The Basin, built by the Regent's Canal Company, was formerly known as "Regent's Canal Dock" and was used by seagoing vessels and lighters to offload cargoes to canal barges, for onward transport along the Regent's Canal. Although initially a commercial failure following its opening in 1820, by the mid 19th century the dock (and the canal) were an enormous commercial success for the importance in the supply of coal to the numerous gasworks and latterly electricity generating stations along the canal, and for domestic and commercial use. At one point it was the principal entrance from the Thames to the entire national canal network. Its use declined with the growth of the railways, although the revival of canal traffic during World War I and World War II gave it a brief swansong.