British Gas plc: Difference between revisions
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#REDIRECT [[British Gas]] |
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{{Infobox company |
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| name = British Gas plc |
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| logo = British Gas (old).png |
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| type = [[Public company|Public]] |
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| foundation = {{start date|1986|12|df=y}} |
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| defunct = {{end date|1997|02|df=y}} |
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| predecessor = [[British Gas Corporation]] |
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| successor = [[British Gas]] |
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| hq_location_city = [[Reading]] |
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| key_people = |
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| industry = [[Utilities]] |
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| products = [[Natural gas|Gas]]<br />[[Electricity]]<br />Boilers and central heating<br />Plumbing and drains<br />Solar paneling<br />Home appliance services |
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| area_served = Great Britain |
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| Group turnover = |
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| operating_income = |
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| num_employees = |
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| parent = |
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| subsid = |
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| homepage = |
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| footnotes = |
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}} |
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'''British Gas plc''' was an energy and home services provider in the United Kingdom. It was formed when the [[British Gas Corporation]] was [[Privatization|privatised]] in December 1986, as a result of the privatisations instigated by the government of [[Margaret Thatcher]]. |
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==History== |
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The company was formed when the Conservative Government, led by Prime Minister [[Margaret Thatcher]], introduced the '''[[Gas Act 1986]]''' in which led to the privatisation of the [[British Gas Corporation]], and on 8 December 1986 its shares floated on the London stock market. To encourage individuals to become shareholders, the offer was intensely advertised with the "If you see Sid...Tell him!" campaign. |
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The initial public offering of 135p per share valued the company at £9 billion, the highest equity offering ever at the time.{{cn|date=September 2020}} The government also created an industry regulator, the Office of Gas Supply (Ofgas), to protect customer needs. It later became part of the Office of Gas and Electricity Markets ([[Ofgem]]). |
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In preparation for the opening of the gas supply markets to competition in 1996, British Gas plc had to go through a major restructuring which separated the company into five divisions. |
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* Public Gas Supply (domestic gas supply). |
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* Contract Trading (business supply) |
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* Transportation and Storage, later named Transco (transporting and storage of gas). |
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* Service and Installation, later named Services. |
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* Retail, later named Energy Centres. |
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In June 1991, chairman Robert Evans sparked controversy by accepting a pay rise of 66%, ten times above the rate of inflation at the time. This took his salary from £222,000 to £370,000, a pay rise which was condemned by the [[Labour Party (UK)|Labour Party]] as "sheer unbridled greed". This followed allegations of greed against the organisation a month earlier, when it reported a 42% rise in pre tax profits.<ref>{{cite news| url=http://news.bbc.co.uk/onthisday/hi/dates/stories/june/21/newsid_2518000/2518297.stm | work=BBC News | title=1991: Anger over chairman's 66% pay rise | date=21 June 1991}}</ref> |
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==De-merger== |
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In February 1997, the company was demerged in separate part, which formed [[Centrica]], [[BG Group]] and [[National Grid plc|Transco]]. The main brand is [[British Gas|still used today]] as a subsidiary of [[Centrica]]. |
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==References== |
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<references /> |
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[[Category:Natural gas infrastructure in the United Kingdom]] |
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[[Category:Non-renewable resource companies established in 1986]] |
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[[Category:1986 establishments in the United Kingdom]] |
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Latest revision as of 22:08, 18 December 2023
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