V-ECON Audit — British Gas (Centrica plc)

Audit Phase: V-ECON Economic Forensics Prepared: May 2025 Subject Entity: British Gas (trading name of Centrica plc, LSE: CNA)

Supply Chain & Sourcing Relationships

Direct Agricultural and Consumer-Goods Supply Chains

British Gas is an energy retailer and services company. It has no disclosed supply chain relationships with Israeli agricultural exporters — including Mehadrin, Hadiklaim, Galilee Export, Agrexco, or their successors — and no product categories such as Medjool dates, avocados, citrus, fresh herbs, or potatoes are relevant to its business model. No public evidence identified. Source classes checked: NGO procurement databases (Who Profits, Corporate Occupation, Palestine Solidarity Campaign ¹), trade press, and Centrica corporate disclosures.

Industrial Gas / Cold-Chain Logistics

A prior research document attributed BOC Gases UK’s food-sector industrial gas services (cryogenic and controlled-atmosphere products marketed to UK cold-chain logistics) to Centrica. This is factually incorrect: BOC Gases is a subsidiary of Linde plc, not Centrica plc. The claim is contradicted by public corporate records and is accordingly excluded. No public evidence identified of any British Gas or Centrica supply chain relationship with Israeli fresh-produce logistics operators.

LNG and Gas Import Supply Chains

Centrica Energy acts as the commercial importer of record for gas cargoes entering the UK wholesale market ². Following the completion of the Grain LNG terminal acquisition in 2025, Centrica became the operator of the UK’s largest LNG import facility (Isle of Grain) and holds a direct infrastructure position in the UK’s LNG supply chain ³. Centrica’s disclosed LNG supply agreements name US-origin sources: a long-term supply agreement with Delfin LNG (signed 2023) ⁴ and a further long-term Natural Gas Sale and Purchase Agreement (signed 2025) relating to US supply ⁵. No public evidence has been identified — in Centrica filings, Centrica Energy commercial disclosures, or publicly accessible cargo-tracking sources — of a specific offtake agreement between Centrica Energy and Egyptian LNG terminals (Damietta/ELNG or Idku/SEGAS) that would constitute an indirect sourcing relationship with Israeli-origin gas exported via Egypt.

Israeli offshore gas (Leviathan and Tamar fields) is exported to Egypt by pipeline under separate commercial agreements and is processed at Egyptian LNG export terminals ⁶. However, Egypt entered a net LNG import position from approximately 2022–2024 due to domestic demand exceeding production, as documented by the U.S. Energy Information Administration ⁷. This materially limits Egypt’s capacity as a reliable LNG export intermediary for Israeli-origin gas during the relevant period. Egypt subsequently signed a separate gas supply deal with Qatar in January 2026 ⁸, further indicating a domestic supply-gap dynamic. No documented Centrica sourcing relationship from this chain has been identified.

Technology and Vendor Supply Chains

British Gas’s smart home subsidiary, Hive, produces connected heating, security, and energy-management devices. A prior research document asserted that British Gas sells SolarEdge inverters through its retail or installation channel on the basis of Hive’s compatibility programme. The verified “Works With Hive” programme ⁹ documents interoperability with third-party smart home devices but does not constitute evidence that Hive or British Gas acts as a reseller or certified installer for SolarEdge. No public evidence identified.

The same prior research asserted that Hive devices incorporate Zigbee chipsets whose R&D is conducted in Israeli facilities (referencing Silicon Labs and Texas Instruments operations). While both companies maintain Israeli R&D operations in general terms, no documentation specifically linking Hive’s chipset procurement to Israeli-domiciled R&D entities has been identified in publicly accessible sources. No public evidence identified.

Separately, the prior research asserted that British Gas uses CyberArk and Check Point as enterprise cybersecurity platforms. While CyberArk maintains a public partner finder directory ¹⁰, this directory does not confirm specific end-customer relationships by name, and no Centrica or British Gas IT procurement disclosure, UK public tender notice, or independent technology audit confirming these vendor relationships has been identified. No public evidence identified. Source classes checked: UK Contracts Finder, Centrica CDP technology disclosures ¹¹, CyberArk and Check Point partner announcement pages.

Seasonal and Third-Party Indirect Sourcing

Not applicable to British Gas’s retail energy and services business model. No public evidence identified.

Product Origin, Labeling & Regulatory Compliance

Settlement-Origin Product Exposure

British Gas does not retail physical goods subject to UK country-of-origin food labeling requirements or EU/UK rules on produce from occupied territories. No NGO investigation by Who Profits, Corporate Occupation, or Palestine Solidarity Campaign has cited British Gas or Centrica plc in the context of settlement-labeled produce ¹. No public evidence identified.

Labeling Compliance Record

Not applicable to British Gas’s business model. No public evidence identified. Source classes checked: DEFRA enforcement notices, Trading Standards enforcement records, NGO labeling compliance reports.

Corporate Policy on Contested-Territory Goods

Centrica’s 2024 CDP Corporate Questionnaire and published Annual Reports address carbon performance, supplier conduct, and supply-chain human rights obligations in general terms ¹¹. These disclosures contain no specific policy on goods originating from occupied or contested territories, consistent with the absence of any product supply chain that would trigger such a policy. No public evidence identified.

Investment, Capital & Financial Exposure

Historical Direct Investment in Israel — Now Fully Exited

Panoramic Power (2015–2021) Centrica acquired Kfar Saba–based Israeli energy-monitoring firm Panoramic Power for approximately $60 million in November 2015 ¹²¹³¹⁴. The acquisition was executed through Centrica’s Direct Energy division. Israel NewTech — an Israeli government trade-promotion initiative — publicly cited the acquisition as validation of Israel’s energy-technology sector ¹². Panoramic Power maintained R&D operations in Kfar Saba, Israel, during the full period of Centrica ownership. Status: fully exited. Panoramic Power passed to NRG Energy as part of the $3.625 billion sale of Direct Energy, which completed in January 2021 ¹⁵¹⁶. Centrica’s 2021 preliminary results confirm the Direct Energy transaction ¹⁷. Centrica no longer holds this asset.

Driivz (2018–2022) In October 2018, Centrica led an approximately £9 million Series B funding round in Driivz, a Tel Aviv-based EV charging operating-system software company, alongside co-investor Ombu ¹⁸. Centrica published a corporate story in the same year explicitly framing its Israel investment activity as a strategic priority for its innovation programme ¹⁹. Centrica Innovations subsequently co-led an $11 million Series C round in Driivz in 2020 ²⁰. The investment was described as strategic, with Driivz software intended for integration into Centrica’s EV charging services offering ¹⁹¹⁸. Status: fully exited. Centrica’s H1 2022 Interim Results disclose receipt of approximately £21 million cash from disposal of the Driivz stake during the first half of 2022 ²¹. Centrica no longer holds this asset.

Indegy (2018–2019) Centrica participated in an $18 million Series B funding round in Indegy, an Israeli industrial operational technology (OT) cybersecurity company, in 2018 ²². Status: fully exited. Indegy was acquired by Tenable for $78 million in late 2019 ²³, at which point Centrica received a return on its minority stake. Centrica no longer holds this asset.

Centrica Innovations Fund — Israel as Stated Strategic Geography

In 2018, Centrica published a corporate story explicitly stating it was investing in Israel as a priority geography to “reshape the way the world lives, works and moves,” identifying Israeli startups as central to its innovation programme ¹⁹. The fund was described as carrying a £100 million mandate established in 2017. The three Israeli investments documented above (Panoramic Power, Driivz, Indegy) are the only specific Israeli portfolio companies verifiable from public sources. All three have since been fully exited ²³¹⁶²¹.

Reporting on multinational corporate innovation offices in Israel notes a general contraction in that market during the post-October 2023 war environment ²⁴. No evidence of active Centrica Innovations investments in Israeli companies post-2022 has been identified in public filings or press coverage. No public evidence identified of a current Israeli innovation portfolio.

R&D Infrastructure

Panoramic Power maintained an R&D facility in Kfar Saba, Israel, throughout the period of Centrica ownership (2015–2021) ¹²¹³. This was the only identified Centrica R&D presence in Israel. That presence was discontinued when Panoramic Power was transferred to NRG Energy upon completion of the Direct Energy sale in January 2021 ¹⁶. No current Centrica R&D facility in Israel has been identified. No public evidence identified of any current R&D presence.

Parent and Beneficial Ownership

Centrica plc is the direct legal parent of British Gas. Centrica is a UK-incorporated public company listed on the London Stock Exchange (CNA) with no identified state or Israeli private-equity parent entity. The two largest disclosed institutional shareholders, based on publicly available filings, are BlackRock, Inc. (~8.9%) and The Vanguard Group (~5.7%) ²⁵. Both are diversified global asset managers whose index-tracking mandates include broad exposure to global equity and bond markets, including Israeli-listed securities and Israeli sovereign debt as a function of index composition. This reflects universal ownership structure and is not specific to Centrica. No parent entity with a specific direct investment mandate in Israel has been identified in connection with Centrica.

Portfolio and Fund Exposure

Centrica’s published financial statements, annual reports, and CDP disclosures do not disclose any holdings in Israeli-domiciled companies, Israeli sovereign bonds, or Israel-focused investment funds as distinct line items ²⁶²⁷¹¹. No public evidence identified.

Operational Presence & Market Activity

Physical Footprint in Israel and Occupied Territories

Centrica and British Gas do not operate offices, sales operations, warehouses, retail locations, or any other physical infrastructure within Israel or the occupied Palestinian territories. Centrica’s published corporate structure identifies its operating businesses as British Gas (UK residential and business), Centrica Energy (trading and optimisation), and related UK infrastructure ²⁸²⁹. The former Panoramic Power R&D office in Kfar Saba constituted the only identified Israel-territory physical presence and was divested as part of the Direct Energy transaction completed in January 2021 ¹⁶. British Gas’s own published public statement explicitly declares that it “has no involvement in Gaza or Israel” ³⁰. No current physical footprint in Israel or occupied territories identified.

Employment and Tax Contribution

No Centrica or British Gas workforce registration, employer tax contribution, or social insurance registration in Israel has been identified following the 2021 Direct Energy exit. No public evidence identified.

Market Positioning

No Centrica annual report, investor day presentation, interim results announcement, or press release characterises Israel as a sales market, export destination, or named strategic geography for its retail energy, services, or infrastructure businesses ²⁶²⁷³¹. Israel does not appear as a named segment or geography in Centrica’s published segmental revenue reporting. No public evidence identified of Israel being characterised as a current or target market.

LNG Infrastructure and Eastern Mediterranean Gas Nexus

Centrica’s 2025 acquisition of the Grain LNG terminal (Isle of Grain) is verified ³ and makes Centrica the operator of the UK’s largest LNG import terminal. Centrica’s stated rationale for the acquisition was UK energy security and LNG supply diversification. The claim advanced in prior research that the acquisition was specifically intended to facilitate receipt of Eastern Mediterranean (Israeli-origin) gas via Egyptian terminals is not supported by any disclosed commercial agreement, regulatory filing, or contemporaneous company statement. That claim is therefore assessed as unverified inference rather than documented fact.

Centrica Energy’s LNG trading portfolio is active and global ². Its disclosed long-term supply agreements name US-origin LNG sources ⁵⁴. No Centrica Energy Master Sales and Purchase Agreement with Damietta (ELNG) or Idku (SEGAS) has been publicly disclosed or identified in training data. The material constraint noted above — Egypt’s net LNG import position during the 2022–2024 period ⁷ — further weakens any claim of a reliable or commercially active Egypt-to-UK Israeli-origin gas pathway in the relevant timeframe.

Corporate Structure & Foundational Ties

Founding and Incorporation History

British Gas traces its origins to the Gas Light and Coke Company (founded 1812) and the nationalised British Gas Corporation, with privatisation occurring in 1986 ³². The 1997 demerger of British Gas plc produced Centrica plc and BG Group as separate entities ³². BG Group — not Centrica — held international upstream exploration assets including positions in the Eastern Mediterranean; BG Group was subsequently acquired by Shell in 2016. Centrica and British Gas have no Israeli founding history, no Israeli-origin brand identity, and no Israeli acquisition heritage. Their corporate lineage is entirely British.

Headquarters and Domicile

Centrica plc is legally incorporated in England and Wales, with operational headquarters in Windsor, UK ³²²⁸. No dual or secondary headquarters in Israel. No Israeli-registered entity associated with Centrica plc has been publicly identified.

State and Institutional Linkages

British Gas was formerly a state-owned enterprise (privatised 1986) ³². The UK government retains no residual ownership stake and no government-appointed board members have been identified. Centrica’s 15% stake in the Sizewell C nuclear power station (acquired 2025) may attract UK critical national infrastructure designation in a domestic context ³³, but this carries no Israeli state linkage. No Israeli state ownership, no government contracts with the Israeli state, and no Israeli critical infrastructure designation have been identified for Centrica or British Gas. No public evidence identified.

Governance Structure

Centrica plc operates under the UK Corporate Governance Code. Its Articles of Association and published governance disclosures contain no golden shares, founder shares, or charter restrictions tying Centrica to Israeli state policy objectives ²⁶²⁷. No public evidence identified of any structural governance feature creating a tie to Israeli state or quasi-state entities.

NGO and Campaign Characterisation

Palestine Solidarity Campaign’s “Don’t Buy Apartheid” campaign and related NGO databases have not cited British Gas or Centrica plc as a named target company in connection with Israeli settlement commerce or occupation-linked supply chains ¹. No public evidence identified of active campaigning directed at Centrica based on current operational or supply-chain links.

Profit Repatriation & Economic Contribution

Revenue Attribution

Centrica’s segmental reporting covers British Gas (residential and business UK), Centrica Energy (trading and optimisation), and Infrastructure. Israel does not appear as a named revenue geography in any published annual report or interim results announcement ²⁶²⁷³¹. No public evidence identified of revenue attributed to Israeli operations or customers.

Profit Flows and Capital Repatriation

Centrica is a UK-domiciled entity; profits flow to Centrica plc in Windsor. The three Israeli-headquartered investee companies — Panoramic Power, Driivz, and Indegy — were minority financial and strategic stakes. Capital returned on exit flowed to Centrica in the UK: from the Indegy/Tenable acquisition (2019) ²³, from the Driivz disposal (~£21 million, H1 2022) ²¹, and from the Direct Energy sale including Panoramic Power ($3.625 billion total proceeds, completed January 2021) ¹⁶. All three exits are confirmed. No ongoing profit flow to or from Israel has been identified.

Role in Israeli Economic Ecosystem

Israel NewTech (an Israeli government trade-promotion body) cited the Panoramic Power acquisition in 2015 as significant validation of Israel’s energy-technology sector ¹². No post-2020 Israeli government report, Israeli industry body, or NGO has characterised Centrica or British Gas as a current significant actor in any sector of the Israeli economy. Reporting on the multinational corporate innovation landscape in Israel post-October 2023 indicates a general contraction rather than expansion of foreign corporate presence ²⁴. No public evidence identified of a current economic contribution role in Israel.

Institutional Shareholder Conduct

No BDS-related shareholder resolutions directed at Centrica, and no formal divestment campaigns targeting Centrica on the basis of Israeli economic exposure, have been identified in available sources. Source classes checked: UK Companies House filings, Centrica AGM resolutions, ShareAction records, responsible investment databases. No public evidence identified.

End Notes