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The privatisation was criticised by Baron Gray of Contin who said it broke a key part of the Conservative's 1983 manifesto that the party would not simply replace one monopoly with another; at the time, British Gas was the only organisation that could supply gas to anyone in the country.
The British gas industry was privatised in 1986 under the provisions of the Gas Act 1986. [10] The Act abolished the British Gas Corporation and established British Gas plc. The 1986 Act also established a licensing regime, a Gas Consumers’ Council, and a regulator for the industry called the Office of Gas Supply (OFGAS). [10]
Oil and Pipelines Act 1985 (c. 62) abolishes the British National Oil Corporation, establishes the Oil and Pipelines Agency: 1985 UK oil exports peaked 1986 Advance Petroleum Revenue Tax Act 1986 (c. 68), repayment of advance petroleum revenue tax 1986 Gas Act 1986 (c. 44), privatised the gas industry, established British Gas and Ofgas as regulator
The Gas Act 1986 (c. 44) created the framework for privatisation of the gas supply industry in Great Britain. [1] The legislation replaced the British Gas Corporation (government or state ownership) with British Gas plc (private ownership). The Act also established a licensing regime, a Gas Consumers’ Council, and a regulator for the industry ...
GB Gas Holdings Limited, founded 1996, which holds British Gas (also known as Scottish Gas). [11] [12] [13] Centrica Hive Ltd, founded in 2007. [14] In 1998, Centrica's supplier monopoly for gas came to an end. Centrica maintained the British Gas retail brand but is only allowed to use this brand name in the United Kingdom.
The supplier saw underlying earnings in its household and business supply arm, British Gas Energy, slump to £159 million in the six months to June 30 from £969 million a year ago.
Combined, these market factors led to a spike in oil and gas prices; the average price of natural gas reached a 14-year high in August 2022, while crude oil prices were at their highest since 2011.
At the time of privatisation, British Gas and the regional public electricity suppliers held a monopoly on supplying all domestic gas and electricity consumers respectively. In 1997, British Gas was split (demerged) into Centrica and BG plc, in order to separate gas supply from its production and distribution. [16]