBS to questions posed this month by a parliamentary inquiry.

Premier Mike Baird at the NSW parliamentary committee hearing into electricity privatisation last week. Credit:Peter Rae

The state Opposition says the communication shows Mr Baird and UBS downplayed pressure exerted by the government on the company to change the report, which initially concluded the power proposal was "bad for the budget".

The report was released less than a fortnight out from the March state election. It threatened to undermine the government's re-election bid, which hinged on electricity privatisation.