The Gas and Electricity Act 1968 (c. 39)[1] is an act of the Parliament of the United Kingdom which extended the powers of the Gas Council, the area gas boards and the Electricity Council to borrow money, including foreign currency, to meet their obligations; it permitted statutory gas and electricity bodies to render technical aid overseas; and allowed further member  appointments to the Electricity Council.

This included major capital investments in onshore terminals and cross-country pipelines.

[2] Both the gas and electricity industries had expressed an interest in borrowing capital in foreign currency markets.

[2] The Gas and Electricity Act 1968 addressed these issues and provided the necessary legal powers.

Its long title is: ‘An Act to increase the statutory limits on the amounts outstanding in respect to borrowings by the Gas Council and Area Gas Boards; to provide for the borrowing by the Electricity Council, the Scottish Electricity Boards and the Gas Council of money in foreign currency; to enable the said Councils and Boards and other electricity authorities to furnish overseas aid; to increase the number of members of the Gas Council; and for connected purposes.’ The provisions of the act comprise eight sections As a consequence of Section 1(3)(a) of the 1968 act the Gas (Borrowing Powers) Act 1965 ceased to have effect.