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.

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.

The UBS answers shows Mr Baird's chief of staff, Bay Warburton, texted UBS Australia chief executive Matthew Grounds on March 17 after the first report was issued.

It read: "Hi Matthew, suspect you are aware of this, but a fair degree of angst about the UBS report released today. I am told Guy [Fowler, UBS head of investment banking] is working on it".

Mr Grounds responded: "Yes I am on it also. We have a plan to address (hopefully)".

A few minutes later, Mr Warburton wrote back: "Just told the Premier, and told him I am sure you would be working on it. We don't want to have to distance ourselves from our expert advisors (sic) – not ideal".

Mr Grounds then phoned Mr Warburton to discuss UBS' response to media inquiries by the Australian Financial Review.

The exchanges took place a few minutes after UBS says the amended report was finalised, at about 3.20pm.

Earlier in the day, Mr Baird's director of policy, Matthew Crocker​, texted Mr Fowler to ask which journalist inquired about the report. Mr Fowler also told the inquiry Mr Crocker phoned him about 1.30pm, when the banker apologised for the research.

Later, UBS released a more favourable version of the findings. UBS says the decision was made independently.

Mr Baird has previously said his office contacted UBS but did not ask for the report to be changed. He said his staff raised concerns, including that the findings did not account for long-term economic uplift resulting from the power plan.

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NSW Labor MP Adam Searle, who is on the inquiry's committee, said the exchanges raised "serious questions" and the witnesses should be recalled.

"The material shows a much closer and higher level of involvement in having the UBS report changed than the Premier was willing to be frank about … and that the other witnesses were willing to be frank about," he said, calling on Mr Baird to release all related communications within the government, and with UBS.

A spokesman for Mr Baird said the text messages "are consistent with the evidence tendered at the inquiry".

The Australian Securities and Investments Commission has been examining whether the incident breached UBS' "Chinese wall" designed to separate its investment and research arms.

UBS analyst David Leitch, one of the report's authors, told the inquiry the UBS wall "works well".

However, the bank's answers show that on the day of the controversy Mr Fowler, head of UBS investment banking, visited head of research Chris Williams to deliver a copy of Deloitte Access Economics research. The findings, which were referred to in the altered report, forecast an economic boost to the state from the power plan.