THIS DOCUMENT IS A COPY OF THE
RULE 24 CERTIFICATE OF NOTIFICATION FILED
ON JUNE 28, 2002 PURSUANT TO
A RULE 201 TEMPORARY HARDSHIP EXEMPTION
| File No. 70-9849
|
| CERTIFICATE OF NOTIFICATION |
| (RULE 24) |
| SECURITIES AND EXCHANGE COMMISSION
|
| BY |
| NATIONAL GRID GROUP PLC |
In accordance with the order of the Securities and Exchange Commission dated January 16, 2002, Holding Company Act Release No. 27490 (the "Order"), National Grid Group plc ("National Grid") hereby submits its report for the period October 1, 2001 to March 31, 2002 (the "Reporting Period")1. Following is a listing of the applicable reporting requirements contained in the Order (each, a "Reporting Requirement"), together with the response thereto. Unless otherwise defined herein, all capitalized terms in this Certificate of Notification shall have the meaning set forth in the Order.
In this report a conversion ratio of 1 GBP to 1.42 US Dollars and 1 Euro to 0.87 US Dollars has been used. The exchange rate conversion is provided solely for convenience and should not be taken to mean that the pound sterling or the Euro amounts have been, could have been, or could be converted to US Dollars at the rates indicated or at any other rates.
=============
1 The reporting requirements contained in Appendix B of the Order replaced the reporting requirements imposed by National Grid Group plc, Holding Co. Act Release No. 27154 (March 15, 2000) and National Grid Group plc, Holding Co. Act Release No. 27455 (October 22, 2001).
Reporting Requirement No. 1: The principal amount, interest rate, term, number of shares, market price per share, sales price per share (if other than market price) and aggregate proceeds, as applicable, of any securities issued by National Grid during the reporting period, including securities issued to dividend reinvestment plans and employee benefit plans.
Response:
National Grid Holdings One plc (formerly National Grid Group plc)
| Date | No. of National Grid Ordinary Shares Issued | Details of Issue | Market Price / and Sale Price per share (if different) | Proceeds GBP | Proceeds USD |
| 12/20/01 | 11,129,533 | Shares issued to the National Grid Savings related Share Option Scheme Trustee (‘Quest’) (1) | 434.25p per share. Closing mid market price 433p per share. | 48,329,997 | 68,628,596 |
| 1/3/02 | 239 | £1000 value Grid 4.25% exchangeable bond exercised. | Sale price - 417p per share. Closing mid-market price 438p per share. | 1,000 | 1,420 |
(1) Qualifying employee share ownership trust
During the reporting period, the following debt securities were issued:
| Date | Issuer | Interest Rate | Type of Security | Maturity Date | Proceeds GBP | Proceeds USD |
| 1/31/02 | National Grid Holdings One plc (formerly National Grid Group plc) | 4.25% | Short term money market borrowings | 2/1/02 | 11,000,000 | 15,620,000 |
| 1/31/02 | NGG Finance plc | 2.2063% | USD Draw down under Multi-Currency Revolving Credit Facility | 2/28/02 | 753,521,127 | 1,070,000,000 |
| 1/31/02 | NGG Finance plc | 4.4178% | GBP Draw down under Multi-Currency Revolving Credit Facility | 2/28/02 | 116,221,388 | 165,034,370 |
Securities issued by National Grid Group plc are taken to include its direct subsidiary NGG Finance plc.
National Grid Group plc (formerly New National Grid Group plc)
| Date | No. of National Grid Ordinary Shares Issued | Details of Issue | Market Price / and Sale Price per share (if different) | Proceeds GBP | Proceeds USD |
| 2/1/02 | 278,600,000 | Shares issued in respect of acquisition of Niagara Mohawk, Inc. | N/A | N/A | N/A |
| 2/8/02 | 39,809 | Shares issued on exercise of options under Executive share option scheme | Sale price - 375p / or 435p per share. Closing mid-market 461p per share. | 153,850 | 218,467 |
| 2/12/02 | 239 | £1000 value Grid 4.25% exchangeable bond exercised. | Sale price - 417p per share. Closing mid-market price 463p per share. | 1,000 | 1,420 |
| 2/15/02 | 54,266 | Shares issued on exercise of options under Employee Sharesave Scheme | Sale price - 312p/337p/416p/457p per share. Closing mid-market price 468p per share. | 189,242 | 268,724 |
| 2/15/02 | 68,147 | Shares issued on exercise of options under Executive share option scheme | Sale price - 90p/118p/205p/375/p or 435p per share. Closing mid-market 460p per share. | 152,738 | 216,888 |
| 2/22/02 | 30,382 | Shares issued on exercise of options under Executive share option scheme | Sale price - 205p/375p per share. Closing mid-market 451.75p per share. | 89,995 | 127,793 |
| 3/1/02 | 25,732 | Shares issued on exercise of options under Executive share option scheme | Sale price - 205p/375p per share. Closing mid-market 467p per share. | 71,834 | 102,004 |
| 3/8/02 | 21,744 | Shares issued on exercise of options under Executive share option scheme | Sale price - 312p/337p/416p/457p per share. Closing mid-market price 462p per share. | 82,356 | 116,946 |
| 3/8/02 | 239 | £1000 value Grid 4.25% exchangeable bond exercised. | Sale price - 417p per share. Closing mid-market price 462p per share. | 1,000 | 1,420 |
| 3/12/02 | 7,170 | £30,000 value Grid 4.25% exchangeable bond exercised. | Sale price - 417p per share. Closing mid-market price 453p per share. | 30,000 | 42,600 |
National Grid Group plc (formerly New National Grid Group plc) - continued
| Date | No. of National Grid Ordinary Shares Issued | Details of Issue | Market Price / and Sale Price per share (if different) | Proceeds GBP | Proceeds USD |
| 3/18/02 | 3,731 | Shares issued on exercise of options under Employee Sharesave Scheme | Sale price - 312p/337p/416p/457p per share. Closing mid-market price 447.5p per share. | 12,524 | 17,784 |
| 3/28/02 | 44,704 | Shares issued on exercise of options under Executive share option scheme | Sale price - 375p/455p per share. Closing mid-market price 463.25p per share. | 177,575 | 252,157 |
Movements in short-term borrowings during the reporting period:
| Date | Issuer | Interest Rate | Type of Security | Maturity Date | Proceeds GBP | Proceeds USD |
| Various | National Grid Group plc | 1.8729% - 1.9549% | US Commercial Paper | Between 18 - 50 days | 604,419,272 | 858,275,366 |
=============
Reporting Requirement No. 2: The amount of guarantees issued during the reporting period by National Grid, the name of the beneficiary of the guarantee and the terms and purpose of the guarantee.
Response:
In consideration of the € 125 million credit established by the European Investment Bank under the finance contract with Energis Polska (the borrower), National Grid Group plc, as Guarantor, guarantees the payment of all principal monies, interest, commission, liquidated damages, charges, expenses and other monies which may from time to time become payable by Energis Polska under the finance contract.
The guarantee was issued in December 2001 for the purpose of securing project finance for Energis Polska, a joint venture between Energis plc and National Grid Group plc.
The amount of the guarantee has been fully provided for in the accounts of National Grid Group plc.
=============
Reporting Requirement No. 3: National Grid's aggregate investment, as defined under Rule 53, in EWGs and FUCOs as of the end of the reporting period in dollars and as a percentage of National Grid's consolidated retained earnings, and a description of EWG and FUCO investments during the reporting period.
Response:
| A. | As of March 31, 2002, National Grid’s consolidated retained earnings calculated in
accordance with US GAAP were GBP 2,095,500,000 (USD 2,975,610,000) - excluding
Other Comprehensive Income (OCI) of GBP 11,700,000 (USD 16,614,000).
Retained earnings, including OCI were GBP 2,107,200,000 (USD 2,992,224,000).
|
| B. | National Grid’s aggregate investment, as defined in Rule 53, in EWGs and
FUCOs as of March 31, 2002 was GBP 2,185,730,000 (USD 3,103,737,000). Such aggregate
investment is calculated on the basis of cost accounting. |
| C. | National Grid’s aggregate investment in EWGs and FUCOs as a percentage of its consolidated retained earnings was 104% as of
March 31, 2002. Under the Order, the Commission has authorized National Grid to invest up to USD 5,406,000,000. |
| D. | During the reporting period, no major EWG or FUCO investments were made. As of the prior reporting period ended September 30, 2001, using a conversion ratio at that time of 1 GBP to 1.47 US Dollars, National Grid’s aggregate investment, as defined in Rule 53, in EWGs and FUCOs was GBP 2,103,360,300 (USD 3,091,939,700). |
=============
Reporting Requirement No. 4: The aggregate amount of securities and the aggregate amount of guarantees issued and outstanding by National Grid since the date of the Order.
Response: Please see Exhibit A-1 attached hereto.
=============
Reporting Requirement No. 5: A list of the securities issued by the Intermediate Holding Companies during the reporting period, including principal amount, interest rate, term, number of shares and aggregate proceeds, as applicable, with the acquiring company identified and a brief explanation of the procedure followed to determine the market rate of interest charged, as applicable.
Response:
National Grid Holdings One plc (formerly National Grid Group plc)
---------------------------------------------------------------------------------------------------------------------------------
Issuing Company Acquiring Company Initial Principal Interest Rate Term of Loan GBP Balance at USD Balance at
03/31/02 03/31/02
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
National Grid National Grid USD 1,633,270,259 3 month US 1 day 1,150,190,323 1,633,270,259
(US) Holdings Holdings One plc Libor + 1.75%
Limited (formerly National
Grid Group plc)
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
National Grid National Grid USD 2,224,948,074 0% On demand 1,566,864,841 2,224,948,074
(US) Holdings Holdings One plc
Limited (formerly National
Grid Group plc)
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
National Grid National Grid
(US) Holdings Holdings One plc
Limited (formerly National 3 month US
Grid Group plc) USD 437,361 Libor + 0.5% On demand 308,001 437,361
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
National Grid National Grid
(US) Holdings Holdings One plc
Limited (formerly National 3 month US
Grid Group plc) USD 33,500,000 Libor + 0.5% 1 day 23,591,549 33,500,000
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
National Grid National Grid
(US) Holdings Holdings One plc
Limited (formerly National
Grid Group plc) USD 2,889,000,000 0% Intra day 2,034,507,042 2,889,000,000
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
National Grid National Grid
(US) Holdings Holdings One plc
Limited (formerly National 3 month US
Grid Group plc) USD 15,000,000 Libor + 0.5% On demand 10,563,380 15,000,000
---------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------
National Grid National Grid
(Ireland) 1 Holdings One plc
Limited (formerly National 3 month US
Grid Group plc) USD 7,085,000 Libor + 0.5% 1 day 4,989,437 7,085,000
---------------------------------------------------------------------------------------------------------------------------------
------------------- ------------------- ----------------- -------------- ---------------- ------------------- -------------------
National Grid National Grid USD 20,165,000 3 month US 1 day 14,200,704 20,165,000
Holdings One plc
(formerly
(Ireland) 2 National Grid
Limited Group plc) Libor + 0.5%
------------------- ------------------- ----------------- -------------- ---------------- ------------------- -------------------
(Page)
National Grid Holdings One plc (formerly National Grid Group plc) - continued
------------------- ------------------- ----------------- -------------- ----------------- ------------------ -------------------
Issuing Company Acquiring Company Initial Interest Rate Term of Loan GBP Balance at USD Balance at
Principal 03/31/02 03/31/02
------------------- ------------------- ----------------- -------------- ----------------- ------------------ -------------------
------------------- ------------------- ----------------- -------------- ---------------- ------------------- -------------------
National Grid National Grid USD 0% On demand 1,150,190,323 1,633,270,259
Group plc
(formerly New
(US) Holdings National Grid
Limited Group plc) 1,633,270,259
------------------- ------------------- ----------------- -------------- ---------------- ------------------- -------------------
------------------- ------------------- ----------------- -------------- ---------------- ------------------- -------------------
National Grid
Group plc
National Grid (formerly New
(US) Holdings National Grid 3 month US
Limited Group plc) USD 325,014,270 Libor + 0.5% On demand 228,883,289 325,014,270
------------------- ------------------- ----------------- -------------- ---------------- ------------------- -------------------
------------------- ------------------- ----------------- -------------- ---------------- ------------------- -------------------
National Grid
Group plc
National Grid (formerly New
(US) Holdings National Grid 3 month US
Limited Group plc) USD 37,551,214 Libor + 0.5% On demand 26,444,517 37,551,214
------------------- ------------------- ----------------- -------------- ---------------- ------------------- -------------------
------------------- ------------------- ----------------- -------------- ---------------- ------------------- -------------------
National Grid National Grid USD 33,500,000 3 month US On demand 23,591,549 33,500,000
Group (US)
(US) Investments Holdings Limited Libor + 0.5%
------------------- ------------------- ----------------- -------------- ---------------- ------------------- -------------------
------------------- ------------------- ----------------- -------------- ---------------- ------------------- -------------------
National Grid
National Grid Group (US) 3 month US
(US) Investments Holdings Limited USD 209,000,000 Libor + 0.5% On demand 147,183,099 209,000,000
------------------- ------------------- ----------------- -------------- ---------------- ------------------- -------------------
------------------- ------------------- ----------------- -------------- ---------------- ------------------- -------------------
National Grid
(Ireland) 1 National Grid 3 month US
Limited (US) Investments USD 33,500,000 Libor + 0.5% On demand 23,591,549 33,500,000
------------------- ------------------- ----------------- -------------- ---------------- ------------------- -------------------
------------------- ------------------- ----------------- -------------- ---------------- ------------------- -------------------
National Grid
(US) Holdings National Grid
Limited (US) Investments 4 USD 15,000,000 0% Intra day 10,563,380 15,000,000
------------------- ------------------- ----------------- -------------- ---------------- ------------------- -------------------
------------------- ------------------- ----------------- -------------- ---------------- ------------------- -------------------
National Grid
(US) Holdings National Grid USD
Limited Holdings Ltd 2,581,000,100 0% Intra day 1,817,605,704 2,581,000,100
------------------- ------------------- ----------------- -------------- ---------------- ------------------- -------------------
------------------- ------------------- ----------------- -------------- ---------------- ------------------- -------------------
National Grid National Grid USD 8,710,000 Contributions 6,133,803 8,710,000
General (Ireland) 1 to Capital no
Partnership Limited shares issued
------------------- ------------------- ----------------- -------------- ---------------- ------------------- -------------------
------------------- ------------------- ----------------- -------------- ---------------- ------------------- -------------------
National Grid National Grid Contributions
General (Ireland) 1 to Capital no
Partnership Limited USD 7,085,000 shares issued 4,989,437 7,085,000
------------------- ------------------- ----------------- -------------- ---------------- ------------------- -------------------
------------------- ------------------- ----------------- -------------- ---------------- ------------------- -------------------
National Grid National Grid Contributions
General (Ireland) 2 to Capital no
Partnership Limited USD 24,790,000 shares issued 17,457,746 24,790,000
------------------- ------------------- ----------------- -------------- ---------------- ------------------- -------------------
------------------- ------------------- ----------------- -------------- ---------------- ------------------- -------------------
National Grid National Grid USD 20,165,000 Contributions 14,200,704 20,165,000
General (Ireland) 2 to Capital no
Partnership Limited shares issued
------------------- ------------------- ----------------- -------------- ---------------- ------------------- -------------------
(Page)
National Grid Holdings One plc (formerly National Grid Group plc) - continued
-------------------- ------------------- ------------------ ------------- ----------------- ------------------ -------------------
Issuing Company Acquiring Company Initial Principal Interest Term of Loan GBP Balance at USD Balance at
Rate 03/31/02 03/31/02
-------------------- ------------------- ------------------ ------------- ----------------- ------------------ -------------------
-------------------- ------------------- ------------------ ------------- ---------------- ------------------- -------------------
National Grid (US) NGG Finance plc USD 2,721,781,454 3 month US Intra day 1,916,747,503 2,721,781,454
Investments 4 Libor + 0.5%
-------------------- ------------------- ------------------ ------------- ---------------- ------------------- -------------------
-------------------- ------------------- ------------------ ------------- ---------------- ------------------- -------------------
National Grid (US) National Grid 3 month US
Holdings Limited Eight Ltd USD 15,000,000 Libor + .5% Intra day 10,563,380 15,000,000
-------------------- ------------------- ------------------ ------------- ---------------- ------------------- -------------------
-------------------- ------------------- ------------------ ------------- ---------------- ------------------- -------------------
National Grid (US) National Grid
Holdings Limited (US) Investments 3 USD 2,581,000,100 0% Intra day 1,817,605,704 2,581,000,100
-------------------- ------------------- ------------------ ------------- ---------------- ------------------- -------------------
-------------------- ------------------- ------------------ ------------- ---------------- ------------------- -------------------
National Grid
National Grid (US) (US) Holdings 3 month US
Investments 4 Limited USD 1,320,000,000 Libor + 0.5% On demand 929,577,465 1,320,000,000
-------------------- ------------------- ------------------ ------------- ---------------- ------------------- -------------------
-------------------- ------------------- ------------------ ------------- ---------------- ------------------- -------------------
National Grid
National Grid (US) (US) Holdings 3 month US
Investments 4 Limited USD 2,680,000,000 Libor + 0.5% On demand 1,887,323,944 2,680,000,000
-------------------- ------------------- ------------------ ------------- ---------------- ------------------- -------------------
-------------------- ------------------- ------------------ ------------- ---------------- ------------------- -------------------
National Grid
National Grid (US) (US) Holdings 3 month US
Investments 4 Limited USD 15,000,000 Libor + 0.5% Intra day 10,563,380 15,000,000
-------------------- ------------------- ------------------ ------------- ---------------- ------------------- -------------------
-------------------- ------------------- ------------------ ------------- ---------------- ------------------- -------------------
National Grid
National Grid (US) (US) Holdings 3 month US
Investments 4 Limited USD 4,010,667,778 Libor + 0.5% 1 day 2,824,413,928 4,010,667,778
-------------------- ------------------- ------------------ ------------- ---------------- ------------------- -------------------
-------------------- ------------------- ------------------ ------------- ---------------- ------------------- -------------------
National Grid
National Grid (US) (US) Holdings
Investments 4 Limited USD 10,000 0% On demand 7,042 10,000
-------------------- ------------------- ------------------ ------------- ---------------- ------------------- -------------------
-------------------- ------------------- ------------------ ------------- ---------------- ------------------- -------------------
National Grid
National Grid (US) (US) Holdings 3 month
Investments 4 Limited GBP 1,645,917,965 Libor + 0.5% On demand 1,645,917,965 2,337,203,510
-------------------- ------------------- ------------------ ------------- ---------------- ------------------- -------------------
-------------------- ------------------- ------------------ ------------- ---------------- ------------------- -------------------
National Grid
National Grid (US) (US) Holdings
Investments 4 Limited GBP 1,191,871,630 0% 1 day 1,191,871,630 1,692,457,715
-------------------- ------------------- ------------------ ------------- ---------------- ------------------- -------------------
-------------------- ------------------- ------------------ ------------- ---------------- ------------------- -------------------
National Grid (US) National Grid GBP 1,412,852,967 3 month On demand 1,412,852,967 2,006,251,213
(US) Holdings
Investments 4 Limited Libor + 0.5%
-------------------- ------------------- ------------------ ------------- ---------------- ------------------- -------------------
-------------------- ------------------- ------------------ ------------- ---------------- ------------------- -------------------
National Grid (US) National Grid 3 month US
Investments 4 Holdings Inc. USD 2,695,000,000 Libor + 0.5% Intra day 1,897,887,324 2,695,000,000
-------------------- ------------------- ------------------ ------------- ---------------- ------------------- -------------------
-------------------- ------------------- ------------------ ------------- ---------------- ------------------- -------------------
National Grid (US) National Grid EUR 3,215,716,830 3 month Intra day 1,970,192,706 2,797,673,642
Investments Nine Ltd Libor + .5%
-------------------- ------------------- ------------------ ------------- ---------------- ------------------- -------------------
-------------------- ------------------- ------------------ ------------- ---------------- ------------------- -------------------
National Grid (US) National Grid EUR 2,623,552,983 3 month Intra day 1,607,388,095 2,282,491,095
Investments Nine Ltd Libor + 0.5%
-------------------- ------------------- ------------------ ------------- ---------------- ------------------- -------------------
The rates of Libor + 0.5% are directly comparable to National Grid Group plc’s own cost of external bank facilities of Libor +
0.425%. This rate has been adjusted slightly to reflect that the loans are to Intermediate Holding companies whose credit strength
is less than the parent National Grid Group plc. A loan issued by National Grid (US) Holdings Limited is at a margin of 1.75%. This
is a continuation of an old loan at the same margins that were agreed to after consultation with Chase Manhattan.
(Page)
National Grid Group plc (formerly New National Grid Group plc)
-------------------- ------------------- ------------------ ------------- ----------------- ------------------ -------------------
Issuing Company Acquiring Company Initial Principal Interest Term of Loan GBP Balance at USD Balance at
Rate 03/31/02 03/31/02
-------------------- ------------------- ------------------ ------------- ----------------- ------------------ -------------------
-------------------- ------------------- ----------------- -------------- ----------------- ------------------ -------------------
National Grid (US) National Grid USD 3 month US On demand 732,394,366 1,040,000,000
Group plc
(formerly New
National Grid
Holdings Limited Group plc) 1,040,000,000 Libor + 0.5%
-------------------- ------------------- ----------------- -------------- ----------------- ------------------ -------------------
-------------------- ------------------- ------------------ ------------- ---------------- ------------------- -------------------
National Grid (US) National Grid GBP 1,629,926 0% On demand 1,629,926 2,314,495
Holdings Limited (US) Investments 4
-------------------- ------------------- ------------------ ------------- ---------------- ------------------- -------------------
-------------------- ------------------- ------------------ ------------- ---------------- ------------------- -------------------
National Grid (US) National Grid 3 month US
Investments 4 Eleven Ltd USD 10,000,000 Libor + 0.5% On demand 7,042,254 10,000,000
-------------------- ------------------- ------------------ ------------- ---------------- ------------------- -------------------
-------------------- ------------------- ------------------ ------------- ---------------- ------------------- -------------------
National Grid (US) National Grid 3 month US
Investments 4 Holdings Limited USD 25,054,758 Libor + 0.5% On demand 17,644,196 25,054,758
-------------------- ------------------- ------------------ ------------- ---------------- ------------------- -------------------
-------------------- ------------------- ------------------ ------------- ---------------- ------------------- -------------------
National Grid
National Grid (US) (US) Holdings 3 month GBP
Investments 4 Limited GBP 736,439,598 Libor + 0.5% On demand 736,439,598 1,045,744,229
-------------------- ------------------- ------------------ ------------- ---------------- ------------------- -------------------
-------------------- ------------------- ------------------ ------------- ---------------- ------------------- -------------------
National Grid
National Grid (US) (US) Holdings
Investments 4 Limited GBP 7,528,982 0% On demand 7,528,982 10,691,154
-------------------- ------------------- ------------------ ------------- ---------------- ------------------- -------------------
-------------------- ------------------- ------------------ ------------- ---------------- ------------------- -------------------
National Grid
National Grid (US) (US) Holdings 3 month US
Investments 4 Limited USD 1,543,107,940 Libor + 0.5% On demand 1,086,695,732 1,543,107,940
-------------------- ------------------- ------------------ ------------- ---------------- ------------------- -------------------
-------------------- ------------------- ------------------ ------------- ---------------- ------------------- -------------------
National Grid
National Grid (US) (US) Holdings 3 month GBP
Investments 4 Limited GBP 3,768,474,795 Libor + 0.5% On demand 3,768,474,795 5,351,234,209
-------------------- ------------------- ------------------ ------------- ---------------- ------------------- -------------------
-------------------- ------------------- ------------------ ------------- ---------------- ------------------- -------------------
National Grid (US) National Grid
Holdings Limited Holdings Limited GBP 279,800,000 0% On demand 279,800,000 397,316,000
-------------------- ------------------- ------------------ ------------- ---------------- ------------------- -------------------
-------------------- ------------------- ------------------ ------------- ---------------- ------------------- -------------------
National Grid (US) National Grid
Holdings Limited Holdings Limited GBP 175,100,000 0% On demand 175,100,000 248,642,000
-------------------- ------------------- ------------------ ------------- ---------------- ------------------- -------------------
-------------------- ------------------- ------------------ ------------- ---------------- ------------------- -------------------
National Grid (US) National Grid GBP 15,023,217 0% On demand 15,023,217 21,332,968
Holdings One plc
(formerly
National Grid
Investments Group plc)
-------------------- ------------------- ------------------ ------------- ---------------- ------------------- -------------------
-------------------- ------------------- ------------------ ------------- ---------------- ------------------- -------------------
National Grid USA National Grid USD 113,952,147 1.8379%* On demand 51,374,751 72,952,147
Holdings Inc.
-------------------- ------------------- ------------------ ------------- ---------------- ------------------- -------------------
-------------------- ------------------- ------------------ ------------- ---------------- ------------------- -------------------
National Grid National Grid US USD 142,222,147 1.84%* On demand 74,804,329 106,222,147
Holdings Inc. LLC
-------------------- ------------------- ------------------ ------------- ---------------- ------------------- -------------------
The rates of Libor + 0.5% are directly comparable to National Grid Group plc’s own cost of external bank facilities of Libor + 0.425%. This rate has been adjusted slightly to reflect that the loans are to Intermediate Holding companies whose credit strength is less than the parent National Grid Group plc.
* Interest rates are based on 30-day commercial paper rates and represent an average for the month of March in which the notes were initiated.
=============
Reporting Requirement No. 6: The amount and terms of any short-term debt issued by any Utility Subsidiary, and a list of the deposits and withdrawals by company from the system money pool during the reporting period.2
Response:
Short-Term Debt Issued by Utility Subsidiaries During the Reporting Period
(excluding money pool borrowings reported below)
| Utility Subsidiary | Description/Terms of Debt | Amount Issued | Maximum Outstanding | Balance at 03/31/2002 |
| Niagara Mohawk Power Corp. | Intercompany note payable to Niagara Mohawk Holdings, Inc. Terms: 1.8% / On demand | $76,000,000 | $76,000,000 | $76,000,000 |
Net Money Pool Balances as of the End of the Reporting Period by Participating Company *
| National Grid USA Subsidiary | Net Amount on Deposit | Net Amount of Borrowings |
| National Grid USA | $461,250,000 | |
| Massachusetts Electric Company | $176,600,000 | |
| The Narragansett Electric Company | 47,325,000 | |
| Granite State Electric Company | 3,600,000 | |
| Nantucket Electric Company | 575,000 | |
| New England Power Company | 99,300,000 | |
| Niagara Mohawk Power Corporation | 343,000,000 | |
| New England Hydro-Transmission Electric Co., Inc. | 3,950,000 | |
| New England Hydro-Transmission Corporation | 250,000 | |
| New England Electric Transmission Corporation | 4,925,000 | |
| EUA Energy Investment | 8,375,000 | |
| National Grid USA Service Company, Inc. | 3,800,000 | |
| Total | $576,475,000 | $576,475,000 |
| ============== | ============== |
* A list of all deposits and withdrawals by company from the system money pool during the reporting period is available upon request.
=============
2 This reporting requirement replaces the one required by New England Electric System, Holding Co. Act Release No. 26768 (October 29, 1997) as supplemented by Holding Co. Act Releases No. 26811 (June 2, 1998), No. 27381 (April 19, 2001) and No. 27414 (June 6, 2001).
Reporting Requirement No. 7: The amount and terms of any nonexempt financings consummated by any Utility Subsidiary during the reporting period.
Response:
Nonexempt Financings by Utility Subsidiaries Consummated During the Reporting Period
------------------------ ------------------------------------ ------------------- ------------------- ------------------
Maximum Balance at
Utility Subsidiary Description/Terms of Financing Amount Issued Outstanding 03/31/2002
------------------------ ------------------------------------ ------------------- ------------------- ------------------
------------------------ ------------------------------------ ------------------- ------------------- ------------------
Niagara Mohawk Power Intercompany note payable to $76,000,000 $76,000,000 $76,000,000
Corp. Niagara Mohawk Holdings, Inc.
Terms: 1.8% / On demand
------------------------ ------------------------------------ ------------------- ------------------- ------------------
=============
Reporting Requirement No. 8: The amount and terms of any nonexempt financings consummated by any Nonutility Subsidiary during the reporting period.
Response: None
=============
Reporting Requirement No. 9: A retained earnings analysis of each company in the National Grid USA system, detailing Gross Earnings (as that term is defined in the Commission’s Order dated March 15, 2000, National Grid Group plc, Holding Co. Act Release No. 27154) or income available for dividends, goodwill amortization, dividends paid out of each capital account, and the resulting capital account balances at the end of the reporting period.
Response: Please see Exhibit A-2 attached hereto.
National Grid USA and its subsidiaries adopted Statement of Financial Accounting Standards No. 142 "Accounting for Goodwill and Other Intangible Assets" (FAS 142), effective April 1, 2001. FAS 142 requires that goodwill no longer be amortized and that it must be reviewed for impairment within six months of adoption ("transitional goodwill impairment test"), and annually thereafter.
The transitional goodwill impairment test compares the goodwill carrying value to its fair value. If the carrying value exceeds its fair value, goodwill is reduced to fair value by a goodwill impairment adjustment that must be completed by the end of the year of initial adoption.
In accordance with FAS 142, National Grid USA utilized a discounted cash flow approach incorporating its most recent business plan forecasts in the performance of the transitional test for goodwill impairment. The results of this analysis determined that no adjustment to the goodwill carrying value was required.
=============
Reporting Requirement No. 10: A table showing, as of the end of the reporting period, the dollar and percentage components of the capital structures of National Grid, National Grid One, each Intermediate Holding Company, and each company in the National Grid USA system.
Response:
For National Grid, National Grid One, and each Intermediate Holding Company, please see Exhibit A-3 attached hereto.
For the National Grid USA system companies, please see Exhibit A-4 attached hereto.
=============
Reporting Requirement No. 11: If any National Grid USA subsidiary borrows from an associated company on the FUCO side of the National Grid system, National Grid will: (a) list a minimum of three other sources of funds and their rates and terms; and (b) provide a cost/benefit rationale, consistent with the procedure described in the Application for determining available market rates, explaining why funding from the FUCO associate was the best option.
Response:
There were no loans during the reporting period to National Grid USA subsidiaries from an associated company on the FUCO side.
=============
Reporting Requirement No. 12: Identification of: (a) all entities established directly or indirectly by National Grid during the reporting period under the authorization granted by the Order ("New Entities"); (b) the business purpose(s) of those entities; (c) the significant assets held by those entities; and (d) the owner(s) of those entities, including the percentage of interests in those entities held by the owners.
Response:
During the reporting period National Grid established no financing entities to facilitate financings by issuing to third parties income preferred securities or other authorized or exempt securities.
During the reporting period National Grid neither acquired nor established, directly or indirectly, any Intermediate Subsidiaries organized for the purpose of acquiring, financing and holding the securities of one or more existing or future Nonutility Subsidiaries.
=============
Reporting Requirement No. 13: Copies of National Grid's filings on Form 20-F and semiannual reports to shareholders.
Response: Filed under cover of Form SE as Exhibit A-5.
=============
SIGNATURE
Pursuant to the requirements of the Public Utility Holding Company Act of 1935, the undersigned company has duly caused this certificate of notification (Commission’s File No. 70-9849) to be signed on its behalf by the undersigned thereunto duly authorized.
NATIONAL GRID GROUP PLC
Date: June 28, 2002
EXHIBIT INDEX
| Exhibit | Description |
Page |
| Exhibit A-1 | Aggregate amount of National Grid securities Issued since March 15, 2000 and Outstanding as of the end of the Reporting Period |
Filed herewith |
| Exhibit A-2 | Retained Earnings analysis of National Grid USA |
Filed herewith |
| Exhibit A-3 | National Grid Group Capitalization Table |
Filed herewith |
| Exhibit A-4 | Capital Structure of National Grid USA Companies |
Filed herewith |
| Exhibit A-5 | Copies of National Grid's filings on Form 20-F and semiannual reports to shareholders | Filed under cover of Form SE |
Exhibit A-1
Aggregate amount of National Grid securities
Issued since March 15, 2000 and
Outstanding as of the date of the new Order
National Grid Holdings One plc (formerly National Grid Group plc) as at January 31, 2002
--------------------------------------------------------------------------- ----------------------- -----------------------
Type of Security GBP USD
--------------------------------------------------------------------------- ----------------------- -----------------------
--------------------------------------------------------------------------- ----------------------- -----------------------
Ordinary shares, including options and warrants 11,371,468 16,147,484
Preferred stock None None
Bank debt 880,742,514 1,250,654,370
Commercial paper None None
Bond issues - straight 1,225,340,032 1,739,982,845
Bond issues - convertible None None
Guarantees 76,583,752 108,748,928
----------------------- -----------------------
----------------------- -----------------------
Total 2,194,037,766 3,115,533,627
======================= =======================
Securities issued by National Grid Group plc are taken to include its direct subsidiary NGG Finance plc.
Aggregate amount of National Grid securities
Issued since January 16, 2002 and
Outstanding as of the end of the Reporting Period
National Grid Group plc (formerly New National Grid Group plc) as at March 31, 2002
--------------------------------------------------------------------------- ----------------------- -----------------------
Type of Security GBP USD
--------------------------------------------------------------------------- ----------------------- -----------------------
--------------------------------------------------------------------------- ----------------------- -----------------------
Ordinary shares, including options and warrants 808,264 1,147,735
Preferred stock None None
Bank debt 0 0
Commercial paper 604,419,272 858,275,366
Bond issues - straight 1,225,340,032 1,739,982,845
Bond issues - convertible None None
Guarantees 76,583,752 108,748,928
----------------------- -----------------------
----------------------- -----------------------
Total 1,907,151,320 2,708,154,874
======================= =======================
Securities issued by National Grid Group plc are taken to include its direct subsidiary NGG Finance plc.
(Page)
Exhibit A-2
RETAINED EARNINGS ANALYSIS OF NATIONAL GRID USA
FOR THE REPORTING PERIOD OCTOBER 1, 2001 THROUGH MARCH 31, 2002
AND RESULTING CAPITAL BALANCES
AT MARCH 31, 2002
($MM)
The Granite State Nantucket Niagara New England New England New England New England
Narragansett ower Company Hydro Hydro
Massachusetts Electric Electric Electric Mohawk Power ransmission-Elect Transmission Hydro Finance
Electric Company Company Company Company Corporation P T Co., Inc. ric Corporation Company, Inc.
------------------- ------------------------------------------------ ------------------------------- ------------------- ------------------- -----------------
Retained Earnings (Deficit) - Beginning of Period
61.1 38.6 3.5 0.3 - 103.0 0.4 0.2 -
Net Income (Loss) 31.7 23.0 1.8 0.4 30.6 33.8 3.0 1.9 -
------------------- ------------------------------------------------ ------------------------------- ------------------- ------------------- -----------------
Gross Retained Earnings (Deficit)
92.8 61.6 5.3 0.7 30.6 136.8 3.4 2.1 -
Dividends Paid on Preferred Stock 0.3 0.2 - - - - - - -
Dividends Paid on Common Stock:
Out of Retained Earnings - - - - - - 3.1 1.7 -
Out of Capital Surplus - - - - - - - - -
Out of Capital - - - - - - - - -
------------------- ------------------------------------------------ ------------------------------- ------------------- ------------------- -----------------
Total Dividends Paid on Common Stock
- - - - - - 3.1 1.7 -
Premium on Redemption of Preferred Stock 0.3 - - - 1.3 - - - -
Repurchase of Common Stock - - - - - - - - -
Retained Earnings Adjustment - - - - - - - - -
------------------- ------------------------------------------------ ------------------------------- ------------------- ------------------- -----------------
Retained Earnings (Deficit) - End of Period
92.2 61.4 5.3 0.7 29.3 136.8 0.3 0.4 -
=================== ================================================ =============================== =================== =================== =================
Common Stock 60.0 56.6 6.0 - 187.4 72.4 2.6 0.1 -
Premium on Common Stock - - - - - - 11.8 6.1 -
Other Paid-In Capital 1,509.0 805.6 40.1 22.5 2,722.9 732.0 23.0 16.4 -
Unappropriated Retained Earnings (Deficit) 92.2 61.4 5.3 0.7 29.3 136.8 0.3 0.4 -
Treasury Stock, At Cost - - - - - - - - -
Reacquired Capital Stock - - - - - - - - -
Other Comprehensive Income - 0.2 - - - (0.1) - - -
Translation Adjustment - - - - 0.1 - - - -
------------------- ------------------------------------------------ ------------------------------- ------------------- ------------------- -----------------
Total Common Equity
1,661.2 923.8 51.4 23.2 2,939.7 941.1 37.7 23.0 -
=================== ================================================ =============================== =================== =================== =================
(Page)
Exhibit A-2 (Continued)
RETAINED EARNINGS ANALYSIS OF NATIONAL GRID USA
FOR THE REPORTING PERIOD OCTOBER 1, 2001 THROUGH MARCH 31, 2002
AND RESULTING CAPITAL BALANCES
AT MARCH 31, 2002
($MM)
New England NGUSA Niagara Mohawk Opinac North Opinac Energy NM NM New England NEES Energy,
Electric oldings, Inc.
Transmission Receivables Receivables, Energy
Corporation (Parent) H America, Inc. Corporation Corp. II LLC Incorporated Inc.
------------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ------------------- ----------------
Retained Earnings (Deficit) - Beginning of Period 186.5
0.1 - - - - - - (0.2)
Net Income (Loss) 0.2 130.9 30.4 0.4 0.7 - 1.3 - 0.2
------------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ------------------- ----------------
Gross Retained Earnings (Deficit) 317.4
0.3 30.4 0.4 0.7 - 1.3 - -
Dividends Paid on Preferred Stock - - - - - - - - -
Dividends Paid on Common Stock
Out of Retained Earnings 0.2 - - - - - - - -
Out of Capital Surplus - - - - - - - - -
Out of Capital - - - - - - - - -
------------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ------------------- ----------------
Total Dividends Paid on Common Stock
0.2 - - - - - - - -
Premium on Redemption of Preferred Stock - - - - - - - - -
Repurchase of Common Stock - - - - - - - - -
Retained Earnings Adjustment - - - 0.5 - - - - -
------------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ------------------- ----------------
Retained Earnings (Deficit) - End of Period 317.4
0.1 30.4 (0.1) 0.7 - 1.3 - -
=================== ================ ================ ================ ================ ================ ================ =================== ================
Common Stock - - 1.9 - 4.8 - - - -
Premium on Common Stock - - - - - - - - -
Other Paid-In Capital 0.7 7,099.0 3,069.1 95.2 96.4 - 218.2 - (6.5)
Unappropriated Retained Earnings (Deficit) 0.1 317.4 30.4 (0.1) 0.7 - 1.3 - -
Treasury Stock, At Cost - - - - - - - - -
Reacquired Capital Stock - - - - - - - - -
Other Comprehensive Income - - (0.3) - - - - - -
Translation Adjustment - - - - (0.4) - - - -
------------------- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ------------------- ----------------
Total Common Equity 7,416.4 3,101.1
0.8 95.1 101.5 - 219.5 - (6.5)
=================== ================ ================ ================ ================ ================ ================ =================== ================
(Page)
Exhibit A-2 (Continued)
RETAINED EARNINGS ANALYSIS OF NATIONAL GRID USA
FOR THE REPORTING PERIOD OCTOBER 1, 2001 THROUGH MARCH 31, 2002
AND RESULTING CAPITAL BALANCES
AT MARCH 31, 2002
($MM)
EUA Energy Metrowest Realty Wayfinder NEES National Grid National Grid National Grid USA
Transmission
Communications, USA Service Services
Investment LLC Group, Inc. Inc. Company, Inc. Corporation Consolidated
------------------ ------------------- ------------------ -------------------------------------- ---------------- ------------------------
Retained Earnings (Deficit) - Beginning of Period
0.7 1.4 0.2 (2.6) 0.2 (0.1) 186.5
Net Income (Loss) 0.1 0.5 - 0.8 0.3 (0.2) 130.6
------------------ ------------------- ------------------ -------------------------------------- ---------------- ------------------------
Gross Retained Earnings (Deficit)
0.8 1.9 0.2 (1.8) 0.5 (0.3) 317.1
Dividends Paid on Preferred Stock - - - - - - -
Dividends Paid on Common Stock
Out of Retained Earnings - - - - - - -
Out of Capital Surplus - - - - - - -
Out of Capital - - - - - - -
------------------ ------------------- ------------------ -------------------------------------- ---------------- ------------------------
Total Dividends Paid on Common Stock
- - - - - - -
Premium on Redemption of Preferred Stock - - - - - - -
Repurchase of Common Stock - - - - - - -
Retained Earnings Adjustment - - - - - - -
------------------ ------------------- ------------------ -------------------------------------- ---------------- ------------------------
Retained Earnings (Deficit) - End of Period
0.8 1.9 0.2 (1.8) 0.5 (0.3) 317.1
================== =================== ================== ====================================== ================ ========================
Common Stock - - - - - - -
Premium on Common Stock - - - - - - -
Other Paid-In Capital 15.6 2.1 (5.4) 125.3 10.7 - 7,099.0
Unappropriated Retained Earnings (Deficit) 0.8 1.9 0.2 (1.8) 0.5 (0.3) 317.1
Treasury Stock, At Cost - - - - - - -
Reacquired Capital Stock - - - - - - -
Other Comprehensive Income - - - - (2.4) - (2.6)
Translation Adjustment - - - - - - -
------------------ ------------------- ------------------ -------------------------------------- ---------------- ------------------------
Total Common Equity
16.4 4.0 (5.2) 123.5 8.8 (0.3) 7,413.5
================== =================== ================== ====================================== ================ ========================
(Page)
Exhibit A-3
NATIONAL GRID GROUP
CAPITALIZATION TABLE
AT MARCH 31, 2002
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
National Grid Group National Grid National Grid National Grid (US) National Grid (US) National Grid US
Holdings Limited
plc (consolidated) Holdings One plc (consolidated) Holdings Limited Investments 4 (Partner) 1 Limited
------------------------------------------------------------------------------------------------------------------------------------------
$MM % $MM % $MM % $MM % $MM % $MM %
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Common stockholders' funds 5,337.8 31.6 2,455.8 44.6 2,728.3 40.3 1,598.7 21.8 3,011.0 35.9 4,550.0 100.0
-
Preferred stockholders' funds - - - - - - - - - - -
Short - term debt 1,720.0 10.2 3,044.5 55.4 1,176.6 17.4 5,722.7 78.2 5,376.3 64.1 - -
-
Long - term debt 9,707.0 57.3 - - 2,867.0 42.3 - - - - -
-
Equity minority interests 27.1 0.2 - - (1.0) (0.0) - - - - -
-
Preference stock issued by subsidiaries 111.8 0.7 - - - - - - - - -
------------------------------------------------------------------------------------------------------------------------------------------
Total capitalization 16,903.7 100.0 5,500.3 100.0 6,770.9 100.0 7,321.4 100.0 8,387.3 100.0 4,550.0 100.0
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
National Grid US National Grid General National Grid National Grid (US) National Grid National Grid
(Partner) 2 Limited Partnership Holdings Inc. Investments (Ireland) 1 Limited (Ireland) 2 Limited
------------------------------------------------------------------------------------------------------------------------------------------
$MM % $MM % $MM % $MM % $MM % $MM %
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Common stockholders' funds 46.0 100.0 3,812.7 100.0 4,595.9 54.6 133.4 86.2 926.3 21.5 3,185.5 99.8
Preferred stockholders' funds - - - - - - - - 3,388.0 78.5 - -
-
Short - term debt - - - - 3,816.2 45.4 21.3 13.8 - 7.1 0.2
-
Long - term debt - - - - - - - - - - -
-
Equity minority interests - - - - - - - - - - -
-
Preference stock issued by subsidiaries - - - - - - - - - - -
------------------------------------------------------------------------------------------------------------------------------------------
Total capitalization 46.0 100.0 3,812.7 100.0 8,412.1 100.0 154.7 100.0 4,314.3 100.0 3,192.6 100.0
---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Table excludes all current accounts (both payables and receivables) relating to trading, interest, and dividends.
Numbers are presented on the basis of equity accounting for investments held in subsidiary undertakings.
(Page)
Exhibit A-4
CAPITAL STRUCTURE OF NATIONAL GRID USA COMPANIES
AT MARCH 31, 2002
National Grid USA Consolidated
----------------------------------
----------------------------------
($MM) (%)
----------------------------------
----------------------------------
Short-term debt 699.8 5.3
Long-term debt 5,091.4 38.1
Preferred stock 119.3 0.9
Minority interest
28.1 0.2
Common stock equity 7,413.5 55.5
----------------------------------
Total 13,352.1 100.0
==================================
The Narragansett Electric Granite State Electric Niagara Mohawk Power
Massachusetts Electric Company Company Company Nantucket Electric Company Corporation
------------------------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------------------------
($MM) (%) ($MM) (%) ($MM) (%) ($MM) (%) ($MM) (%)
------------------------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------------------------
Short-term debt 221.6 10.0 4.3 11.8
69.8 6.4 - - 2.1 963.7
14.5 22.6
Long-term debt 322.8 94.6 8.6 15.0 23.1 47.7 4,146.6 50.9
Preferred stock 0.5 -
10.2 7.2 0.7 - - - 100.4 1.2
Minority interest - -
- - - - - - - -
75.0 84.3 77.4
Common stock equity 1,661.2 923.8 51.4 23.2 48.0 2,939.7 36.1
------------------------------------------------------------------------------------------------------------------------------------------------------
100.0 100.0 100.0
Total 2,215.8 1,095.4 66.4 48.4 100.0 8,150.4 100.0
======================================================================================================================================================
New England Hydro New England Hydro New England Hydro Finance New England Electric
New England Power Company Transmission-Electric Co. Transmission Corporation Company, Inc. Transmission Corporation
------------------------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------------------------
($MM) (%) ($MM) (%) ($MM) (%) ($MM) (%) ($MM) (%)
------------------------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------------------------
Short-term debt - 11.8 81.9
- 6.5 7.0 4.2 7.4 10.4 7.7
30.3 52.5 51.7 88.2
Long-term debt 410.3 49.0 29.1 78.1 0.9 9.6
Preferred stock 0.1 -
1.4 - - - - - - -
Minority interest - -
- - - - - - - -
69.6 40.5 40.9 -
Common stock equity 941.1 37.7 23.0 - 0.8 8.5
------------------------------------------------------------------------------------------------------------------------------------------------------
100.0 100.0 100.0 100.0
Total 1,352.8 93.2 56.3 88.5 9.4 100.0
======================================================================================================================================================
(Page)
Exhibit A-4 (Continued)
CAPITAL STRUCTURE OF NATIONAL GRID USA COMPANIES
AT MARCH 31, 2002
NGUSA (Parent) Niagara Mohawk Holdings, Inc. Opinac North America, Inc. Opinac Energy NM Receivables Corp. II NM Receivables LLC
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
($MM) (%) ($MM) (%) ($MM) (%) ($MM) (%) ($MM) (%) ($MM) (%)
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Short-term Debt 73.0 1.0 - - - 250.0 53.2
- - - - -
Long-term Debt - -
- - - - - - - - - -
Preferred Stock - -
- - - - - 2.6 2.5 - - -
Minority Interest - -
- - - - - - - - - -
100.0 100.0 97.5
Common Stock Equity 7,416.4 99.0 3,101.1 95.1 101.5 - - 219.5 46.8
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
100.0 100.0 100.0
Total 7,489.4 100.0 3,101.1 95.1 104.1 - - 469.5 100.0
======================================================================================================================================================================================
NEES Communications,
New England Energy, Inc. 1 NEES Energy, Inc. EUA Energy Investment Metrowest Realty LLC Wayfinder Group, Inc. Inc.
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
($MM) (%) ($MM) (%) ($MM) (%) ($MM) (%) ($MM) (%) ($MM) (%)
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Short-term Debt - - -
- - - - - - - -
Long-term Debt 100.0 59.2
- - 5.8 - - 5.8 8.7 100.0 105.5 46.1
Preferred Stock -
- - - - - - - - - - -
Minority Interest -
- - - - - - - - - - -
Common Stock Equity N/A 100.0 40.8
- - (6.5) 16.4 4.0 (5.2) N/A 123.5 53.9
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Total 100.0 100.0 100.0
- - (0.7) 16.4 9.8 3.5 100.0 229.0 100.0
======================================================================================================================================================================================
National Grid USA Service National Grid Transmission
Company, Inc. Services Corporation
----------------------------------------------------------------------
----------------------------------------------------------------------
($MM) (%) ($MM) (%)
----------------------------------------------------------------------
----------------------------------------------------------------------
Short-term Debt 576.4 98.5 - -
Long-term Debt
- - 0.4 100.0
Preferred Stock
- - - -
Minority Interest
- - - -
Common Stock Equity 8.8 1.5 (0.3) N/A
----------------------------------------------------------------------
Total 585.2 100.0 0.1 100.0
======================================================================
1 Inactive