History
It had its origins in the Eastern Electricity Board (EEB) formed in 1948 as part of the nationalisation of the electricity industry by the Electricity Act 1947.
In 1990 the assets of the board passed to Eastern Electricity plc, one of the Regional Electricity Companies formed by the Electricity Act 1989. The company was privatised later in the year in a stock market flotation. It subsequently became known as Eastern Group.
In 1995 Hanson plc gained control of Eastern Group. Hanson ownership lasted until 1997 when The Energy Group was demerged from Hanson plc and floated on the London Stock Exchange.
Then in 1998 the Energy Group was bought by TXU Europe. Following the acquisition Texas Utilities was renamed TXU, with The Energy Group becoming TXU Energi, part of TXU Europe.
In October 2002 TXU announced it was pulling out of Europe due mainly to the collapse of its UK operations. Powergen purchased TXU's UK businesses for £1.37bn ($2.9bn) later that year.
The Company's distribution rights were sold on to EDF Energy, owners of London Electricity, SWEB Energy and SEEBOARD, three other former Regional Electricity Companies.
In 2006, artist Rory Macbeth painted Sir Thomas More’s entire novel ‘Utopia’ onto an old Eastern Electricity building on Westwick Street in Norwich.
Read more about this topic: Eastern Electricity
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