File No. 70-_____
SECURITIES AND EXCHANGE COMMISSION
Washington D.C.
FORM U5B
JOINT REGISTRATION STATEMENT
Filed under Section 5(a) of the Public Utility
Holding Company Act of 1935
The National Grid Group plc
National Grid (US) Holdings Limited
National Grid (US) Investments
National Grid (Ireland) 1 Limited
National Grid (Ireland) 2 Limited
National Grid General Partnership
---------------------------------
Name of Registrant
Name, Title and Address of Officer to whom Notices and Correspondence concerning
this Statement should be addressed:
(a) The National Grid Group plc:
Fiona B Smith
Group General Counsel and
Company Secretary
15 Marylebone Road
London
NW1 5JD
United Kingdom
Cheryl A LaFleur
National Grid USA
Senior Vice President, Secretary and General Counsel
National Grid USA
25 Research Drive
Westborough
MA 01582
(b) National Grid (Ireland) 1 Limited
Guy Marie Albert Ferdinand Harles
6 Avenue Pasteur
L-2310
Luxembourg
Additional copy to:
Anthony Hill
25 Research Drive
Westborough
MA 01582
(c) National Grid (Ireland) 2 Limited
Guy Marie Albert Ferdinand Harles
6 Avenue Pasteur
L-2310
Luxembourg
Additional copy to:
Anthony Hill
25 Research Drive
Westborough
MA 01582
(d) National Grid General Partnership
Anthony Hill
25 Research Drive
Westborough
MA 01582
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Glossary of Defined Terms
When used herein, the following terms shall have the meanings set forth below:
National Grid The National Grid Group plc
Intermediate Companies National Grid (US) Holdings Limited
National Grid (US) Investments
National Grid (Ireland) 1 Limited
National Grid (Ireland) 2 Limited
National Grid General Partnership (collectively
the "Intermediate Companies")
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Explanatory Note and Request for Waiver
National Grid's subsidiary National Grid USA (the successor to New England
Electric System ("NEES")) was subject to the periodic reporting requirements of
the Securities Exchange Act of 1934, as amended, and the rules and regulations
of the Commission thereunder. Prior to the merger with National Grid, National
Grid USA filed registration statements with the Commission under the Securities
Act of 1933, annual reports on Form 10-K, quarterly reports on Form 10-Q, proxy
statements and other reports. National Grid also reports to the Commission on
Form 20-F annually and on other forms periodically.
Under the Public Utility Holding Company Act of 1935 (the "Act"), in particular,
National Grid USA and Eastern Utilities Associates ("EUA") have recently filed
Annual Reports on Form U5S and extensive disclosure on Form U-1 in connection
with NEES' merger with National Grid and EUA's merger with National Grid USA.
These filings set forth much of the same information required by Form U5B.
National Grid also conducts extensive foreign businesses through National Grid
Holdings Limited, ("National Grid Holdings") an exempt foreign utility company
under the Act. National Grid Holdings filed Form U-57 with the Commission on
March 17, 2000, SEC File No. 073-00135.
In view of the extensive information on National Grid and National Grid USA made
available through the numerous filings mentioned above and the exempt status of
National Grid Holdings, National Grid requests that the Commission waive the
requirements of Form U5B, as specifically noted herein, and that the Commission
accept the registration statement as filed./1/ The Commission may grant this
request under Rule 20 (a) (3) under the Act. In addition, National Grid requests
authorisation to incorporate certain information by reference where indicated.
Unless otherwise noted, to the extent possible, the information provided in
response to the Items and Exhibit requirements of this Form will be as of March
31, 2000.
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/1/ The exceptions to the various requirements of Form U5B for which waiver is
sought have been addressed with the Commission staff prior to filing.
National Grid's filing notes next to each Item of the form where the staff
has granted permission to omit or substitute information.
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REGISTRATION STATEMENT
The undersigned holding companies hereby submit their registration statement to
the Commission pursuant to Section 5 of the Act.
1 Exact name of registrants:
(a) The National Grid Group plc;
(b) National Grid (US) Holdings Limited;
(c) National Grid (US) Investments;
(d) National Grid (Ireland) 1 Limited;
(e) National Grid (Ireland) 2 Limited; and
(f) National Grid General Partnership
2 Address of principal executive offices:
(a) The National Grid Group plc
15 Marylebone Road
London, NW1 5JD
(b) National Grid (US) Holdings Limited
15 Marylebone Road
London, NW1 5JD
(c) National Grid (US) Investments
15 Marylebone Road
London, NW1 5JD
(d) National Grid (Ireland) 1 Limited
6 Avenue Pasteur
L-2310
Luxembourg
(e) National Grid (Ireland) 2 Limited
6 Avenue Pasteur
L-2310
Luxembourg
(f) National Grid General Partnership
10th Floor
Oliver Building
2 Oliver Street
Boston, MA 02109
3 Name and address of Chief Accounting Officer:
Stephen J Box
Group Finance Director
The National Grid Group plc
15 Marylebone Road
London
NW1 5JD
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4 Certain information as to the registrant and each subsidiary company
thereof:
<TABLE>
<CAPTION>
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Name of Company Organisation State/Country of Type of Business
Organisation
--------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
The National Grid Group plc Public limited England and Wales Holding company
company
--------------------------------------------------------------------------------------------------------------
National Grid Holdings Limited/2/ Private limited England and Wales Holding company
company
--------------------------------------------------------------------------------------------------------------
National Grid (US) Holdings Limited Private limited England and Wales Holding company
company
--------------------------------------------------------------------------------------------------------------
National Grid (US) Investments Private unlimited England and Wales Holding company
company
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National Grid (Ireland) 1 Limited Private limited Ireland Holding company
company
--------------------------------------------------------------------------------------------------------------
National Grid (Ireland) 2 Limited Private limited Ireland Holding company
company
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National Grid General Partnership Partnership Delaware Holding entity
--------------------------------------------------------------------------------------------------------------
Granite State Electric Company Company New Hampshire Electric utility
--------------------------------------------------------------------------------------------------------------
Granite State Energy, Inc./2a/ Company New Hampshire Non-utility subsidiary
--------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company Company Massachusetts Electric utility
--------------------------------------------------------------------------------------------------------------
Metrowest Realty LLC Limited Liability Delaware Real estate company
Company ("LLC")
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Nantucket Electric Company Company Massachusetts Electric utility
--------------------------------------------------------------------------------------------------------------
The Narragansett Electric Company Company Rhode Island Electric utility
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NEES Communications, Inc. Company Massachusetts Exempt telecommunications
NEES Telecommunications Corp./2a/ company
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NEES Energy, Inc. Company Massachusetts Holding company
AllEnergy Marketing Company, LLC
(Del.) LLC Delaware Fuel companies
Texas Liquids L.L.C. LLC Massachusetts
AEDR Fuels, L.L.C. LLC Massachusetts
Weatherwise USA, L.L.C. LLC Massachusetts
Texas - Ohio Gas, Inc. Company Texas
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New England Electric Transmission Corporation Company New Hampshire Transmission company
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New England Energy Incorporated/2a/ Company Massachusetts Non-utility subsidiary
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New England Hydro Finance Company, Inc. Company Massachusetts Finance company
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New England Hydro-Transmission Corporation Company New Hampshire Transmission company
--------------------------------------------------------------------------------------------------------------
New England Hydro-Transmission Electric Company Massachusetts Transmission company
Company, Inc.
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National Grid USA Service Company, Inc. Company Massachusetts Service company
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New England Power Company Company Massachusetts Electric utility
Connecticut Yankee Atomic Power Company Company Connecticut Nuclear companies
Maine Yankee Atomic Power Company Company Maine
Vermont Yankee Nuclear Power Corporation Company Vermont
Yankee Atomic Electric Company Company Massachusetts
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/2/ Details of National Grid Holdings subsidiaries are set out in the response
to item 5(a)D.
/2a/ Currently inactive.
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AllEnergy Fuels Corporation/2a/ Company Delaware Non-utility subsidiary
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New England Wholesale Electric Company/2a/ Company Massachusetts Non-utility subsidiary
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National Grid Transmission Services Company Massachusetts Transmission services
Corporation company
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Research Drive LLC LLC Massachusetts Non-utility subsidiary
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Wayfinder Group, Inc. Company Massachusetts Consulting company
NEWHC, Inc. Company Massachusetts
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EUA Cogenex Corporation Company Massachusetts Energy services company
Northeast Energy Management, Inc. Company Massachusetts
APS Cogenex L.L.C. LLC Delaware
EUA Cogenex West Corporation Company Massachusetts
EUA Cogenex-Canada, Inc. Company Canada
EUA Cogenex-Canada Energy Services, Inc. Company Canada
EUA Westcoast, L.P. Partnership
EUA FRC II Energy Partners (50%) Partnership
EUA Energy Capital & Services (50%) Partnership
EUA energy Capital & Services II
(50%) Partnership
Micro Utility Partners of America
(50%) Partnership
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EUA Ocean State Corporation Company Rhode Island Intermediate holding company
--------------------------------------------------------------------------------------------------------------
EUA Energy Investment Corporation Company Massachusetts Non-utility subsidiary
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EUA Energy Investment Corporation Company Massachusetts Non-utility subsidiary
EUA Bioten, Inc. Company Massachusetts
Eastern Unicord Corporation Company Massachusetts
Bioten GPM Partnership Mauritius
Bioten Operations, Inc. Company Tennessee
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</TABLE>
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BUSINESS
5(a) The general character of the business done by the registrant and its
subsidiaries, separated as between the holding companies, public utility
subsidiaries (as defined in the Act) and the various non-utility
subsidiaries.
A. Holding Companies
National Grid is the top registered holding company in the National Grid
system. A chart depicting the overall structure of the National Grid system is
attached as Exhibit A. National Grid has no operations of its own but holds
investments in both U.S. and foreign companies. National Grid's investments
outside the U.S. are held through National Grid Holdings, a private limited
company organised under the laws of England and Wales, and a foreign utility
company ("FUCO") under the Act. National Grid's U.S. investments are held
through a series of intermediate registered holding companies ("Intermediate
Companies") which have no operations of their own. The Intermediate Companies
are:
(a) National Grid (US) Holdings Limited
(b) National Grid (US) Investments
(c) National Grid (Ireland) 1 Limited
(d) National Grid (Ireland) 2 Limited
(e) National Grid General Partnership
National Grid USA is a registered holding company subsidiary of National
Grid General Partnership. National Grid USA, successor to NEES, has filed Form
U5S for the calendar year 1999. See SEC File No. 001-003446, filed on May 2,
2000. National Grid USA succeeds to the registered holding company status of
NEES and, consequently, it is not a registrant on this Form U5B.
The Intermediate Companies are organised under the laws of a member state
of the European Union with which the U.S. has a comprehensive Double Taxation
Treaty or a state of the U.S. The Intermediate Companies are directly or
indirectly wholly owned by National Grid and have no public or private
institutional equity or debt holders. The Intermediate Companies are capitalised
with equity and/or debt all of which is held by either National Grid or an
Intermediate Company.
The Intermediate Companies' function in the National Grid system is to
implement a structure that permits National Grid to maximise the efficiency of
cross-border ownership. It is common practice for U.K. based multinational
corporations to hold their non-U.K. subsidiaries through one or more
intermediary companies incorporated under the laws of European Union member
states. These types of transaction structures are implemented to minimise the
impact of tax on the repatriation of dividends and interest to the U.K./3/
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/3/ Exhibit J-2 to Form U-1, SEC File No. 70-9473, explains the functions of
each Intermediate Company in more detail and is incorporated herein by
reference.
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B. Public Utility Subsidiaries of National Grid USA
The public-utility subsidiaries of National Grid USA were formerly public
utility subsidiaries of NEES, a registered holding company. On April 19, 2000
subsequent to National Grid's acquisition of NEES, National Grid USA acquired
EUA and its public utility and non-utility businesses. On May 1, 2000 EUA filed
a Form U5S for the calendar year 1999. See SEC File No. 001-05366. On May 1,
2000, EUA's public utility subsidiary companies were merged into National Grid
USA's public utility subsidiaries. By order dated April 14, 2000, Holding Co.
Act Release No. 27166, the Commission found the combined National Grid USA / EUA
system to be integrated and the non-utility businesses of EUA to be retainable.
The public utility subsidiaries of National Grid USA are as follows/4/
1. Massachusetts Electric Company ("Mass. Electric") is a public utility company
engaged in the delivery of electric energy to approximately 1,000,000 customers
in an area comprising approximately 43 % of Massachusetts. Mass. Electric's
service area consists of 146 cities and towns, including the highly diversified
commercial and industrial cities of Worcester, Lowell and Quincy. The population
of the service area is approximately 2,160,000 (1990 Census), or 36% of the
total population of the state. As of March 31, 2000, Mass. Electric had total
assets of $2.33 billion, operating revenues of $1.34 billion and net income of
$61.1 million for the 12 months to date. For the 12 months ended March 31, 2000,
40% of Mass. Electric's revenues from the sale of electricity were derived from
residential customers, 38% from commercial customers, 21% from industrial
customers and 1% from others. Mass. Electric is subject to rate regulation by
the Federal Energy Regulatory Commission ("FERC") and the Massachusetts
Department of Telecommunications and Energy ("MDTE"). On May 1, 2000, Eastern
Edison Company, a former EUA subsidiary, merged into Mass. Electric. Mass.
Electric now provides approximately 1.2 million customers with electric delivery
service in 168 cities and towns in Massachusetts.
2. The Narragansett Electric Company ("Narragansett") is a public utility
company engaged in the delivery of electric energy to approximately 335,000
customers in Rhode Island. Its service area covers about 839 square miles, or
80% of the area of the state, and encompasses 27 cities and towns, including
Providence, East Providence, Cranston and Warwick. The population of the service
area is approximately 725,000 (1990 Census) or 72% of the total population of
the state. As of March 31, 2000, Narragansett had total assets of $1.11 billion,
operating revenues of $427.8 million and net income of $29.5 million for the 12
months to date. For the 12 months ended March 31, 2000, 42% of Narragansett's
revenues from the sale of electricity were derived from residential customers,
43% from commercial customers, 14% from industrial customers and 1% from others.
Narragansett is subject to regulation by the FERC, the Rhode Island Public
Utility Commission ("RIPUC") and the Rhode Island Division of Public Utilities
and Carriers ("RIDIV"). On May 1, 2000, Blackstone Valley Electric Company and
Newport Electric Corporation, both former subsidiaries of EUA, were merged into
Narragansett. Narragansett now provides approximately 460,000 customers with
electric delivery service in 38 cities and towns in Rhode Island.
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/4/ All subsidiaries are wholly-owned unless otherwise noted.
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3. Granite State Electric Company ("Granite State") is a public utility company
engaged in the delivery of electric energy to approximately 37,000 customers in
21 New Hampshire communities. The Granite State service territory has a
population of approximately 73,000 (1990 Census) and includes the Salem area of
southern New Hampshire and several communities along the Connecticut River. As
of March 31, 2000, Granite State had total assets of $91.6 million, operating
revenues of $62.1 million and net income of $3.1 million for the 12 months to
date. For the 12 months ended March 31, 2000, 33% of Granite State's revenues
from the sale of electricity were derived from residential customers, 50% from
commercial customers, 16% from industrial customers and 1% from others. Granite
State is subject to regulation by the FERC and the New Hampshire Public
Utilities Commission ("NHPUC").
4. Nantucket Electric Company ("Nantucket") provides electric utility service to
approximately 10,000 customers on Nantucket Island in Massachusetts. Nantucket
Island's year-round population is approximately 6,000, with a summer peak of
approximately 40,000. Nantucket's service area covers the entire island. As of
March 31, 2000, Nantucket had total assets of $56.9 million, operating revenues
of $16.0 million and net income of $0.6 million for the 12 months to date. For
the 12 months ended March 31, 2000, 64% of Nantucket's revenues from the sale of
electricity were derived from residential customers, 35% from commercial
customers and 1% from others. Nantucket is subject to regulation by the FERC and
the MDTE.
5. New England Power Company ("NEP") is principally engaged in the transmission
of electricity and the sale of electric energy from its remaining generating
capacity. For the 12 months ended March 31, 2000, 59% of NEP's revenues related
to the recovery of the contract termination charge (CTC), 22% for transmission
service and 19% from sales of electricity for resale. In September 1998, NEP
completed the sale of substantially all of its non-nuclear generating business
and is currently attempting to sell its minority interests in three operating
nuclear power plants and one fossil-fuelled generating station in Maine./5/ As
of March 31, 2000, NEP had total assets of $2.59 billion, operating revenues of
$563.7 million and net income of $65.1 million for the 12 months to date. NEP is
subject, for certain purposes, to regulation by the Commission, the FERC, the
Nuclear Regulatory Commission ("NRC"), the RIDIV, the MDTE, the NHPUC, the
Vermont Public Service Board, the Connecticut Department of Public Utility
Control, and the Maine Public Utilities Commission. On May 1, 2000, Montaup
Electric Company ("Montaup"), a former EUA subsidiary, was merged into NEP.
Montaup held, in part, an ownership interest of 4% in the Millstone 3 nuclear
unit and an equity interest of 4.5% in Yankee Atomic Electric Company, 2.5% in
Vermont Yankee Nuclear Power Corporation, 4% in Maine Yankee Atomic Power
Company, and 4.5% in Connecticut Yankee Atomic Power Company.
6. New England Electric Transmission Corporation ("NEET"), a subsidiary of
National Grid USA, owns and operates a direct current/alternating current
converter terminal facility for the first phase of the Hydro-Quebec and New
England interconnection (the "Interconnection") and six miles of high voltage
direct current transmission line in New Hampshire. As of March 31, 2000, NEET
had total assets of $29.1 million, operating revenues of $8.8 million, and net
income of $0.72 million for the 12 months to date.
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/5/ NEP is also a holding company because it owns 20% of the outstanding voting
securities of Vermont Yankee Nuclear Power Corporation, the licensed
operator of the Vermont Yankee nuclear facility. NEP also has minority
interests in Yankee Atomic Electric Company (30%), Maine Yankee Atomic
Power Company (20%) and Connecticut Yankee Atomic Power Company (15%), all
of which have permanently ceased operations. NEP is an exempt holding
company under the Act. Yankee Atomic Electric Company, Holding Co. Act
Release No. 13048 (Nov. 25, 1955); Connecticut Yankee Atomic Power Company,
Holding Co. Act Release No. 14768 (Nov. 15, 1963).
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7. New England Hydro-Transmission Corporation ("N.H. Hydro"), in which National
Grid USA holds 60.51% (including Montaup's interest) of the common stock,
operates 121 miles of high-voltage direct current transmission line in New
Hampshire for the second phase of the Interconnection, extending to the
Massachusetts border. As of March 31, 2000, N.H. Hydro had total assets of
$124.9 million, operating revenues of $29.0 million, and net income of $4.4
million for the 12 months to date.
8. New England Hydro-Transmission Electric Company, Inc. ("Mass. Hydro"), 60.51%
(including Montaup's interest) of the voting stock of which is held by National
Grid USA, operates a direct current/alternating current terminal and related
facilities for the second phase of the Interconnection and 12 miles of
high-voltage direct current transmission line in Massachusetts. As of March 31,
2000, Mass. Hydro had total assets of $150.9 million, operating revenues of
$35.2 million, and net income of $7.0 million for the 12 months to date.
9. New England Hydro Finance Company, Inc. ("NE Hydro Finance") is owned in
equal shares by Mass. Hydro and N.H. Hydro and provides the debt financing
required by the owners to fund the capital costs of their participation in the
Interconnection.
C. Non-Utility Subsidiaries of National Grid USA
1. NEES Communications, Inc. ("NEESCom") is an exempt telecommunications company
that presently focuses on dark fiber leasing. At March 31, 2000, NEESCom had
total assets of $175.4 million and a net loss of $0.799 million for the 12
months to date. NEES Telecommunications Corp. is wholly owned by NEESCom and is
presently inactive.
2. Wayfinder Group, Inc. ("Wayfinder") provides consulting services and product
licenses to unaffiliated utilities in the areas of electric utility
restructuring and customer choice. As of March 31, 2000, Wayfinder had total
assets of $7.4 million, operating revenue of $4.2 million and a net income of
$1.3 million for the 12 months to date. Monitoring Technologies, Inc., Nexus
Energy Software, Inc. and Separation Technologies, Inc. are owned in part by
Wayfinder and are described below.
2.1. Monitoring Technologies, Inc. ("MTC") designs, develops, manufactures
and markets microprocessor-based products that monitor wear and forecast
failure of components in machinery. Wayfinder has a 4% ownership interest
in MTC.
2.2. Nexus Energy Software, Inc. ("Nexus"), develops and licenses its
software to utilities and operates a website which targets energy consumers
for the purpose of helping them make energy choices. Wayfinder has a 42.6%
ownership interest in Nexus.
2.3. Separation Technologies, Inc. ("STI"), is a provider of ash processing
equipment, project financing, operations and marketing services related to
its equipment. Wayfinder has a 5.02% ownership interest with a voting stock
ownership interest of 5.67% in STI.
3. NEES Energy, Inc. ("NEES Energy") is an energy marketing subsidiary of
National Grid USA. As of March 31, 2000, NEES Energy had total assets of $204
million, operating revenue of $530 million and a net loss of $8.2 million for
the 12 months to date.
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3.1. AllEnergy Marketing Company, L.L.C. ("AllEnergy") is a subsidiary of
NEES Energy. AllEnergy markets energy products and provides a wide range of
energy-related services including, but not limited to, marketing, brokering
and sales of energy, audits, fuel supply, repair, maintenance,
construction, operation, design, engineering and consulting to customers in
the competitive power markets of New England and New York. As of March 22,
2000, AllEnergy is a business held for sale for accounting purposes.
3.1.1. AllEnergy's subsidiary Texas Liquids, L.L.C. (owned 99% by
AllEnergy and 1% by NEES Energy), engages principally in marketing and
sales of propane and energy in the New Jersey area.
3.1.2. AEDR Fuels L.L.C., is engaged in the home heating oil business.
3.1.3. Weatherwise USA, L.L.C., a company engaged in providing energy
management, demand side management and technical services, and utility
hedging services to reduce weather-related financial uncertainties for
utilities and energy users, is 4.2% owned by AllEnergy.
3.1.4. AllEnergy's subsidiary, Texas-Ohio Gas, Inc. markets natural
gas to industrial and commercial end users throughout the northeast
US.
4. Granite State Energy, Inc. ("Granite State Energy") is a non-utility
marketing subsidiary of National Grid USA. Granite State Energy provided a range
of energy and energy-related services and is currently inactive. At March 31,
2000, Granite State Energy had total assets of $32,042 operating revenues of
$306,748 and a net loss of $51,603 for the 12 months to date.
5. New England Power Service Company ("Service Company") changed its name to
National Grid USA Service Company Inc. on May 2, 2000 and provides a variety of
administrative and consulting services for the National Grid USA system pursuant
to a service agreement approved by the Commission in accordance with the
requirements of Rule 90. As of March 31, 2000, Service Company had total assets
of $222.7 million, operating revenues of $208.2 million and net income of $1.8
million for the 12 months to date. On May 1, 2000, EUA Service Corporation
merged into Service Company.
6. Metro West Realty, L.L.C., a subsidiary of National Grid USA conducts real
estate investment and management activities.
7. Research Drive L.L.C., a subsidiary of National Grid USA, was formed to
facilitate the acquisition of EUA.
8. New England Energy, Inc. ("NEEI"), is a subsidiary of National Grid USA. It
owned oil and gas properties that were sold during 1998. NEEI is currently
inactive.
9. UNITIL Company ("Unitil"), is a registered holding company located in New
England. National Grid USA holds a 0.8% ownership interest in Unitil. National
Grid USA acquired the Unitil interest when its predecessor, NEES, exchanged the
Unitil interest for NEES' interest in Fitchburg Gas and Electric Company, when
that company was merged with Unitil.
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10. EUA Cogenex, is an energy services company that employs energy efficient
technology and equipment intended to reduce the energy consumption and costs of
its customers. Such technology and equipment include: building automation
systems, lighting modifications, boiler and chiller replacements, and other
mechanical measures such as motors and drives. At March 31, 2000, EUA Cogenex
had total consolidated assets of $154.7 million, operating revenues of $49.7
million, and a net loss of $6.4 million for the 12 months to date. EUA Cogenex
has entered into a letter of intent with a third party for the sale of the
assets of EUA Cogenex. As of April 19, 2000, EUA Cogenex is an asset held for
sale for accounting purposes.
10.1. EUA Citizens Conservation Services, Inc. provided energy related
services to public and private multi-family housing. This company was sold
on June 2, 2000.
10.2. EUA Cogenex West (formerly EUA Highland Corporation), is an energy
services company that provides energy conservation services in Colorado,
Texas, Ohio, North Carolina, and certain mid-western states.
10.3. Northeast Energy Management, Inc., is a demand side management
company.
10.4. EUA Cogenex-Canada, Inc. is an intermediate holding company.
10.4.1. EUA Cogenex-Canada Energy Services, Inc., is a company formed
to participate in a marketing and development joint venture with
Monenco Agra, an Ontario-based engineering firm.
10.5. EUA WestCoast L.P., is a partnership which operates and monitors
existing demand side management and/or energy management services
contractual obligations, but does not develop new business. As of March 31,
2000, EUA Cogenex held 50% of the voting control and acted as managing
general partner.
10.6. EUA Energy Capital and Services I, is a partnership which operates
and monitors existing demand side management and/or energy management
services contractual obligations, but does not develop new business. As of
March 31, 2000, EUA Cogenex held 50% of the voting control and acted as
managing general partner.
10.7. EUA Energy Capital and Services II, is a partnership which operates
and monitors existing demand side management and/or energy management
services contractual obligations, but does not develop new business. As of
March 31, 2000, EUA Cogenex held 50% of the voting control and acted as
managing general partner.
10.8. EUA FRC II Energy Associates, is a partnership which operates and
monitors existing demand side management and/or energy management services
contractual obligations, but does not develop new business. As of March 31,
2000, EUA Cogenex held 50% of the voting control and acted as managing
general partner.
10.9. Micro Utility Partners of America, is a partnership which operates
and monitors existing demand side management and/or energy management
services
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contractual obligations, but does not develop new business. As of March 31,
2000, EUA Cogenex held 50% of the voting control and acted as managing
general partner.
10.10. APS Cogenex L.L.C., is a limited liability company formed to
develop, engineer and construct projects at the National Cancer Institute
in Army Garrison at Fort Detrick, Maryland. As of March 31, 2000, EUA
Cogenex also held 50% of the voting power.
11. EUA Energy invests in energy-related projects. At March 31, 2000, EUA Energy
had total assets of $33 million, operating revenues of $3.4 million, and a net
loss of $16.6 million for the 12 months to date.
11.1. Separation Technologies, Inc. ("STI"), is a provider of ash
processing equipment, project financing, operations and marketing services
related to its equipment. EUA Energy currently holds 9.9% of the voting
power of STI, which is the only active investment of EUA Energy.
11.2. EUA BIOTEN, Inc. was formed to develop biomass-fueled generating
units.
11.2.1. BIOTEN Operations ("BIOTEN Operations") Inc., a Tennessee
corporation, owns a demonstration facility in Red Boiling Springs,
Tennessee.
11.2.1.1. BIOTEN G.P.M., a corporation organised under the laws
of Mauritius, is owned by BIOTEN Operations.
12. EUA Ocean State is an intermediate holding company. As of March 31, 2000,
EUA Ocean State had total assets of $48.6 million and net income of $3.9 million
for the 12 months to date. On February 14, 2000 EUA, the owner of the interest
before EUA and National Grid USA merged, entered into a Letter of Intent with
TransCanada Energy Ltd for the sale of Ocean State Power I and Ocean State Power
II.
12.1. Ocean State Power I, is a gas-fired generating unit in the northern
Rhode Island-based Ocean State generating station, of which EUA Ocean State
owns a 29.9% partnership interest.
12.2. Ocean State Power II, is a gas-fired generating unit in the northern
Rhode Island-based Ocean State generating station, of which EUA Ocean State
owns a 29.9% partnership interest.
D. Foreign Utility Companies
1. National Grid Holdings Limited ("National Grid Holdings"), a FUCO, has the
following active subsidiaries. In addition to the subsidiaries listed below,
National Grid Holdings has a number of dormant subsidiaries (often formed for
purposes of potential projects that are not realised) that are not included
herein. Except as noted, all entities listed below are organised under the laws
of England and Wales.
1.1. The National Grid Company plc ("NGC"), is the electric transmission
company in England and Wales. NGC provides transmission service on a
for-profit, non-discriminatory basis and maintains and makes all
improvements to optimize access
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to the transmission system of England and Wales, procures ancillary
services on the transmission system, matches supply and demand and manages
the daily system of half-hourly bids for competing generators. NGC is
subject to regulatory controls overseen by the Director General of
Electricity Supply. NGC has seven active subsidiaries, as follows:
1.1.1. NGC Nominees Limited serves as a shareholder for a number of
National Grid group entities, as it is customary in the UK to have
more than one shareholder in most corporate entities. This company is
not otherwise an operating entity.
1.1.2. Datum Solutions Limited is engaged in providing metering
services in the United Kingdom at entry and exit points of the
transmission system, and more widely to customers in the competitive
market.
1.1.3. ESIS Limited operates the computer systems needed to calculate
prices and payments due as a result of the daily trading of power
across England and Wales.
1.1.4. Energy Pool Funds Administration Limited manages the transfer
of funds in payments for the energy traded across England and Wales.
1.1.5. NGC Employee Shares Trustee Limited serves as trustee in
respect of the National Grid Profit Sharing Scheme and Employee
Benefit Trust, which are trusts set up for employees of the National
Grid group. The company does not have any independent operations.
1.1.6. NGC Leasing Limited is engaged in the leasing of motor vehicles
for use by employees of the National Grid group.
1.1.7. NGC Properties Limited owns and develops property that is not
used for the operation of the transmission system, usually with a view
toward eventual sale.
1.2. EnMO Limited in which National Grid Holdings owns 75% was formed to
operate the final day (balancing) gas market in Great Britain.
1.3. National Grid Insurance Limited is a company organised in Guernsey in
connection with the self-insured retention of NGC's transmission assets.
National Grid Holdings holds all of the outstanding ordinary shares of
National Grid Insurance and an unaffiliated bank holds its outstanding
preference shares.
1.4. National Grid International Limited is the intermediate holding
company for a number of National Grid Holding's current or planned non-U.K.
investments, including operations in South America, India, Africa,
Continental Europe and the U.S. National Grid International has four direct
and a number of indirect subsidiaries and one associate company, as
follows:
1.4.1. National Grid Overseas Limited is an intermediate holding
company above all of the South American and African interests held by
National Grid Holdings.
14
<PAGE>
1.4.1.1. National Grid Holdings BV is organised in the
Netherlands and is a holding company for operations in Brazil,
Argentina and Zambia.
1.4.1.1.1. National Grid Indus BV is organised in the
Netherlands and is a business development vehicle.
1.4.1.1.2. National Grid India BV, another Netherlands
organised company, was formed to hold National Grid Holdings
electricity transmission investments in India.
1.4.1.1.3. NGC do Brazil Participacoes Ltda, a Brazilian
company, was formed to provide project development services
in Brazil to National Grid International Limited.
1.4.1.1.4. National Grid Brazil BV, a Netherlands organised
company, owns, directly or indirectly, all or part of three
entities formed under the laws of Brazil.
1.4.1.1.4.1. JVCO Participacoes Ltda, of which National
Grid Brazil BV owns 50%, is a telecommunications joint
venture vehicle for the National Grid group, France
Telecom and Sprint Corporation.
1.4.1.1.4.1.1 Holdco Participacoes Ltda ("Holdco")
is a 100% subsidiary of JVCO Participacoes Ltda
and is a joint venture vehicle for the National
Grid groups' Brazilian telecom operations.
1.4.1.1.4.1.1.1. Intelig Telecomunicacoes
Ltda is a 100% subsidiary of Holdco and is
engaged in telecommunications in Brazil.
1.4.1.1.5. National Grid Zambia BV, a company formed under
the laws of the Netherlands, owns the National Grid group's
interest in Copperbelt Energy Corporation plc
("Copperbelt").
1.4.1.1.5.1. Copperbelt, a Zambian corporation is some
39% owned by National Grid Zambia BV and is engaged
in generating, buying, selling and transmitting
electricity to meet the needs of the copper mining
region of Zambia. Another unrelated registered holding
company, CINergy, also owns a significant interest in
Copperbelt.
1.4.1.1.6. National Grid Finance BV is a company formed
under the laws of the Netherlands that serves as a holding
company for operations in Argentina.
1.4.1.1.6.1. Compania Inversora En Transmicion
Electrica Citelec S.A. ("Citelec") (42.5% interest held
by the National Grid group), is a holding company for
the Transener business.
15
<PAGE>
1.4.1.1.6.1.1. Compania de Transporte de Energia
Electrica en Alta Tension Transener S.A
("Transener"), in which Citelec holds an
approximately 65% interest, is the owner of the
primary electricity transmission system that
services Argentina.
1.4.1.1.6.1.1.1. Empresa de Transporte de
Energia Electrica por Distribucion Troncal
de la Provincia de Buenos Aires Sociedad
Anonima ("Transba"), is a regional
transmission system owner in Argentina and is
90% owned by Transener.
1.4.1.1.7. National Grid Brazil Transmission BV is a company
formed under the laws of the Netherlands and is a business
development vehicle.
1.4.1.1.8. National Grid Poland BV a company formed under
the laws of the Netherlands will be a holding company for
the National Grid group's 23.75% interest in NG Koleje
Telekomunikacja SPz.o.o., a Polish telecommunications joint
venture (which interest is currently held by National Grid
International Limited).
1.4.1.1.9. National Grid Holland Limited is an investment
company.
1.4.2. Teldata International Limited is a holding company for US
companies involved in billing and energy service operations.
1.4.2.1. Teldata Solutions Inc. is a Delaware corporation that
provides complete, end-to-end, automated metering and billing
solutions for electric, gas and water utilities and energy
service providers.
1.4.2.1.1. FirstPoint Services Inc. is a Delaware
corporation engaged in providing billing software solutions
for electric, gas and water utilities and energy service
providers.
1.4.3. NG US I, Inc., formerly National Grid (USA), researches
possible investment and acquisition opportunities in North America.
1.4.4. National Grid (Isle of Man) Limited is a holding company and is
organised under the laws of the Isle of Man.
1.4.4.1. Manx Cable Company Limited, in which National Grid (Isle
of Man) Limited owns 50% is organised under the laws of the Isle
of Man and was established for the purpose of developing an
undersea electrical connector between England and the Isle of
Man. It is a joint venture with the Manx Electricity Authority.
16
<PAGE>
1.4.5 NG Koleje Telekomunikacja SPz.o.o, in which National Grid
International Limited currently holds a 23.75% interest is organised
under the laws of Poland and is a joint venture vehicle involved in
telecommunications activities in Poland.
1.5. The National Grid Group Quest Trustee Company Limited serves as
trustee with respect to the National Grid Group Qualifying Share Trust,
which is a trust established for employees of the National Grid group. This
company does not have any independent operations.
1.6. NGG Telecoms Holdings Limited is an intermediate holding company.
1.7 National Grid Jersey Holdings Limited, (a Jersey organised company) is
an intermediate holding company for part of National Grid Holdings'
interest in Energis plc.
1.7.1 National Grid Three Limited is an intermediate holding company
for part of National Grid Holdings' interest in Energis plc.,
1.7.1.1 NGG Telecoms Limited is an intermediate holding company.
1.7.1.1.1. Energis plc, in which the National Grid group has
a 36.3% interest is a company listed on the London Stock
Exchange and on NASDAQ and is the parent company of the
Energis group. Further information about Energis plc's
business and subsidiaries is contained in its Form 20-F
dated June 10, 1999 SEC file number 0-29552.
1.8 National Grid Four Limited is an intermediate holding company for part
of National Grid Holdings' interest in Energis plc.
1.9 NGG Telecoms Investment Limited is an intermediate holding company for
part of National Grid Holdings' interest in Energis plc.
1.10. NatGrid Finance Holdings Limited provides financial management
services to National Grid group companies.
1.10.1. NatGrid Finance Limited provides financial management services
to National Grid group companies.
1.10.1.1. NG Jersey Limited (a Jersey organised company) provides
financial management services to National Grid group companies.
1.10.1.2. NG Investments Limited, (a Jersey organised company)
provides financial management services to National Grid group
companies.
1.10.1.2.1. NatGrid Investments Limited provides financial
management services to National Grid group companies.
17
<PAGE>
1.11. National Grid One Limited provides financial management services to
National Grid group companies.
1.12. National Grid Two Limited provides financial management services to
National Grid group companies.
1.13. National Grid Gold Limited provides financial management services to
National Grid group companies.
(b) Any substantial changes which may have occurred in the general character of
the business of such companies during the preceding five years.
By permission of the staff of the Office of Public Utility Regulation (the
"Staff"), the information required by Item 5(b) is omitted.
PROPERTY
6 Describe briefly the general character and location of the principal
plants, properties and other important physical units of the registrant and
its subsidiaries, showing separately (a) public utility and (b) other
properties. If any principal plant or important unit is not held in fee, so
state and describe how held.
(Note: By permission of the Staff information about the principal plants,
properties and other important physical assets of National Grid and the
Intermediate Companies only is stated).
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------
LANDLORD TENANT DATE OF LEASE LOCATION ANNUAL RENTAL
------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Scottish Mutual NationalGrid 24 March 2000 Office premises (pound)700,000
15 Marylebone Road
London
------------------------------------------------------------------------------------------------------
Etude National Grid November 1999 2nd Floor LUF 450,000
Arendt & Medernach (Ireland) 1 Limited 6 Avenue Pasteur
and National Grid L-2310
(Ireland) 2 Limited Luxembourg
------------------------------------------------------------------------------------------------------
</TABLE>
INTERSTATE TRANSACTIONS
7 For each public utility company in the holding company system of the
registrant which is engaged in the transmission of electric energy or gas
in interstate commerce, furnish the following information for the last
calendar year:
The following companies are the only public utility companies in the
National Grid group that engage in the transmission of electric energy or
gas in interstate commerce.
18
<PAGE>
Total Annual Sales Electric Energy Gas
Granite State Electric Company kwh mcf
Interstate Transactions:
Name of State New Hampshire
Delivered out of State........................ __
Received from out of State.................... 728,529,000 N/A
Total Annual Sales Electric Energy Gas
Massachusetts Electric Company kwh mcf
Interstate Transactions:
Name of State Massachusetts
Delivered out of State........................ 153,000
Received from out of State.................... 15,709,574,000 N/A
Total Annual Sales Electric Energy Gas
Nantucket Electric Company kwh mcf
Interstate Transactions:
Name of State Massachusetts
Delivered out of State........................ __
Received from out of State.................... 115,264,000 N/A
Total Annual Sales Electric Energy Gas
The Narragansett Electric Company kwh mcf
Interstate Transactions:
Name of State Rhode Island
Delivered out of State........................ 656,000
Received from out of State.................... 4,678,841,000 N/A
Total Annual Sales Electric Energy Gas
New England Power Company kwh mcf
Interstate Transactions:
Name of State Massachusetts
Delivered out of State........................ 2,955,423,000
Received from out of State.................... 1,349,031,000 N/A
SECURITIES OUTSTANDING
8 Submit the following information concerning the registrant and each
subsidiary thereof as of the latest available date:
19
<PAGE>
(Note: By permission of the Staff information in response to this Item
relating to any subsidiary of National Grid Holdings is excluded.)
FUNDED DEBT
8(a) For each issue or series of funded debt, including funded debt secured by
liens on property owned, whether or not such debt has been assumed: (Do not
include here any contingent liabilities reported under paragraph 8(c)).
As of March 31, 2000
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Col. A Col. B Col. C Col. D Cols. E-I
------------------------------------------------------------------------------------------------------------------
Amount Amount Issued [Omitted by
Name of Obligor Title of Issue Authorised less Retired Permission
of the
US$ US$ Staff]
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
The National Grid Group plc 6% EPICs due 2003/6/ 401,163,000 401,163,000
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company Series S, Issue 92-2 5,000,000 5,000,000
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company Series S, Issue 92-9 10,000,000 10,000,000
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company Series R, Issue 92-6 10,000,000 10,000,000
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company Series S, Issue 92-11 5,000,000 5,000,000
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company Series S, Issue 92-12 10,000,000 10,000,000
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company Series T, Issue 93-2 20,000,000 20,000,000
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company Series U, Issue 93-1 5,000,000 5,000,000
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company Series U, Issue 94-6 10,000,000 10,000,000
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company Series U, Issue 95-1 10,000,000 10,000,000
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company Series U, Issue 95-2 10,000,000 10,000,000
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company Series U, Issue 95-7 9,000,000 9,000,000
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company Series V, Issue 95-1 10,000,000 10,000,000
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company Series V, Issue 96-1 20,000,000 20,000,000
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company Series T, Issue 93-7 5,000,000 5,000,000
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company Series T, Issue 93-8 5,000,000 5,000,000
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company Series T, Issue 93-10 10,000,000 10,000,000
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company Series T, Issue 93-11 10,000,000 10,000,000
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company Series V, Issue 98-3 25,000,000 25,000,000
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company Series R, Issue 92-3 5,000,000 5,000,000
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company Series S, Issue 92-5 10,000,000 10,000,000
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company Series S, Issue 92-10 5,000,000 5,000,000
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company Series T, Issue 93-4 10,000,000 10,000,000
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company Series T, Issue 93-6 3,000,000 3,000,000
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company Series T, Issue 93-9 7,000,000 7,000,000
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company Series U, Issue 93-2 10,000,000 10,000,000
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company Series U, Issue 93-3 1,000,000 1,000,000
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company Series U, Issue 94-1 10,000,000 10,000,000
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company Series U, Issue 94-2 5,000,000 5,000,000
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company Series U, Issue 94-3 5,000,000 5,000,000
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company Series U, Issue 94-4 5,000,000 5,000,000
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company Series U, Issue 94-5 1,000,000 1,000,000
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company Series U, Issue 95-6 3,000,000 3,000,000
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company Series V, Issue 95-2 10,000,000 10,000,000
------------------------------------------------------------------------------------------------------------------
----------
/6/ National Grid has issued 14.7m Equity Plus Income Convertible Securities
("EPICs") in the form of 6% mandatorily exchangeable bonds 2003
("exchangeable bonds") in the aggregate principal amount of US dollars
401.2m. The EPICs are exchangeable, subject to certain exceptions, on or
prior to April 26, 2003 at the option of the holders of the bonds
("bondholders") into ordinary shares of Energis plc, an associated
undertaking. If the EPICs are redeemed at the option of the bondholders
prior to May 3, 2003, the National Grid group will deliver 0.8333 Energis
plc shares per EPICs. On May 3, 2003, the number of Energis plc shares to
be delivered by the National Grid group in respect of each EPICs is
dependent upon the Energis plc share price at that date and ranges from a
maximum of one, if the share price is (pound)16.50 or less, to a minimum of
0.8333 if the share price is (pound)19.80 or more.
----------
20
<PAGE>
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company Series V, Issue 95-3 10,000,000 10,000,000
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company Series V, Issue 95-4 10,000,000 10,000,000
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company Series V, Issue 97-1 15,000,000 15,000,000
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company Series V, Issue 98-1 20,000,000 20,000,000
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company Series V, Issue 98-2 5,000,000 5,000,000
------------------------------------------------------------------------------------------------------------------
The Narragansett Electric Company Series U, Issue 92-5 5,000,000 5,000,000
------------------------------------------------------------------------------------------------------------------
The Narragansett Electric Company Series U, Issue 92-8 10,000,000 10,000,000
------------------------------------------------------------------------------------------------------------------
The Narragansett Electric Company Series U, Issue 92-4 15,000,000 15,000,000
------------------------------------------------------------------------------------------------------------------
The Narragansett Electric Company Series U, Issue 93-1 7,500,000 7,500,000
------------------------------------------------------------------------------------------------------------------
The Narragansett Electric Company Series U, Issue 93-2 5,000,000 5,000,000
------------------------------------------------------------------------------------------------------------------
The Narragansett Electric Company Series U, Issue 93-4 5,000,000 5,000,000
------------------------------------------------------------------------------------------------------------------
The Narragansett Electric Company Series V, Issue 94-4 5,000,000 5,000,000
------------------------------------------------------------------------------------------------------------------
The Narragansett Electric Company Series V, Issue 94-6 10,000,000 10,000,000
------------------------------------------------------------------------------------------------------------------
The Narragansett Electric Company Series U, Issue 93-3 5,000,000 5,000,000
------------------------------------------------------------------------------------------------------------------
The Narragansett Electric Company Series S 20,200,000 20,200,000
------------------------------------------------------------------------------------------------------------------
The Narragansett Electric Company Series T 17,000,000 17,000,000
------------------------------------------------------------------------------------------------------------------
The Narragansett Electric Company Series U, Issue 93-5 5,000,000 5,000,000
------------------------------------------------------------------------------------------------------------------
The Narragansett Electric Company Series U, Issue 94-1 5,000,000 5,000,000
------------------------------------------------------------------------------------------------------------------
The Narragansett Electric Company Series V, Issue 94-1 5,000,000 5,000,000
------------------------------------------------------------------------------------------------------------------
The Narragansett Electric Company Series V, Issue 94-5 5,000,000 5,000,000
------------------------------------------------------------------------------------------------------------------
The Narragansett Electric Company Series V, Issue 95-2 10,000,000 10,000,000
------------------------------------------------------------------------------------------------------------------
The Narragansett Electric Company Series V, Issue 95-3 7,000,000 7,000,000
------------------------------------------------------------------------------------------------------------------
The Narragansett Electric Company Series W, Issue 95-1 16,000,000 16,000,000
------------------------------------------------------------------------------------------------------------------
The Narragansett Electric Company Series W, Issue 96-1 2,000,000 2,000,000
------------------------------------------------------------------------------------------------------------------
The Narragansett Electric Company Series W, Issue 97-1 3,000,000 3,000,000
------------------------------------------------------------------------------------------------------------------
The Narragansett Electric Company Series W, Issue 97-2 7,000,000 7,000,000
------------------------------------------------------------------------------------------------------------------
Granite State Electric Company 9.44% Note Due 2001 5,000,000 5,000,000
------------------------------------------------------------------------------------------------------------------
Granite State Electric Company 7.37% Note Due 2023 5,000,000 5,000,000
------------------------------------------------------------------------------------------------------------------
Granite State Electric Company 7.94% Note Due 2025 5,000,000 5,000,000
------------------------------------------------------------------------------------------------------------------
Granite State Electric Company 7.30% Note Due 2028 5,000,000 5,000,000
------------------------------------------------------------------------------------------------------------------
Nantucket Electric Company 1996 MIFA Issue 24,500,000 24,500,000
------------------------------------------------------------------------------------------------------------------
Nantucket Electric Company 1991 MIFA Issue 3,200,000 3,200,000
------------------------------------------------------------------------------------------------------------------
New England Hydro Finance Company, Inc Series A 12,470,000 12,470,000
------------------------------------------------------------------------------------------------------------------
New England Hydro Finance Company, Inc Series B 51,830,000 51,830,000
------------------------------------------------------------------------------------------------------------------
New England Hydro Finance Company, Inc Series C 46,270,000 46,270,000
------------------------------------------------------------------------------------------------------------------
New England Power Company CDA Variable Rate PCRBs 38,500,000 38,500,000
------------------------------------------------------------------------------------------------------------------
New England Power Company MIFA 1 Variable Rate PCRBs 79,250,000 79,250,000
------------------------------------------------------------------------------------------------------------------
New England Power Company BFA 1 Variable Rate PCRBs 135,850,000 135,850,000
------------------------------------------------------------------------------------------------------------------
New England Power Company BFA 2 Variable Rate PCRBs 50,600,000 50,600,000
------------------------------------------------------------------------------------------------------------------
New England Power Company MIFA 2 Variable Rate PCRBs 106,150,000 106,150,000
------------------------------------------------------------------------------------------------------------------
New England Electric Transmission 8.8% Note Due 2006 10,458,000 10,458,000
Corporation
------------------------------------------------------------------------------------------------------------------
CAPITAL STOCK
8(b) For each class of capital stock including certificates of beneficial
interest give information both in number of shares and in dollar amounts:
(Do not include here any warrants, options or other securities reported
under paragraph 8(d).)
As of May 31, 2000
</TABLE>
<TABLE>
<CAPTION>
---------------------- ----------------- -------------- ------------- ------------- -------------- --------------- ----------------
Col. A Col. B Col. C Col. D Col. E Col. F Cols. G-I
---------------------- ----------------- -------------- ------------- ------------- -------------- --------------- ----------------
Name of Issuer Title of Issue Amount Amount Additional Amounts [Omitted by
Authorised Reserved Amount issued Permission of
by Charter for Unissued (Col. C less the Staff]
(Shares) Options, (Shares) Cols. D&E)
Warrants,
Conversion
& Other
Rights
---------------------- ----------------- -------------- ------------- ------------- -------------- --------------- ----------------
Shares US$/(pound)stg
---------------------- ----------------- -------------- ------------- ------------- -------------- --------------- ----------------
<S> <C> <C> <C> <C> <C> <C> <C>
The National Grid Ordinary Shares 2,125,000,000 - 640,390,097 1,484,609,903 (pound)
Group 7,645,741,000
plc
---------------------- ----------------- -------------- ------------- ------------- -------------- --------------- ----------------
National Grid Ordinary Shares 100,000,000 - - 100,000,000 (pound)
Holdings Limited 100,000,000
`A' Shares 1,000 - - 1,000 (pound)1,000
---------------------- ----------------- -------------- ------------- ------------- -------------- --------------- ----------------
21
<PAGE>
National Grid (US)
Holdings Limited Ordinary Shares 1,000,000,000 - 999,868,748 131,252 (pound)131,252
---------------------- ----------------- -------------- ------------- ------------- -------------- --------------- ----------------
National Grid (US) Ordinary 1,000 - 700 300 (pound)300
Investments Shares
Redeemable 225,000 - - 225,000 (pound)225,000
Preference
Shares
---------------------- ----------------- -------------- ------------- ------------- -------------- --------------- ----------------
National Grid
(Ireland) 1 Limited Ordinary shares 500,000 - 237,635 262,365 US$13,118,250
Preference 3,500,000 - 2,759,935 740,065 US$37,003,250
shares
---------------------- ----------------- -------------- ------------- ------------- -------------- --------------- ----------------
National Grid
(Ireland) 2 Limited Ordinary 4,000,000 - 3,254,192 745,808 US$37,290,400
Shares
---------------------- ----------------- -------------- ------------- ------------- -------------- --------------- ----------------
National Grid
General Partnership/7/ - - - - -
---------------------- ----------------- -------------- ------------- ------------- -------------- --------------- ----------------
National Grid USA Common Stock 3,000 - 2,000 1,000 US $100
par value $0.1
---------------------- ----------------- -------------- ------------- ------------- -------------- --------------- ----------------
New England Power Common Stock 6,449,896 - 2,830,000 3,619,896 US$72,397,920
Company par value $20
Cumulative 15,672 - - 15,672 US$1,567,200
Preferred
Stock, $100 par
value
---------------------- ----------------- -------------- ------------- ------------- -------------- --------------- ----------------
Massachusetts Common Stock 2,398,111 - - 2,398,111 US$59,952,775
Electric Company par value $25
4.44% 27,615 - - 27,615 US$2,761,500
Cumulative
Preferred
Stock, $100 par
value
4.76% 25,130 - - 25,130 US$2,513,000
Cumulative
Preferred
Stock, $100 par
value
6.99% 54,000 - - 54,000 US$5,400,000
Cumulative
Preferred
Stock, $100 par
value
---------------------- ----------------- -------------- ------------- ------------- -------------- --------------- ----------------
The Narragansett Common Stock 1,132,487 - - 1,132,487 US$56,624,350
Electric Company par value $50
4.50% 49,209 - - 49,209 US$2,460,450
Cumulative
Preferred Stock
par value $50
4.64% 57,057 - - 57,057 US$2,852,850
Cumulative
Preferred
Stock, par
value $50
6.95% 38,500 - - 38,500 US$1,925,000
Cumulative
Preferred
Stock, par
value $50
---------------------- ----------------- -------------- ------------- ------------- -------------- --------------- ----------------
Granite State Common Stock, 60,400 - - 60,400 US$6,040,000
Energy, Inc. par value $100
---------------------- ----------------- -------------- ------------- ------------- -------------- --------------- ----------------
Nantucket Electric Common Stock, 1,200 - 1,199 1 US$1
Company par value $1
---------------------- ----------------- -------------- ------------- ------------- -------------- --------------- ----------------
----------
/7/ National Grid General Partnership is a partnership and not a company. The
interests of the two partners are as follows:-
26% National Grid Ireland (1) Limited
74% National Grid Ireland (2) Limited.
----------
22
<PAGE>
New England Class A Common 13,705,000 - 10,784,710 2,920,290 US$29,202,900
Hydro-Transmission Stock, par
Electric Company, Inc value $1
Class B Common 295,00 - 90,290 204,710 US$2,047,100
Stock, par
value $1
Class A Common 88,000 - 73,983 14,017 US$14,017,000
Stock, par
value $5
Class B Common 2,000 - 1,017 983 US$983,000
Stock, par
value $5
---------------------- ----------------- -------------- ------------- ------------- -------------- --------------- ----------------
New England Electric Common Stock, 300 - 238 62 US$62,000
Transmission par value $5
Corporation
---------------------- ----------------- -------------- ------------- ------------- -------------- --------------- ----------------
New England Hydro Common Stock, 1,000 - - 1,000 US$10,000
Finance Company, Inc. par value $1
---------------------- ----------------- -------------- ------------- ------------- -------------- --------------- ----------------
NEES Energy, Inc. Common Stock, 1,000 - - 1,000 US$1,000
par value $1
---------------------- ----------------- -------------- ------------- ------------- -------------- --------------- ----------------
Granite State Common Stock, 1,000 - - 1,000 US$1,000
Energy, Inc. par value $1
---------------------- ----------------- -------------- ------------- ------------- -------------- --------------- ----------------
Wayfinder Group, Inc. Common Stock, 10,000 - 9,000 1,000 US$1,000
par value $1
---------------------- ----------------- -------------- ------------- ------------- -------------- --------------- ----------------
NEES Communications, Common Stock, 10,000 - - 10,000 US$10,000
Inc par value $1
---------------------- ----------------- -------------- ------------- ------------- -------------- --------------- ----------------
New England Energy Common Stock, 250,000 - 247,500 2,500 US$2,500
Inc. par value $1
---------------------- ----------------- -------------- ------------- ------------- -------------- --------------- ----------------
National Grid USA Common Stock, 4,000 - 3,997 3 US$75
Service Company, Inc. par value $25
---------------------- ----------------- -------------- ------------- ------------- -------------- --------------- ----------------
</TABLE>
CONTINGENT LIABILITIES
8(c) A brief outline of the nature and amount of each contingent liability on
account of endorsement or other guarantees of any securities.
There are no guarantees of securities issued by National Grid, National
Grid Holdings or the Intermediate Companies.
Under support agreements for phase two of the interconnection between the
electric systems of New England and Hydro-Quebec, NEP has agreed to
guarantee its share of the project debt financing for the second phase. At
March 31, 2000 NEP had guaranteed approximately $20 million of project
debt.
OTHER SECURITIES
8(d) A statement of the amount of warrants, rights or options and of any class
of securities of the registrant and subsidiary companies not elsewhere
herein described which is outstanding and/or authorised. A brief
description of the provisions thereof should be included. Information need
not be set forth under this item as to notes, drafts, bills of exchange or
bankers' acceptances which mature within nine months.
Wayfinder has 100,000 warrants each exercisable for one common share of
Nexus at any time over the next ten years, 50,000 at an exercise price of
US$0.65 and the remaining 50,000 at an exercise price of US$1.67.
INVESTMENTS IN SYSTEM SECURITIES
9 Give a tabulation showing the principal amount, par or stated value, the
cost to the system company originally acquiring such security, and the
number of shares or units, of each security described under Item 8 that is
held by the registrant and by each subsidiary company thereof as the record
(or beneficial) owner, and the amounts at which the same are carried on the
books of each such owner. This
23
<PAGE>
information should be given as of the same date as the information
furnished in answer to Item 8.
As of May 31, 2000
<TABLE>
<CAPTION>
------------------ --------------- ---------------- --------------- ----------- -------------- -----------------------
Acquiring Company Issuing Type of No of shares Par Value Original Cost Book Value
(beneficial Company Security (beneficial
owner) interest)/units
held by
Acquiring
Company
------------------ --------------- ---------------- --------------- ----------- -------------- -----------------------
<S> <C> <C> <C> <C> <C> <C>
The National National Grid Ordinary Shares 100,000,000 (pound)1 7a (pound)1,973,181,634
Grid Group plc Holdings
Limited
------------------ --------------- ---------------- --------------- ----------- -------------- -----------------------
The National National Grid Preference 1,000 (pound)1(pound)23,683,625 (pound)53,697,828
Grid Group plc Holdings Shares
Limited
------------------ --------------- ---------------- --------------- ----------- -------------- -----------------------
The National National Grid Ordinary Shares 131,252 (pound)1 7b (pound)341,877
Grid Group plc (US) Holdings
Limited
------------------ --------------- ---------------- --------------- ----------- -------------- -----------------------
National Grid National Grid Ordinary Shares 300 (pound)1 7c (pound)165,059
(US) Holdings (US)
Limited Investments
------------------ --------------- ---------------- --------------- ----------- -------------- -----------------------
The National National Grid Redeemable 225 (pound)1 (pound)23,909 (pound)23,909
Grid Group plc (US) Preference
Investments Shares
------------------ --------------- ---------------- --------------- ----------- -------------- -----------------------
National Grid National Grid Redeemable 224,775 (pound)1(pound)23,885,408 (pound)23,885,408
(US) Holdings (US) Preference
Limited Investments Shares
------------------ --------------- ---------------- --------------- ----------- -------------- -----------------------
National Grid National Grid Ordinary Shares 1 US$50 7d (pound)32
(US) Holdings (Ireland) 1
Limited Limited
------------------ --------------- ---------------- --------------- ----------- -------------- -----------------------
National Grid National Grid Ordinary Shares 262,364 US$50 7d (pound)650,073,875
(US) Investments (Ireland) 1
Limited
------------------ --------------- ---------------- --------------- ----------- -------------- -----------------------
National Grid National Grid Preference 740,065 US$50 7e (pound)1,850,162,500
(US) Investments (Ireland) 1 Shares
Limited
------------------ --------------- ---------------- --------------- ----------- -------------- -----------------------
National Grid National Grid Ordinary Shares 745,807 US$50 7f US$2,960,260,000
(Ireland) 1 (Ireland) 2
Limited Limited
------------------ --------------- ---------------- --------------- ----------- -------------- -----------------------
National Grid National Grid Ordinary Shares 1 US$50 7f (pound)28
(US) Holdings (Ireland) 2
Limited Limited
------------------ --------------- ---------------- --------------- ----------- -------------- -----------------------
</TABLE>
Notes:
7a National Grid Holdings issued the shares on March 25, 1999 as
consideration for the entire issued share capital of NGC, NatGrid
Finance Limited, National Grid Insurance Limited, The National Grid
Group Quest Trustee Company Limited and NGG Telecoms Limited.
7b 99,998 shares were issued as consideration for 1000 shares in National
Grid USA (then called NGG Holdings Inc). 31,250 shares were issued as
consideration for 500 shares in National Grid (Ireland) 1 Limited and
500 shares in National Grid (Ireland) 2 Limited.
2 shares were issued as consideration for 2 shares in National Grid
(US) Investments and 2 shares in National Grid (US) Investments 2. 2
subscriber shares were issued for (pound)2 cash.
24
<PAGE>
7c 98 shares were issued as consideration for the issue of a promissory
note by National Grid (US) Holdings Limited in the sum of (pound)1,965
million. 100 shares were issued as consideration for 5807 ordinary
shares in National Grid (Ireland) 2 Limited. 100 shares were acquired
from National Grid (US) Investments 2 for $1,040 million. 2 shares
were acquired from National Grid as consideration for the issue of 1
share by National Grid (US) Holdings Limited.
7d 260,000 shares in National Grid (Ireland) 1 Limited were acquired the
consideration being the issue of 100 shares by National Grid (US)
Investments. 2,364 shares were acquired from National Grid (US)
Holdings Limited for (pound)75,000. National Grid (US) Holdings
Limited issued 31 shares as consideration for 1 share in National Grid
(Ireland) 1 Limited.
7e Shares were issued as consideration for the acquisition of 745,807
shares in National Grid (Ireland) 2 Limited.
7f 745,807 shares were acquired in National Grid (Ireland) 2 Limited the
consideration being the issue of 740,065 $50 preference shares at a
premium of $3,950 per share. 1 share was issued to National Grid (US)
Holdings Limited for $50.
(Note: By permission of the Staff information in response to this Item relating
to any subsidiary of National Grid Holdings is excluded).
Information in response to this Item relating to the National Grid USA companies
and the former EUA companies was supplied to the Commission in Item 1 to their
Annual Reports on Form U5S for the year ended December 31, 1999. See file
numbers 001-003446, filed on May 2, 2000 and 001-05366, filed on May 1, 2000,
respectively. Item 1 from each of those reports is incorporated herein by
reference.
INVESTMENTS IN OTHER COMPANIES
10 Give a tabulation showing all investments of the registrant and of each
subsidiary thereof in holding companies and in public utility companies
which are not subsidiary companies of the registrant. Also show all other
investments of the registrant and of each subsidiary thereof in the
securities of any other enterprise, if the book value of the investment in
any such enterprise exceeds 2% of the total debit accounts shown on the
balance sheet of the company owing such investment or an amount in excess
of $25,000 (whichever amount is the lesser). Give principal amount and
number of shares or units and the cost of each issue of such securities to
the system company originally acquiring such security, and amount at which
carried on the books of the owner. List all such securities pledged as
collateral for loans or other obligations and identify loans and
obligations for which pledged. This information should be given as of the
same date as the information furnished in answer to Item 8.
25
<PAGE>
(Note: By permission of the Staff information in response to this Item
relating to any subsidiary of National Grid Holdings is excluded).
Information in response to this Item relating to the National Grid USA
companies and the former EUA companies was supplied to the Commission in
Item 5 to their Annual Reports on Form U5S for the year ended December 31,
1999. See file number 001-003446, filed on May 2, 2000 and 001-05366, filed
on May 1, 2000, respectively. Item 5 from each of those reports is
incorporated herein by reference.
In relation to National Grid, the Intermediate Companies and National Grid
Holdings there are none.
INDEBTEDNESS OF SYSTEM COMPANIES
11 List each indebtedness of the registrant and of each subsidiary company
thereof (other than indebtedness reported under Item 8, but as of the same
date) where the aggregate debt owed by any such company to any one person
exceeds $25,000 or an amount exceeding 2% of the total of the debt accounts
shown on the balance sheet of the debtor (whichever amount is the lesser)
but not including any case in which such aggregate indebtedness is less
than $5,000, and give the following additional information as to each such
indebtedness:
(Note: By permission of the Staff, this item includes (a) only indebtedness
where the aggregate debt owned by any such company to any one person
exceeds the greater of: (i) $25,000 or (ii) an amount exceeding 2% of the
total of the debt accounts shown on the balance sheet of the debtor; and
(b) only notes payable and debt securities issued and not trade accounts
payable. By permission of the Staff information in response to this Item
relating to any subsidiary of National Grid Holdings is excluded except
where such subsidiary owes a debt to an associate company that is not a
direct or indirect subsidiary of National Grid Holdings).
(a) Debts owed to associate companies as of March 31, 2000.
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Lender Borrower Amount Owed Rate of Interest Date of
Maturity
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
The National Grid Company plc The National Grid Group plc (pound)695,456,973 - On Demand
National Grid Holdings Ltd The National Grid Group plc (pound)565,338,944 - On Demand
National Grid Holdings Ltd National Grid (US) Holdings (pound)22,927,050 - On Demand
Ltd
The National Grid Group plc National Grid International (pound)4,500,000 - On Demand
Ltd
The National Grid Group plc National Grid International (pound)16,922,150 6.48% 18/01/09
Ltd
The National Grid Group plc National Grid International US$192,750,000 - On Demand
Ltd
The National Grid Group plc National Grid International US$9,200,000 - On Demand
Ltd
The National Grid Group plc NatGrid Finance Holdings Ltd (pound)552,589,236 - On Demand
The National Grid Group plc National Grid One Ltd (pound)53,697,828 - On Demand
The National Grid Group plc NatGrid Investments Ltd (pound)111,005,400 - On Demand
The National Grid Group plc NGG Telecoms Investment Ltd (pound)242,550,000 - On Demand
26
<PAGE>
NatGrid Finance Holdings Ltd The National Grid Group plc (pound)14,484,705 - On Demand
NGG Telecoms Ltd The National Grid Group plc (pound)486,882,577 - On Demand
NGG Telecoms Holdings Ltd The National Grid Group plc (pound)211,937,610 6.25% On Demand
National Grid (US) Holdings Ltd The National Grid Group plc (pound)22,500,000 - On Demand
National Grid (US) Holdings Ltd National Grid (US) US$3,964,514,934 7.86% 19/06/00
Investments
National Grid USA National Grid (US) Holdings US$620,000,000 6.125% On Demand
Ltd
The National Grid Group plc National Grid (US) Holdings US$3,380,000,000 7.96% On Demand
Ltd
National Grid (Ireland) 2 Ltd National Grid General US$1,983,200,000 8.405% 22/03/05
Partnership
National Grid (Ireland) 1 Ltd National Grid General US$696,800,000 8.405% 22/03/05
Partnership
National Grid USA Moneypool New England Power Service $400,000 6.416% On Demand
Company
National Grid USA Moneypool Massachusetts Electric Company $35,725,000 5.941% On Demand
National Grid USA Moneypool The Narrangansett Electric $1,9000,000 5.941% On Demand
Company
National Grid USA Moneypool New England Electric $3,850,000 6.416% On Demand
Transmission Corporation
National Grid USA Moneypool Nantucket Electric Company $25,000 6.416% On Demand
New England Power Company National Grid USA Moneypool $223,425,000 5.777% On Demand
Granite State Electric Company National Grid USA Moneypool $7,325,000 5.777% On Demand
National Grid USA National Grid USA Moneypool $102,300,000 5.777% On Demand
New England Hydro-Transmission National Grid USA Moneypool $4,250,000 5.777% On Demand
Electric Company, Inc.
New England Hydro-Transmission National Grid USA Moneypool $2,725,000 5.777% On Demand
Electric Company, Inc.
New England Energy, Inc. National Grid USA Moneypool $9,900,000 5.777% On Demand
National Grid USA NEES Energy, Inc. $212,046,755 N/A On Demand
National Grid USA Wayfinder Group, Inc. $12,100,999 N/A On Demand
National Grid USA NEES Communications, Inc. $45,635,000 N/A On Demand
National Grid USA Metrowest Realty, Inc $8,426,692 N/A On Demand
National Grid USA New England Energy, Inc. $23,593,827 N/A Various
2006-2015
National Grid USA Granite State Electric Company $445,000 N/A On Demand
</TABLE>
(b) Debts owed to others as of March 31, 2000
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------
Name of Debtor Name of Creditor Amount Owed Rate of Interest Date of Maturity
----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
The National Grid Group plc Syndicated Facility Banks US$ 500,000,000 6.7% March 2004
The National Grid Group plc Syndicated Facility Banks US$ 1,100,000,000 6.7% March 2002
The National Grid Group plc Various Commercial Banks (pound) 5,897,058 various various maturities
less than one year
</TABLE>
27
<PAGE>
PRINCIPAL LEASES
12 Describe briefly the principal features of each lease (omitting oil and gas
leases) to which the registrant or any subsidiary company thereof is a
party, which involves rental at an annual rate of more than $50,000 or an
amount exceeding 1% of the annual gross operating revenue of such party to
said lease during its last fiscal year (whichever of such sums is the
lesser) but not including any lease involving rental at a rate of less than
$5,000 per year.
(Note: By permission of the Staff, this item (a) includes only leases which
involve rental at an annual rate of the greater of (i) $50,000 and (ii) an
amount exceeding 1% of the annual gross operating revenue of such party to
said lease during its last fiscal year (b) information in response to this
Item relating to any subsidiary of National Grid Holdings is excluded,
except where such subsidiary is a party to a lease in which an associate
company that is not a direct or indirect subsidiary of National Grid
Holdings is also a party and (c) does not include leases details of which
are set out in Item 6).
<TABLE>
<CAPTION>
-------------------- ---------------------- -------------------------- -------------------- -------------------------
Landlord/ Company Premises/Plant Annual Rent Frequency of Payments
Lesser
-------------------- ---------------------- -------------------------- -------------------- -------------------------
<S> <C> <C> <C> <C>
Bankers Leasing National Grid USA PBX System $228,939 Monthly
Corporation Service Company
Foster (HY,CA)
-------------------- ---------------------- -------------------------- -------------------- -------------------------
Bankers Leasing National Grid USA Mailstar Machine $73,408 Monthly
Corporation Service Company
-------------------- ---------------------- -------------------------- -------------------- -------------------------
Bankers Leasing National Grid USA Meter Station $73,800 Monthly
Corporation Service Company
-------------------- ---------------------- -------------------------- -------------------- -------------------------
Bankers Leasing National Grid USA Telecommunications $181,717 Monthly
Corporation Service Company Equipment
-------------------- ---------------------- -------------------------- -------------------- -------------------------
Bankers Leasing National Grid USA Sprinkler System $61,398 Monthly
Corporation Service Company
-------------------- ---------------------- -------------------------- -------------------- -------------------------
Bankers Leasing National Grid USA Westboro Chiller #1 $123,977 Monthly
Corporation Service Company
-------------------- ---------------------- -------------------------- -------------------- -------------------------
Bankers Leasing National Grid USA Westboro Chiller #2 $123,977 Monthly
Corporation Service Company
-------------------- ---------------------- -------------------------- -------------------- -------------------------
Bankers Leasing National Grid USA Graphical User Interface $348,983 Monthly
Corporation Service Company
-------------------- ---------------------- -------------------------- -------------------- -------------------------
Bankers Leasing National Grid USA Lighthouse Computer $278,517 Monthly
Corporation Service Company
-------------------- ---------------------- -------------------------- -------------------- -------------------------
Bankers Leasing National Grid USA Tape Library $183,350 Monthly
Corporation Service Company
-------------------- ---------------------- -------------------------- -------------------- -------------------------
Bankers Leasing National Grid USA Tape Library Sys #2 $78,570 Monthly
Corporation Service Company
-------------------- ---------------------- -------------------------- -------------------- -------------------------
</TABLE>
SECURITIES SOLD
13 If, during the last five years, the registrant or any subsidiary company
thereof has issued, sold or exchanged either publicly or privately any
securities having a principal amount, par, stated or declared value
exceeding $1,000,000 or exceeding an amount equal to 10% of the total
liabilities as shown by the balance sheet of the issuer at the time of such
issue (whichever of such sums is the lesser), give the following
information with respect to each such issue or sale:
(Note: By permission of the Staff only securities issued sold or exchanged
by National Grid, the Intermediate Companies and National Grid Holdings are
included. Securities issuances by National Grid USA and its subsidiaries
have been reported to the Commission previously on a periodic basis and are
also excluded from this Item).
Securities sold during five years prior to March 31, 2000 :
<TABLE>
<CAPTION>
----------------- ------------------ ---------------------- ---------------- ---------------------------- --------------------
Title of Issue Amount Issued or Proceeds Received by Approximate Name of Principal Underwriters
Sold Issuer (Before Expenses of Underwriters Initial
Expenses) Issuer Offering
Price
----------------- ------------------ ---------------------- ---------------- ---------------------------- --------------------
<S> <C> <C> <C> <C> <C>
6% EPICs due US$ 401,163,000 US$ 401,163,000 US$ 10,029,075 HSBC Investment Bank US$ 27.29
2003 ABN AMRO Rothschild
Credit Suisse First Boston
----------------- ------------------ ---------------------- ---------------- ---------------------------- --------------------
</TABLE>
AGREEMENTS FOR FUTURE DISTRIBUTION OF SECURITIES
14(a)Summarise the terms of any existing agreement to which the registrant or
any associate or affiliate company thereof is a party or in which any such
company has a beneficial interest with respect to future distribution of
securities of the registrant or of any subsidiary: /8/
Certain information regarding agreements of National Grid USA and its
subsidiaries with respect to future distribution of securities of National
Grid is set forth in the following document, the applicable parts of which
are hereby incorporated by reference. Registration Statement on Form S-8
with respect to National Grid USA Companies Incentive Thrift Plan I and
National Grid USA Companies Incentive Thrift Plan II (File No 33-33094).
The National Grid group also operates a Sharesave scheme and an executive
share option scheme (the "Executive Scheme").
The Sharesave scheme is savings related where, under normal circumstances,
share options are exercisable on completion of a three or five year save as
you earn contract. The exercise price of options granted represents 80% of
the market price at the date the option was granted.
----------
/8/ (Note: By permission of the Staff information in response to this Item
relating to any subsidiary of National Grid Holdings is excluded, except
where such subsidiary and an associate company that is not a direct or
indirect subsidiary of National Grid Holdings are parties to or have
beneficial interests under the existing agreement with respect to future
distributions of securities of any associated company.)
----------
28
<PAGE>
The Executive Scheme applies to senior executives, including Executive
directors. Options granted for the 1997/98, 1998/99 and 1999/00 financial
years are subject to the achievement of performance measures related to
earnings per share growth over a three year period. The share options are
generally exercisable between the third and tenth anniversaries of the date
of grant.
In any ten year period the maximum number of shares that may be issued or
issuable pursuant to the exercise of options under all of the National Grid
group's share option schemes may not exceed the number of shares
representing 10% of National Grid's issued ordinary share capital from time
to time.
(b) Describe briefly the nature of any financial interest (other than the
ownership of securities acquired as a dealer for the purpose of resale)
which any person with whom such agreement exists, has in the registrant or
in any associate or affiliate company thereof. /9/
None, except that the beneficiaries of the share schemes and employee
benefit plans referred to above may be deemed to have a financial interest
in National Grid or affiliate companies thereof by virtue of their
employment relationship with National Grid or such other companies and
compensation, benefit and severance agreements and arrangements related to
such employment.
TWENTY LARGEST HOLDERS OF CAPITAL STOCKS
15 As of a recent date (indicating such date for each class) give the
following information with respect to the holders of each class of stock
and/or certificates of beneficial interest of the registrant:
(Note: This information is provided (a) as of the most recent practicable
date and (b) for National Grid only. The beneficial holders of share
capital in National Grid Holdings and in each Intermediate Company are
shown in the response to Item 9).
The capital stock of each Intermediate Company is wholly owned by its
immediate parent company(ies).
(a) List the twenty largest holders in accordance with the table below.
The twenty largest holders of the common stock of National Grid as of
June 5, 2000 being the most recent National Grid ordinary share
dividend record date.
National Grid securities can be held by certificate, through dividend
reinvestment plans, through employee investment plans, through
investment
----------
/9/ (Note: By permission of the Staff information in response to this Item
relating to any subsidiary of National Grid Holdings is excluded, except
where such subsidiary and an associate company that is not a direct or
indirect subsidiary of National Grid Holdings are parties to or have
beneficial interests under the existing agreement with respect to future
distributions of securities of any associated company.)
----------
29
<PAGE>
companies, and other street name and nominee accounts. Without
unreasonable expenditure of time and money, National Grid has no way
to determine the number of shares held by each holder of beneficial
interest. Accordingly, National Grid is only able to provide
information as to shares registered with National Grid.
NATIONAL GRID
TWENTY LARGEST HOLDERS OF CAPITAL STOCK
SHAREHOLDERS OF RECORD
AT JUNE 5, 2000
<TABLE>
<CAPTION>
------------------------------------------- -------------------------------------- --------------------------------
Holder Name(s) Number of Shares %
------------------------------------------- -------------------------------------- --------------------------------
<S> <C> <C>
James Capel/ Nominees/ 95,262,344 6.4166
Limited A/C PC
------------------------------------------- -------------------------------------- --------------------------------
Prudential Client HSBC GIS Nominee / UK/ 58,420,731 3.9350
Limited A/C PAC
------------------------------------------- -------------------------------------- --------------------------------
Chase Nominees Limited 57,971,136 3.9048
------------------------------------------- -------------------------------------- --------------------------------
Nutraco Nominees Limited 38,703,693 2.6069
------------------------------------------- -------------------------------------- --------------------------------
RBSTB Nominees Limited 38,582,128 2.5988
------------------------------------------- -------------------------------------- --------------------------------
Stanlife Nominees Limited 32,274,504 2.1739
------------------------------------------- -------------------------------------- --------------------------------
HSBC Global Custody Nominee /UK/ Limited 26,009,572 1.7519
A/C 357206
------------------------------------------- -------------------------------------- --------------------------------
Vidacos Nominees Limited 23,904,332 1.6101
------------------------------------------- -------------------------------------- --------------------------------
Littledown Nominees Limited A/C R 21,534,923 1.4505
------------------------------------------- -------------------------------------- --------------------------------
ABN Amro Equities/UK/ Limited A/c HGREP 20,917,140 1.4089
001
------------------------------------------- -------------------------------------- --------------------------------
BNY Norwich Union Nominees Limited A/C 20,161,929 1.3580
Life
------------------------------------------- -------------------------------------- --------------------------------
Vidacos Nominees Limited 19,270,768 1.2980
A/C BCGN 02
------------------------------------------- -------------------------------------- --------------------------------
The Equitable Life Assurance Society 16,373,058 1.1029
------------------------------------------- -------------------------------------- --------------------------------
Chase Nominees Limited 15,516,113 1.0451
A/C NewtonUT
------------------------------------------- -------------------------------------- --------------------------------
Chase Nominees Limited 11,786,271 0.7938
A/C BGILIFEL
------------------------------------------- -------------------------------------- --------------------------------
HSBC Global Custody Nominee /UK/ Limited 11,427,079 0.7697
A/C 775245
------------------------------------------- -------------------------------------- --------------------------------
30
<PAGE>
------------------------------------------- -------------------------------------- --------------------------------
The Bank of New York/ 10,568,568 0.7118
Nominees Limited
------------------------------------------- -------------------------------------- --------------------------------
Nortrust Nominees Limited 10,528,886 0.7092
A/C SLEND
------------------------------------------- -------------------------------------- --------------------------------
Chase Nominees Limited 9,878,141 0.6653
A/C BGILEND
------------------------------------------- -------------------------------------- --------------------------------
HSBC Global Custody Nominee /UK/ Limited 9,793,378 0.6596
A/C 814410
------------------------------------------- -------------------------------------- --------------------------------
</TABLE>
(b) Number of shareholders of record each holding 1,000 shares or
more, and aggregate number of shares so held.
<TABLE>
<CAPTION>
------------------ ---------------------- ----------------- ----------------------------- -------------------------
Range Number of % Number of Shares %
Holdings
------------------ ---------------------- ----------------- ----------------------------- -------------------------
<S> <C> <C> <C> <C>
1,000 and above 33,308 4.30 1,378,842,851 92.88
------------------ ---------------------- ----------------- ----------------------------- -------------------------
</TABLE>
(c) Number of shareholders of record each holding less than 1,000
shares and the aggregate number of shares so held.
<TABLE>
<CAPTION>
------------------ ---------------------- ----------------- ----------------------------- -------------------------
Range Number of % Number of Shares %
Holdings
------------------ ---------------------- ----------------- ----------------------------- -------------------------
<S> <C> <C> <C> <C>
Less than 1,000 741,677 95.70 105,767,052 7.12
------------------ ---------------------- ----------------- ----------------------------- -------------------------
</TABLE>
OFFICERS, DIRECTORS AND EMPLOYEES
16(a) Positions and Compensation of Officers and Directors.
Give the name and address of each director and officer (including any
person who performs similar functions) of the registrant, of each
subsidiary company thereof, and of each mutual service company which is a
member of the same holding company system. Opposite the name of each such
individual give the title of every such position held by him and briefly
describe each other employment of such individual by each such company./10/
State the present rate of compensation on an annual basis for each director
whose aggregate compensation from all such companies exceeds $1,000 per
year, and of each officer whose aggregate compensation from such companies
is at the rate of $20,000 or more per year. In the event any officer
devotes only part of his time to a company or companies in the system this
fact should be indicated by appropriate footnote. Such compensation for
such part time should be computed on an annual rate and if such annual rate
31
<PAGE>
exceeds $20,000 the actual compensation as well as annual rate should also
be reported./9/
<TABLE>
<CAPTION>
------------------------ ---------------------- --------------------- ------------------------ --------------------------------
Name Address Company/11/ Positions and Present Compensation (Annual
Employment Rate)
------------------------ ---------------------- --------------------- ------------------------ --------------------------------
Omitted by permission of the
Staff
------------------------ ---------------------- --------------------- ------------------------ --------------------------------
<S> <C> <C> <C> <C>
J H Ross London, England The National Grid Chairman
Group plc
------------------------ ---------------------- --------------------- ------------------------ --------------------------------
D H Jones Fordingbridge, The National Grid Chief Executive
England Group plc
------------------------ ---------------------- --------------------- ------------------------ --------------------------------
S J Box Byfield, England The National Grid Finance Director
Group plc
------------------------ ---------------------- --------------------- ------------------------ --------------------------------
R F W Faircloth New London USA The National Grid Non-Executive Director
Group plc
------------------------ ---------------------- --------------------- ------------------------ --------------------------------
W Gerretsen Callington, England The National Grid Regional Director
Group plc Latin America
------------------------ ---------------------- --------------------- ------------------------ --------------------------------
J A M Grant Claverdon, England The National Grid Non-Executive Director
Group plc
------------------------ ---------------------- --------------------- ------------------------ --------------------------------
Professor P L Joskow Brookline, USA The National Grid Non-Executive Director
Group plc
------------------------ ---------------------- --------------------- ------------------------ --------------------------------
R G Reynolds Warwick, England The National Grid Non-Executive Director
Group plc
------------------------ ---------------------- --------------------- ------------------------ --------------------------------
R P Sergel Wellesley, USA The National Grid Regional Director,
Group plc North America
------------------------ ---------------------- --------------------- ------------------------ --------------------------------
R J Urwin Kidderminster, The National Grid Regional Director,
England Group plc Europe
------------------------ ---------------------- --------------------- ------------------------ --------------------------------
D H Jones Fordingbridge, National Grid Chairman
England Holdings Limited
------------------------ ---------------------- --------------------- ------------------------ --------------------------------
S J Box Byfield, England National Grid Director
Holdings Limited
------------------------ ---------------------- --------------------- ------------------------ --------------------------------
W Gerretsen Callington, England National Grid Director
Holdings Limited
------------------------ ---------------------- --------------------- ------------------------ --------------------------------
R J Urwin Kidderminster, National Grid Director
England Holdings Limited
------------------------ ---------------------- --------------------- ------------------------ --------------------------------
D H Jones Fordingbridge, National Grid (US) Chairman
England Holdings Limited
AND National Grid
(US) Investments
------------------------ ---------------------- --------------------- ------------------------ --------------------------------
S J Box Byfield, England National Grid (US) Director
Holdings Limited
AND National Grid
(US) Investments
------------------------ ---------------------- --------------------- ------------------------ --------------------------------
----------
/10/ By permission of the Staff (a) only the name of each officer or
director,the company, and the titles of the positions held are included;
(b) information on the compensation of officers, directors and certain
employees required by Items 16(a) and (b) are excluded; and (c) information
in response to Item 16 relating to any subsidiary of National Grid Holdings
is excluded). Information in response to this Item relating to the National
Grid USA companies and the former EUA companies was supplied to the
Commission in Item 6 to their Annual Reports on Form U5S for the year ended
December 31, 1999. See file numbers 001-003446, filed on May 2, 2000 and
001-05366, filed on May 1, 2000, respectively. Item 6 from each of those
reports is incorporated herein by reference.
/11/ National Grid General Partnership is a partnership and not a company. It is
owned by two partners in the following shares: 26% National Grid Ireland
(1) Limited, 74% National Grid Ireland (2) Limited
----------
32
<PAGE>
------------------------ ---------------------- --------------------- ------------------------ --------------------------------
W Gerretsen Callington, England National Grid (US) Director
Holdings Limited
AND National Grid
(US) Investments
------------------------ ---------------------- --------------------- ------------------------ --------------------------------
R J Urwin Kidderminster, National Grid (US) Director
England Holdings Limited
AND National Grid
(US) Investments
------------------------ ---------------------- --------------------- ------------------------ --------------------------------
F B Smith Crick, England National Grid (US) Director
Holdings Limited
AND National Grid
(US) Investments
------------------------ ---------------------- --------------------- ------------------------ --------------------------------
M D O'Donovan Ashtead, England National Grid (US) Director
Holdings Limited
AND National Grid
(US) Investments
------------------------ ---------------------- --------------------- ------------------------ --------------------------------
S J Box Byfield, England National Grid Director
(Ireland) 1 Limited
AND National Grid
(Ireland) 2 Limited
------------------------ ---------------------- --------------------- ------------------------ --------------------------------
GMAF Harles Luxembourg, GD National Grid Director
Luxembourg (Ireland) 1 Limited
AND National Grid
(Ireland) 2 Limited
------------------------ ---------------------- --------------------- ------------------------ --------------------------------
A R Hill Weston, USA National Grid Director
(Ireland) 1 Limited
AND National Grid
(Ireland) 2 Limited
------------------------ ---------------------- --------------------- ------------------------ --------------------------------
M E Jesanis Hopkinton, USA National Grid Director
(Ireland) 1 Limited
AND National Grid
(Ireland) 2 Limited
------------------------ ---------------------- --------------------- ------------------------ --------------------------------
</TABLE>
(b) Compensation of Certain Employees.
As to regular employees of such companies who are not directors or
officers of any one of them, list the name, address and aggregate
annual rate of compensation of all those who receive $20,000 or more
per year from all such companies.
Omitted by permission of the Staff.
33
<PAGE>
(c) Indebtedness to System Companies.
As to every such director, trustee or officer as aforesaid, who is
indebted to any one of such companies, or on whose behalf any such
company has now outstanding and effective any obligation to assume or
guarantee payment of any indebtedness to another, and whose total
direct and contingent liability to such company exceeds the sum of
$1,000, give the name of such director, trustee, or officer, the name
of such company and describe briefly the nature and amount of such
direct and contingent obligations. /10/
To the knowledge of National Grid's management, no such obligation
exists.
(d) Contracts.
If any such director, trustee or officer as aforesaid:
(1) has an existing contract with any such company (exclusive of an
employment contract which provides for no compensation other than
that set forth in paragraph (a) of this Item); or,
(2) either individually or together with the members of his immediate
family owns, directly or indirectly, 5% or more of the voting
securities of any third person with whom any such company has an
existing contract; or,
(3) has any other beneficial interest in an existing contract to
which any such company is a party;
describe briefly the nature of such contract, the names of the parties
thereto, the terms thereof and the interest of such officer, trustee
or director therein./12/
To the knowledge of National Grid's management, no such contracts
exist.
(e) Banking Connections.
If any such director, trustee or officer, is an executive officer,
director, partner, appointee or representative of any bank, trust
company, investment banker, or banking association or firm, or of any
corporation a majority of whose stock having the unrestricted right to
vote for the election of directors, is owned by any bank, trust
company, investment banker, or banking association or firm, state the
name of such director or officer, describe briefly such other
positions held by him and indicate which of the rules under Section 17
(c) authorises the registrant and subsidiary companies of which he is
a director or officer to retain him in such capacity.
To the knowledge of National Grid's management, none exist.
----------
/12/ National Grid General Partnership is a partnership and not a company. The
interests of the two partners are as follows: 26% National Grid Ireland (1)
Limited, 74% National Grid Ireland (2) Limited.
----------
34
<PAGE>
INTERESTS OF TRUSTEES IN SYSTEM COMPANIES
17 Describe briefly the nature of any substantial interest which any trustee
under indentures executed in connection with any outstanding issue of
securities of the registrant or any subsidiary thereof, has in either the
registrant or such subsidiary, and any claim which any such trustee may
have against registrant or any subsidiary; provided, however, that it shall
not be necessary to include in such description any evidences of
indebtedness owned by such trustee which were issued pursuant to such an
indenture.
(Note: By permission of the Staff information in response to this Item
relating to any subsidiary of National Grid Holdings is excluded.)
To the knowledge of National Grid's management no trustee under indentures
executed in connection with any outstanding issue of securities of National
Grid, National Grid Holdings or National Grid USA or its subsidiaries, has
a substantial interest in, or claim against, National Grid, National Grid
Holdings, the Intermediate Companies or National Grid USA or its
subsidiaries.
SERVICE, SALES AND CONSTRUCTION CONTRACTS
18 As to each service, sales or construction contract (as defined in
paragraphs (19) to (21) of Section 2(a) of the Act) which the registrant
and any subsidiary company thereof has had in effect within the last three
months, describe briefly the nature of such contract, the name and address
of the parties thereto, the dates of execution and expiration, and the
compensation to be paid thereunder. Attach typical forms of any such
contracts as an exhibit to this registration statement. If the other party
to any such contract is a mutual service company or a subsidiary service
company which is a member of the same holding company system as the
registrant and as to which the Commission has made a favourable finding in
accordance with Rule 13-22, specific reference may be made to the
application or declaration filed by such company pursuant to Rule 13-22 and
no further details need be given as to such contracts.
National Grid's Policies and Procedures Manual for Affiliate Transactions
filed as Exhibit B-4 to SEC File No. 70-9473 is incorporated by reference
in full response to this Item. Affiliate relationships are otherwise
disclosed in National Grid USA's Form U5S filed on May 2, 2000 and the Form
U-13-60 filed by New England Power Service Company on May 1, 2000 SEC File
No. 049-00012.
LITIGATION
19 Describe briefly any existing litigation of the following descriptions, to
which the registrant or any subsidiary company thereof is a party, or of
which the property of the registrant or any such subsidiary company is the
subject, including the names of the parties and the court in which such
litigation is pending: /13/
----------
/13/ By permission of the Staff information in response to this Item relating to
any subsidiary of National Grid Holdings is excluded.
----------
35
<PAGE>
(1) Proceedings to enforce or to restrain enforcement of any order of a
State commission or other governmental agency;
Narragansett has appealed a RIPUC order requiring Narragansett to
refund customers approximately US$1.7 million which NEP has refunded
to Narragansett under its transmission tariff. Other parties to the
suit are the RIDIV and The Energy Consortium of Rhode Island. The
action is pending before the Rhode Island Supreme Court.
(2) Proceedings involving any franchise claimed by any such company; To
the knowledge of National Grid's management there are none.
(3) Proceedings between any such company and any holder, in his capacity
as such, of any funded indebtedness or capital stock issued, or
guaranteed by such company, or between any such company and any
officer thereof; To the knowledge of National Grid's management there
are none.
(4) Proceedings in which any such company sues in its capacity as owner of
capital stock or funded indebtedness issued or guaranteed by any other
company; To the knowledge of National Grid's management there are
none.
(5) Each other proceeding in which the matter in controversy, exclusive of
interest and costs, exceeds an amount equal to 2% of the debit
accounts shown on the most recent balance sheet of such company.
(a) From 1983 until 1998, NEP was the wholesale power supplier for
the Town of Norwood, Massachusetts ("Norwood"). In April 1998,
Norwood began taking power from another supplier. Pursuant to a
tariff amendment approved by the FERC in May 1998, NEP has been
assessing Norwood a contract termination change ("CTC"). Through
December 1999, the charges assessed to Norwood amount to
approximately US$15 million, all of which remain unpaid. NEP is
pursuing a collection action in Massachusetts Superior Court.
Separately, Norwood filed suit in Federal District Court
("District Court") in April 1997 alleging that NEP's divestiture
violated the terms of the 1983 power contract and contravened
antitrust laws. The District Court dismissed the lawsuit. On
appeal, the First Circuit Court of Appeals ("First Circuit") also
consolidated appeals Norwood made from FERC orders approving the
divestiture, the wholesale rate settlement between NEP and its
distribution affiliates and the CTC tariff amendment. On February
2, 2000, the First Circuit dismissed Norwood's appeal from the
FERC order and dismissed its appeal from all but one of Norwood's
District Court claims, which relates to the creation of
generation market power. On February 28, 2000, and March 3, 2000,
respectively, the First Circuit denied Norwood's petition for
further review of its District Court claims decision and its
decision on the FERC orders. On May 30, 2000, Norwood petitioned
the US Supreme Court for review of the First Circuit decisions.
36
<PAGE>
Norwood has also appealed a 1999 FERC decision that rejected
Norwood's challenge to the calculation of the CTC based on the
term of the 1983 power contract. On June 12, 2000, Norwood moved
to amend its complaint to reassert a claim for rescission with
respect to NEP's divestiture. NEP has filed a motion to dismiss.
(b) Uses, Inc., the manufacturer of an energy savings device, has
sued Service Company and the Rocky Mountain Institute, d/b/a
E-Source, Inc. (an industry trade publication), for product
disparagement and tortious interference resulting primarily from
E-Source's publication of an article reviewing Use's device in
1997. Uses alleges that Service Company aided and abetted
E-Source in these activities. E-Source, which has recently been
acquired by Financial Times, is the primary defendant in the
case. Uses claims damages of US$19 million. The suit is pending
in U.S. District Court for the District of Conneticut.
EXHIBITS
EXHIBIT A.
Furnish a corporate chart showing graphically relationships existing between the
registrant and all subsidiary companies thereof as of the same date as the
information furnished in the answer to Item 8. The chart should show the
percentage of each class of voting securities of each subsidiary owned by the
registrant and by each subsidiary company.
A corporate chart of the National Grid system is provided under cover of Form
SE.
EXHIBIT B.
With respect to the registrant and each subsidiary company thereof, furnish a
copy of the charter, articles of incorporation, trust agreement, voting trust
agreement, or other fundamental document of organisation, and a copy of its
by-laws, rules and regulations, or other instruments corresponding thereto. If
such documents do not set forth fully the rights, priorities and preferences of
the holders of each class of capital stock described in the answer to Item 8 (b)
and those of the holders of any warrants, options or other securities described
in the answer to Item 8 (d), and of any limitations on such rights, there shall
also be included the text appearing on each certificate, or a copy of each
resolution or other document establishing or defining such rights and
limitations. The text of each such document shall be in the amended form
effective at the date of filing the registration statement or shall be
accompanied by copies of any amendments to it then in effect.
A copy of the Memorandum of Association and Articles of Association of National
Grid Holdings Limited are provided under cover of Form SE.
(Note: By permission of the Staff all other documents called for by this exhibit
requirement are excluded. The documents of organisation related to National Grid
USA and its subsidiaries have previously been provided to the Commission in
response to the requirements of Exhibit B to Form U5S. Similarly, the documents
of
37
<PAGE>
organisation of National Grid have been provided to the Commission previously as
Exhibit A-1 to the merger application (File No. 70-9473). By permission of the
Staff (a) information relating to any subsidiary of National Grid Holdings is
excluded from the exhibit and (b) the documents of organisation of the
Intermediate Companies is excluded and alternative descriptive information is
omitted.)
EXHIBIT C.
(a) With respect to each class of funded debt shown in the answers to
Items 8(a) and 8(c), submit a copy of the indenture or other
fundamental document defining the rights of the holders of such
security, and copy of each contract or other instrument evidencing the
liability of the registrant or a subsidiary company thereof as
endorser or guarantor of such security. Include a copy of each
amendment of such document and of each supplemental agreement,
executed in connection therewith. If there have been any changes of
trustees thereunder, such changes, unless otherwise shown, should be
indicated by notes on the appropriate documents. No such indenture or
other document need be filed in connection with any such issue if the
total amount of securities that are now, or may at any time hereafter,
be issued and outstanding thereunder does not exceed either $1,000,000
or an amount equal to 10% of the total of the debit accounts shown on
the most recent balance sheet of the registrant or subsidiary company
which issued or guaranteed such securities or which is the owner of
property subject to the lien of such securities, whichever of said
sums is the lesser.
The offering circular for the National Grid Equity Plus Income
Convertible securities in the form of 6% mandatorily exchangeable
bonds due 2003 is provided under cover of Form SE.
(b) As to each outstanding and uncompleted contract or agreement entered
into by registrant or any subsidiary company thereof relating to the
acquisition of any securities, utility assets (as defined in Section 2
(a) (18) of the Act), or any other interest in any business, submit a
copy of such contract or agreement and submit details of any
supplementary understandings or arrangements that will assist in
securing an understanding of such transactions.
(Note: By permission of the Staff all documents in response to Exhibit
C related to securities issued by National Grid USA and its
subsidiaries and uncompleted contracts for the acquisition of
securities, utility assets or any other interest in any business are
excluded. By permission of the Staff all such documents relating to
any subsidiary of National Grid Holdings are excluded.)
EXHIBIT D.
A consolidating statement of income and surplus of the registrant and its
subsidiary companies for its last fiscal year ending prior to the date of filing
this registration statement, together with a consolidating balance sheet of the
registrant and its subsidiary companies as of the close of such fiscal year.
38
<PAGE>
(Note: In full response to this exhibit requirement there is provided (1) a
balance sheet and income statement for National Grid reflecting the consolidated
group results (including National Grid USA) in the format used in Form 20-F; (2)
individual balance sheets and income statements for each Intermediate Company in
either Form 20-F format or US GAAP format, and; (3) a consolidated balance sheet
and income statement for National Grid Holdings in Form 20-F format. All
financial statements are as of, or for the year ending, March 31, 2000 and will
include amounts stated in US dollars and amounts stated in UK sterling by way of
a convenience translation based on the exchange rate prevailing at March 31,
2000. By permission of the Staff the financial statements of the subsidiary
companies of National Grid Holdings and those of National Grid USA and its
subsidiaries are excluded).
EXHIBIT E.
For each public utility company and natural gas producing and pipe line property
in the holding company system of the registrant, furnish the following maps
(properties of associate companies operating in contiguous or nearby areas may
be shown on the same map, provided property and service areas of each company
are shown distinctively); provided that all maps shall be filed in paper under
cover of Form SE 259.603 if submitted by an electronic filer.
(1) Map showing service area in which electric service is furnished,
indicating the names of the companies serving contiguous areas;
(2) Electric system map showing location of electric property (exclusive
of local distribution lines) owned and/or operated, and information as
follows:
(a) Generating plants - kind and capacity;
(b) Transmission lines - voltage, number of circuits, kind of
supports, kind and size of conductors;
(c) Transmission substations - capacity.
(d) Distribution substations - capacity.
(e) Points of interconnection with all other electric utility
companies and with all electrical enterprises operated by
municipal or governmental agencies, giving names of such
companies and enterprises;
(3) [not applicable]
(4) [not applicable]
39
<PAGE>
(Note: By permission of the Staff the maps required by this exhibit are
excluded).
EXHIBIT F.
Furnish an accurate copy of each annual report for the last fiscal year ending
prior to the date of the filing of this registration statement, which the
registrant and each subsidiary company thereof has previously submitted to its
stockholders. For companies for which no reports are submitted the reason for
omission should be indicated; provided that electronic filers shall submit such
reports in paper format only under cover of Form SE (259.603).
A copy of the annual report for the year ended March 31, 2000 for National Grid
only is provided in response to this exhibit requirement under cover of Form SE.
EXHIBIT G.
Furnish a copy of each annual report which the registrant and each public
utility subsidiary company thereof shall have filed with any State commission
having jurisdiction to regulate public utility companies for the last fiscal
year ending prior to the date of filing this registration statement. If any such
company shall have filed similar reports with more than one such State
commission, the registrant need file a copy of only one of such reports provided
that notation is made of such fact, giving the names of the different
commissions with which such report was filed, and setting forth any differences
between the copy submitted and the copies filed with such other commissions. In
the event any company submits an annual report to the Federal Power Commission
but not to a State commission, a copy of such report should be furnished. In the
case of a registrant or any public utility subsidiary company for which no
report is appended the reasons for such omission should be indicated such as "No
such reports required or filed;" provided that electronic filers shall submit
such reports in paper format only under cover of Form SE (259.603).
The following copies are provided under cover of Form SE:
Annual Returns to the Massachusetts Department of Telecommunications and Energy
for the year ended December 31, 1999 for
a) Massachusetts Electric Company
b) Nantucket Electric Company
c) New England Hydro-Transmission Electric Company, Inc.
d) New England Power Company.
FERC Form 1: Annual Report of Major Electric Utilities, Licensees and Others for
the year ended December 31, 1999 for
a) Granite State Electric Company
b) Massachusetts Electric Company
c) Nantucket Electric Company
d) The Narragansett Electric Company
e) New England Electric Transmission Corporation
f) New England Hydro-Transmission Corporation
g) New England Hydro-Transmission Electric Company, Inc.
h) New England Power Company.
40
<PAGE>
Applicants file FERC Form 1 with the Rhode Island Public Utilities Commission
and the New Hampshire Public Utilities Commission and these reports have been
excluded in accordance with the Instructions to Exhibit G.
EXHIBIT H.
Typical forms of service, sales or construction contracts described in answer to
Item 18.
The service contract example included in National Grid's Policies and Procedures
Manual for Affiliate Transactions, Exhibit B-4 to SEC File No. 70-9473, is
incorporated by reference in response to this exhibit requirement.
This registration statement comprises:
(a) Pages numbered 1 to 57, consecutively.
(b) The following Exhibits:
41
<PAGE>
INDEX OF EXHIBITS
<TABLE>
<CAPTION>
---------------------------------------------------------- -------------------------------------------------------
EXHIBIT NUMBER DESCRIPTION
---------------------------------------------------------- -------------------------------------------------------
<S> <C>
A Corporate Chart of the National Grid group (Filed under
Form SE).
---------------------------------------------------------- -------------------------------------------------------
B Memorandum of Association and Articles of Association
of National Grid Holdings Limited (Filed under Form SE).
---------------------------------------------------------- -------------------------------------------------------
C Offering circular for the National Grid Equity Plus
Income Convertible Securities (Filed under Form SE).
---------------------------------------------------------- -------------------------------------------------------
D Financial Statements.
---------------------------------------------------------- -------------------------------------------------------
E Omitted by permission of the Staff.
---------------------------------------------------------- -------------------------------------------------------
F Annual Report of National Grid for year ended
March 31, 2000 (Filed under Form SE).
---------------------------------------------------------- -------------------------------------------------------
G Annual Reports to State Commissions and FERC
(Filed under Form SE).
---------------------------------------------------------- -------------------------------------------------------
H Typical forms of service, sales or construction
contracts (Incorporated by reference).
---------------------------------------------------------- -------------------------------------------------------
</TABLE>
42
<PAGE>
SIGNATURE
Pursuant to the requirements of the Public Utility Holding Company Act of 1935,
the registrants have caused this registration statement to be duly signed on
their behalf in the city of Westborough, and Commonwealth of Massachusetts on
the 7th day of July, 2000.
(SEAL)
THE NATIONAL GRID GROUP plc
NATIONAL GRID (US) HOLDINGS LIMITED
NATIONAL GRID (US) INVESTMENTS
NATIONAL GRID (IRELAND) 1 LIMITED
NATIONAL GRID (IRELAND) 2 LIMITED
NATIONAL GRID GENERAL PARTNERSHIP
By /s/ Michael E. Jesanis
----------------------
Michael E. Jesanis
Authorised Representative
Attest:
/s/ Anthony R. Hill
-------------------
Anthony R. Hill
Authorised Representative
VERIFICATION
State of Massachusetts
County of Worcester
The undersigned, being duly sworn, deposes and says that he has duly executed
the attached registration statement dated July 7, 2000, for and on behalf of (a)
The National Grid Group plc, (b) National Grid (US) Holdings Limited, (c)
National Grid (US) Investments (d) National Grid (Ireland) 1 Limited, (e)
National Grid (Ireland) 2 Limited, (f) National Grid General Partnership; that
he is authorised to sign on behalf of the registrants; and that all action by
stockholders, directors, and other bodies necessary to authorise deponent to
execute and file such instrument has been taken. Deponent further says that he
is familiar with such instrument and the contents thereof, and that the facts
therein set forth are true to the best of his knowledge, information and belief.
/s/ Sally Ann Tracy
-------------------
Commission Expires: February 3, 2006
Subscribed and sworn to before me, a notary public this 7th day of July, 2000.
43
<PAGE>
The National Grid Group plc EXHIBIT D
Group Profit and loss account
for the year ended March 31, 2000
<TABLE>
<CAPTION>
(pound)m $m
-------------------------------------------------------------------------------------------- ------------- ---------------
<S> <C> <C>
Turnover, including share of joint ventures 1,677.5 2,684.0
Less: share of joint ventures' turnover (continuing operations) (62.8) (100.5)
-------------------------------------------------------------------------------------------- ------------- ---------------
Group turnover
------------- ---------------
- Continuing operations 1,578.5 2,525.6
- Acquisition 36.2 57.9
------------- ---------------
1,614.7 2,583.5
Operating costs (1,042.6) (1,668.2)
-------------------------------------------------------------------------------------------- ------------- ---------------
Operating profit
------------- ---------------
- Continuing operations 569.4 911.0
- Acquisition 2.7 4.3
------------- ---------------
Operating profit of Group undertakings 572.1 915.3
Share of joint ventures' and associate's operating loss (continuing operations) (33.5) (53.6)
-------------------------------------------------------------------------------------------- ------------- ---------------
Total operating profit
------------- ---------------
- Before goodwill amortisation 546.5 874.4
- Goodwill amortisation (7.9) (12.7)
------------- ---------------
538.6 861.7
Exceptional profit relating to partial disposal of Energis 1,027.3 1,643.7
Net interest (64.9) (103.8)
-------------------------------------------------------------------------------------------- ------------- ---------------
Profit on ordinary activities before taxation 1,501.0 2,401.6
Taxation
------------- ---------------
- Excluding exceptional items (123.1) (196.9)
- Exceptional items (229.5) (367.2)
------------- ---------------
(352.6) (564.1)
-------------------------------------------------------------------------------------------- ------------- ---------------
Profit on ordinary activities after taxation 1,148.4 1,837.5
Dividends (205.5) (328.8)
--------------------------------------------------------------------------------------------- ------------- ---------------
Retained profit 942.9 1,508.7
--------------------------------------------------------------------------------------------- ============= ===============
Reconciliation of profit after taxation to US GAAP
UK GAAP
Profit after taxation, excluding exceptional items 350.6 561.0
Exceptional items after taxation 797.8 1,276.5
--------------------------------------------------------------------------------------------- ------------- ---------------
Net income under UK GAAP 1,148.4 1,837.5
--------------------------------------------------------------------------------------------- ------------- ---------------
Adjustments to conform with US GAAP
Deferred taxation (1.4) (2.2)
Pensions 5.7 9.1
Share option schemes (5.4) (8.6)
Tangible fixed assets - depreciation on reversal of partial release of impairment provision 3.4 5.4
Interest rate and currency swaps 27.9 44.6
Issue costs associated with EPICs (1.8) (2.9)
Carrying value of EPICs liability (115.0) (184.0)
Severance costs (11.3) (18.1)
Goodwill - effect of US GAAP adjustments (0.2) (0.3)
Share of associate's adjustments to conform with US GAAP (40.5) (64.8)
--------------------------------------------------------------------------------------------- ------------- ---------------
Total US GAAP adjustments (138.6) (221.8)
--------------------------------------------------------------------------------------------- ------------- ---------------
Net income under US GAAP 1,009.8 1,615.7
--------------------------------------------------------------------------------------------- ============= ===============
</TABLE>
The profit and loss account is prepared under UK GAAP. The amounts presented
above in US dollars are by way of a convenience translation of UK sterling
figures, based on the exchange rate at March 31, 2000 of $1.6 =(pound)1.
Rate of exchange 1.6
44
<PAGE>
The National Grid Group plc EXHIBIT D
Group balance sheet
at March 31, 2000
<TABLE>
<CAPTION>
(pound)m $m
--------------------------------------------------------------------------------------------- ------------- --------------
<S> <C> <C>
Fixed assets
Intangible assets - goodwill 844.7 1,351.5
Tangible assets 4,938.3 7,901.3
Investments
------------- --------------
Joint ventures
- Share of gross assets 828.6 1,325.7
- Share of gross liabilities (622.7) (996.3)
------------- --------------
Investments in joint ventures 205.9 329.4
Investment in associate 205.8 329.3
Other investments 107.3 171.6
------------- --------------
519.0 830.3
--------------------------------------------------------------------------------------------- ------------- --------------
6,302.0 10,083.1
--------------------------------------------------------------------------------------------- ------------- --------------
Current assets
Stocks 29.3 46.9
Debtors (amounts falling due within one year) 490.1 784.2
Debtors (amounts falling due after one year) 798.3 1,277.3
Assets held for exchange 16.6 26.6
Business held for resale 118.9 190.2
Cash and deposits 1,011.6 1,618.6
--------------------------------------------------------------------------------------------- ------------- --------------
2,464.8 3,943.8
Creditors (amounts falling due within one year)
------------- --------------
Borrowings (669.0) (1,070.4)
Other creditors (1,192.1) (1,907.4)
------------- --------------
(1,861.1) (2,977.8)
--------------------------------------------------------------------------------------------- ------------- --------------
Net current assets 603.7 966.0
--------------------------------------------------------------------------------------------- ------------- --------------
Total assets less current liabilities 6,905.7 11,049.1
Creditors (amounts falling due after more than one year)
------------- --------------
Convertible bonds (469.0) (750.4)
Other borrowings (2,537.2) (4,059.5)
Other creditors (494.0) (790.4)
------------- --------------
(3,500.2) (5,600.3)
Provisions for liabilities and charges (461.4) (738.2)
--------------------------------------------------------------------------------------------- ------------- --------------
Net assets employed 2,944.1 4,710.6
--------------------------------------------------------------------------------------------- ============= ==============
Capital and reserves
Called up share capital 174.7 279.5
Share premium account 274.7 439.5
Profit and loss account 2,459.6 3,935.4
--------------------------------------------------------------------------------------------- ------------- --------------
Equity shareholders' funds 2,909.0 4,654.4
Minority interests
------------- --------------
Equity 22.9 36.7
Non-equity 12.2 19.5
------------- --------------
35.1 56.2
--------------------------------------------------------------------------------------------- ------------- --------------
2,944.1 4,710.6
--------------------------------------------------------------------------------------------- ============= ==============
Reconciliation of shareholders' funds to US GAAP
Shareholders' funds under UK GAAP 2,909.0 4,654.4
Adjustments to conform with US GAAP
------------- --------------
Deferred taxation (916.7) (1,466.7)
Pensions 162.8 260.5
Shares held by employee share trusts (16.3) (26.1)
Ordinary dividends 123.0 196.8
Tangible fixed assets - reversal of partial release of impairment provision (45.0) (72.0)
Interest rate and currency swaps 1.0 1.6
Issue costs associated with EPICs 5.5 8.8
Carrying value of EPICs liability (115.0) (184.0)
Severance liabilities 5.5 8.8
Goodwill - effect of US GAAP adjustments 210.6 337.0
Share of associate's adjustments to conform with US GAAP 21.3 34.1
------------- --------------
Total US GAAP adjustments (563.3) (901.2)
--------------------------------------------------------------------------------------------- ------------- --------------
Shareholders' funds under US GAAP 2,345.7 3,753.2
--------------------------------------------------------------------------------------------- ============= ==============
</TABLE>
The balance sheet is prepared under UK GAAP. The amounts presented above in US
dollars are by way of a convenience translation of UK sterling figures, based on
the exchange rate at March 31, 2000 of $1.6 =(pound)1.
Rate of exchange 1.6
45
<PAGE>
National Grid Holdings Limited EXHIBIT D
Group profit and loss account
for the year ended March 31, 2000
<TABLE>
<CAPTION>
(pound)m $m
-------------------------------------------------------------------------------------------------------- ------------ -----------
<S> <C> <C>
Turnover, including share of joint ventures 1,640.2 2,624.3
Less: share of joint ventures' turnover (continuing operations) (61.7) (98.7)
-------------------------------------------------------------------------------------------------------- ------------ -----------
Group turnover (continuing operations) 1,578.5 2,525.6
Operating costs (1,016.3) (1,626.1)
-------------------------------------------------------------------------------------------------------- ------------ -----------
Operating profit of Group undertakings (continuing operations) 562.2 899.5
Share of joint ventures' and associate's operating loss (continuing operations) (33.7) (53.9)
-------------------------------------------------------------------------------------------------------- ------------ -----------
Total operating profit
------------ -----------
- Before goodwill amortisation 535.1 856.2
- Goodwill amortisation (6.6) (10.6)
------------ -----------
528.5 845.6
Exceptional profit relating to partial disposal of Energis 1,027.3 1,643.7
Net interest (42.5) (68.0)
-------------------------------------------------------------------------------------------------------- ------------ -----------
Profit on ordinary activities before taxation 1,513.3 2,421.3
Taxation
------------ -----------
- Excluding exceptional items (130.5) (208.8)
- Exceptional items (229.5) (367.2)
------------ -----------
(360.0) (576.0)
-------------------------------------------------------------------------------------------------------- ------------ -----------
Profit on ordinary activities after taxation 1,153.3 1,845.3
Minority interests 0.1 0.2
-------------------------------------------------------------------------------------------------------- ------------ -----------
Profit for the year 1,153.4 1,845.5
Dividends (1,113.6) (1,781.8)
-------------------------------------------------------------------------------------------------------- ------------ -----------
Retained profit 39.8 63.7
-------------------------------------------------------------------------------------------------------- ============ ===========
Reconciliation of profit after taxation to US GAAP
UK GAAP
Profit after taxation, excluding exceptional items 355.6 569.0
Exceptional items after taxation 797.8 1,276.5
-------------------------------------------------------------------------------------------------------- ------------ -----------
Net income under UK GAAP 1,153.4 1,845.5
-------------------------------------------------------------------------------------------------------- ------------ -----------
Adjustments to conform with US GAAP
Deferred taxation (32.5) (52.0)
Pensions 5.7 9.1
Share option schemes 13.9 22.2
Tangible fixed assets - depreciation on reversal of partial release of impairment provision 3.4 5.4
Interest rate and currency swaps (4.2) (6.7)
Severance costs (11.3) (18.1)
Share of associate's adjustments to conform with US GAAP (40.5) (64.8)
-------------------------------------------------------------------------------------------------------- ------------ -----------
Total US GAAP adjustments (65.5) (104.9)
-------------------------------------------------------------------------------------------------------- ------------ -----------
Net income under US GAAP 1,087.9 1,740.6
-------------------------------------------------------------------------------------------------------- ============ ===========
</TABLE>
The profit and loss account is prepared under UK GAAP. The amounts presented
above in US dollars are by way of a convenience translation of UK sterling
figures, based on the exchange rate at March 31, 2000 of $1.6 =(pound)1.
Rate of exchange 1.6
46
<PAGE>
National Grid Holdings Limited EXHIBIT D
Group balance sheet
at March 31, 2000
<TABLE>
<CAPTION>
(pound)m $m
------------------------------------------------------------------------------------------- ---------------- ----------------
<S> <C> <C>
Fixed assets
Intangible assets - goodwill 12.4 19.8
Tangible assets 3,257.1 5,211.4
Investments
---------------- ----------------
Joint ventures
- Share of gross assets 502.5 803.9
- Share of gross liabilities (325.2) (520.3)
---------------- ----------------
Investments in joint ventures 177.3 283.6
Investment in associate 205.8 329.3
Other investments 22.2 35.6
---------------- ----------------
405.3 648.5
------------------------------------------------------------------------------------------- ---------------- ----------------
3,674.8 5,879.7
------------------------------------------------------------------------------------------- ---------------- ----------------
Current assets
Stocks 13.1 21.0
Debtors (amounts falling due within one year) 2,153.0 3,444.7
Debtors (amounts falling due after one year) 48.0 76.8
Assets held for exchange 16.6 26.6
Cash and deposits 600.6 961.0
------------------------------------------------------------------------------------------- ---------------- ----------------
2,831.3 4,530.1
Creditors (amounts falling due within one year)
---------------- ----------------
Borrowings (536.2) (857.9)
Other creditors (2,125.5) (3,400.7)
---------------- ----------------
(2,661.7) (4,258.6)
------------------------------------------------------------------------------------------- ---------------- ----------------
Net current assets 169.6 271.5
------------------------------------------------------------------------------------------- ---------------- ----------------
Total assets less current liabilities 3,844.4 6,151.2
Creditors (amounts falling due after more than one year)
---------------- ----------------
Convertible bonds (469.0) (750.4)
Other borrowings (886.4) (1,418.2)
Other creditors (50.3) (80.5)
---------------- ----------------
(1,405.7) (2,249.1)
Provisions for liabilities and charges (38.9) (62.2)
------------------------------------------------------------------------------------------- ---------------- ----------------
Net assets employed 2,399.8 3,839.9
------------------------------------------------------------------------------------------- ================ ================
Capital and reserves
Called up share capital 100.0 160.0
Share premium account 1,873.2 2,997.2
Other reserves (739.6) (1,183.4)
Profit and loss account 1,165.6 1,865.1
------------------------------------------------------------------------------------------- ---------------- ----------------
Equity shareholders' funds 2,399.2 3,838.9
Minority interest - equity 0.6 1.0
------------------------------------------------------------------------------------------- ---------------- ----------------
2,399.8 3,839.9
------------------------------------------------------------------------------------------- ================ ================
Reconciliation of shareholders' funds to US GAAP
Shareholders' funds under UK GAAP 2,399.2 3,838.9
Adjustments to conform with US GAAP
---------------- ----------------
Deferred taxation (734.8) (1,175.7)
Pensions 162.8 260.5
Shares held by employee share trusts (22.2) (35.5)
Accruals relating to employee share schemes 13.4 21.4
Tangible fixed assets - reversal of partial release of impairment provision (45.0) (72.0)
Interest rate and currency swaps (9.9) (15.8)
Severance liabilities 5.5 8.8
Share of associate's adjustments to conform with US GAAP 21.3 34.1
---------------- ----------------
Total US GAAP adjustments (608.9) (974.2)
------------------------------------------------------------------------------------------- ---------------- ----------------
Shareholders' funds under US GAAP 1,790.3 2,864.7
------------------------------------------------------------------------------------------- ================ ================
</TABLE>
The balance sheet is prepared under UK GAAP. The amounts presented above in US
dollars are by way of a convenience translation of UK sterling figures, based on
the exchange rate at March 31, 2000 of $1.6 =(pound)1.
Rate of exchange 1.6
47
<PAGE>
National Grid (US) Holdings Limited EXHIBIT D
Profit and loss account
for the year ended March 31, 2000
<TABLE>
<CAPTION>
(pound)m $m
-------------------------------------------------------------------------- ----------- ------------
<S> <C> <C>
Other operating income 0.8 1.3
-------------------------------------------------------------------------- ----------- ------------
Operating profit (continuing operations) 0.8 1.3
Amounts written off investments (0.1) (0.2)
Net interest 0.1 0.2
-------------------------------------------------------------------------- ----------- ------------
Profit on ordinary activities before taxation 0.8 1.3
Taxation (0.1) (0.2)
-------------------------------------------------------------------------- ----------- ------------
Profit on ordinary activities after taxation retained for the year 0.7 1.1
-------------------------------------------------------------------------- =========== ============
</TABLE>
The amounts presented above in US dollars are by way of a convenience
translation of UK sterling figures, based on the exchange rate at March 31, 2000
of $1.6 =(pound)1.
There are no significant adjustments to net income that would have been required
had US GAAP applied. Consequently, net income under US GAAP is the same as
profit on ordinary activities after taxation as presented above.
Rate of exchange 1.6
48
<PAGE>
National Grid (US) Holdings Limited EXHIBIT D
Balance sheet
at March 31, 2000
<TABLE>
<CAPTION>
(pound)m $m
--------------------------------------------------------------------------------------------- --------------- ---------------
<S> <C> <C>
Fixed assets
Other investments 0.2 0.3
--------------------------------------------------------------------------------------------- --------------- ---------------
0.2 0.3
--------------------------------------------------------------------------------------------- --------------- ---------------
Current assets
Debtors (amounts falling due within one year) 2,505.8 4,009.3
Investments 23.4 37.4
--------------------------------------------------------------------------------------------- --------------- ---------------
2,529.2 4,046.7
Creditors (amounts falling due within one year)
Other creditors (2,528.3) (4,045.3)
--------------------------------------------------------------------------------------------- --------------- ---------------
Net current assets 0.9 1.4
--------------------------------------------------------------------------------------------- --------------- ---------------
Net assets employed 1.1 1.7
--------------------------------------------------------------------------------------------- =============== ===============
Capital and reserves
Called up share capital 0.2 0.3
Share premium account 0.2 0.3
Profit and loss account 0.7 1.1
--------------------------------------------------------------------------------------------- --------------- ---------------
Equity shareholders' funds 1.1 1.7
--------------------------------------------------------------------------------------------- =============== ===============
</TABLE>
The amounts presented above in US dollars are by way of a convenience
translation of UK sterling figures, based on the exchange rate at March 31, 2000
of $1.6 =(pound)1.
There are no significant adjustments to shareholders' equity that would have
been required had US GAAP applied. Consequently, equity shareholders' funds
under US GAAP is the same as presented above.
Rate of exchange 1.6
49
<PAGE>
National Grid (US) Investments EXHIBIT D
Profit and loss account
for the period June 3, 1999 to March 31, 2000
<TABLE>
<CAPTION>
(pound)m $m
--------------------------------------------------------------------------- ------------- --------------
<S> <C> <C>
Net interest (5.4) (8.6)
--------------------------------------------------------------------------- ------------- --------------
Loss on ordinary activities before taxation (5.4) (8.6)
Taxation 1.6 2.6
--------------------------------------------------------------------------- ------------- --------------
Loss on ordinary activities after taxation (3.8) (6.0)
Appropriations in respect of non-equity shares (0.9) (1.4)
--------------------------------------------------------------------------- ------------- --------------
Retained loss (4.7) (7.4)
--------------------------------------------------------------------------- ============= ==============
</TABLE>
The amounts presented above in US dollars are by way of a convenience
translation of UK sterling figures, based on the exchange rate at March 31, 2000
of $1.6 =(pound)1.
There are no significant adjustments to net income that would have been required
had US GAAP applied. Consequently, net income under US GAAP is the same as loss
on ordinary activities after taxation as presented above.
Rate of exchange 1.6
50
<PAGE>
National Grid (US) Investments EXHIBIT D
Balance sheet
at March 31, 2000
<TABLE>
<CAPTION>
(pound)m $m
------------------------------------------------------------------------------------------------ ------------ -----------
<S> <C> <C>
Fixed assets
Other investments 2,500.2 4,000.3
------------------------------------------------------------------------------------------------ ------------ -----------
2,500.2 4,000.3
------------------------------------------------------------------------------------------------ ------------ -----------
Current assets
Debtors (amounts falling due within one year) 1.6 2.6
------------------------------------------------------------------------------------------------ ------------ -----------
1.6 2.6
Creditors (amounts falling due within one year)
Other creditors (2,483.3) (3,973.3)
------------------------------------------------------------------------------------------------ ------------ -----------
Net current liabilities (2,481.7) (3,970.7)
------------------------------------------------------------------------------------------------ ------------ -----------
Net assets employed 18.5 29.6
------------------------------------------------------------------------------------------------ ============ ===========
Capital and reserves
Called up share capital 0.2 0.3
Share premium account 23.4 37.5
Profit and loss account (5.1) (8.2)
------------ -----------
Equity shareholders' funds (4.9) (7.8)
Non-equity shareholders' funds 23.4 37.4
------------ -----------
------------------------------------------------------------------------------------------------ ------------ -----------
Shareholders' funds 18.5 29.6
------------------------------------------------------------------------------------------------ ============ ===========
</TABLE>
The amounts presented above in US dollars are by way of a convenience
translation of UK sterling figures, based on the exchange rate at March 31, 2000
of $1.6 =(pound)1.
There are no significant adjustments to shareholders' equity that would have
been required had US GAAP applied. Consequently, shareholders' funds under US
GAAP is the same as presented above.
Rate of exchange 1.6
51
<PAGE>
National Grid (Ireland) 1 Limited EXHIBIT D
Profit and loss account
for the year ended March 31, 2000
<TABLE>
<CAPTION>
(pound)m $m
------------------------------------------------------------------------------ ----------- ------------
<S> <C> <C>
Dividends receivable 0.3 0.5
Net interest 0.1 0.2
------------------------------------------------------------------------------ ----------- ------------
Profit on ordinary activities before taxation 0.4 0.7
Taxation (0.1) (0.2)
------------------------------------------------------------------------------- ----------- ------------
Profit on ordinary activities after taxation retained for the year 0.3 0.5
------------------------------------------------------------------------------ =========== ============
</TABLE>
The amounts presented above in UK sterling are by way of a convenience
translation of US dollars figures, based on the exchange rate at March 31, 2000
of $1.6 =(pound)1.
There are no significant adjustments to net income that would have been required
had US GAAP applied. Consequently, net income under US GAAP is the same as
profit on ordinary activities after taxation as presented above.
Rate of exchange 1.6
52
<PAGE>
National Grid (Ireland) 1 Limited EXHIBIT D
Balance sheet
at March 31, 2000
<TABLE>
<CAPTION>
(pound)m $m
-------------------------------------------------------------------------------------------- ----------- ----------
<S> <C> <C>
Fixed assets
Other investments 2,500.2 4,000.3
-------------------------------------------------------------------------------------------- ----------- ----------
2,500.2 4,000.3
-------------------------------------------------------------------------------------------- ----------- ----------
Current assets
Debtors (amounts falling due within one year) 0.1 0.2
Cash and deposits 0.3 0.5
-------------------------------------------------------------------------------------------- ----------- ----------
Net current assets 0.4 0.7
-------------------------------------------------------------------------------------------- ----------- ----------
Net assets employed 2,500.6 4,001.0
-------------------------------------------------------------------------------------------- =========== ==========
Capital and reserves
Called up share capital 31.3 50.1
Share premium account 2,469.0 3,950.4
Profit and loss account 0.3 0.5
----------- ----------
Equity shareholders' funds 650.4 1,040.7
Non-equity shareholders' funds 1,850.2 2,960.3
----------- ----------
-------------------------------------------------------------------------------------------- ----------- ----------
Shareholders' funds 2,500.6 4,001.0
-------------------------------------------------------------------------------------------- =========== ==========
</TABLE>
The amounts presented above in UK sterling are by way of a convenience
translation of US dollars figures, based on the exchange rate at March 31, 2000
of $1.6 =(pound)1.
There are no significant adjustments to shareholders' equity that would have
been required had US GAAP applied. Consequently, shareholders' funds under US
GAAP is the same as presented above.
Rate of exchange 1.6
53
<PAGE>
National Grid (Ireland) 2 Limited EXHIBIT D
Profit and loss account
for the year ended March 31, 2000
<TABLE>
<CAPTION>
(pound)m $m
------------------------------------------------------------------------------ ----------- ------------
<S> <C> <C>
Net interest 0.2 0.3
------------------------------------------------------------------------------ ----------- ------------
Profit on ordinary activities before and after taxation retained for the year 0.2 0.3
------------------------------------------------------------------------------ =========== ============
</TABLE>
The amounts presented above in UK sterling are by way of a convenience
translation of US dollars figures, based on the exchange rate at March 31, 2000
of $1.6 =(pound)1.
There are no significant adjustments to net income that would have been required
had US GAAP applied. Consequently, net income under US GAAP is the same as
profit on ordinary activities after taxation as presented above.
Rate of exchange 1.6
54
<PAGE>
National Grid (Ireland) 2 Limited EXHIBIT D
Balance sheet
at March 31, 2000
<TABLE>
<CAPTION>
(pound)m $m
--------------------------------------------------------------------------------------------- ---------- -----------
<S> <C> <C>
Fixed assets
Other investments 1,850.2 2,960.3
--------------------------------------------------------------------------------------------- ---------- -----------
1,850.2 2,960.3
--------------------------------------------------------------------------------------------- ---------- -----------
Current assets
Debtors (amounts falling due within one year) 0.2 0.3
--------------------------------------------------------------------------------------------- ---------- -----------
Net assets employed 1,850.4 2,960.6
--------------------------------------------------------------------------------------------- ========== ===========
Capital and reserves
Called up share capital 23.3 37.3
Share premium account 1,826.9 2,923.0
Profit and loss account 0.2 0.3
--------------------------------------------------------------------------------------------- ---------- -----------
Equity shareholders' funds 1,850.4 2,960.6
--------------------------------------------------------------------------------------------- ========== ===========
</TABLE>
The amounts presented above in UK sterling are by way of a convenience
translation of US dollars figures, based on the exchange rate at March 31, 2000
of $1.6 =(pound)1.
There are no significant adjustments to shareholders' equity that would have
been required had US GAAP applied. Consequently, equity shareholders' funds
under US GAAP is the same as presented above.
Rate of exchange 1.6
55
<PAGE>
National Grid General Partnership EXHIBIT D
Profit and loss account
for the period July 16, 1999 to March 31, 2000
<TABLE>
<CAPTION>
(pound)m $m
----------------------------------------------------------------------------- ------------- -----------
<S> <C> <C>
Net interest (3.5) (5.6)
----------------------------------------------------------------------------- ------------- -----------
Loss on ordinary activities before and after taxation retained for the year (3.5) (5.6)
----------------------------------------------------------------------------- ============= ===========
</TABLE>
The amounts presented above in UK sterling are by way of a convenience
translation of US dollars figures, based on the exchange rate at March 31, 2000
of $1.6 =(pound)1.
There are no significant adjustments to net income that would have been required
had US GAAP applied. Consequently, net income under US GAAP is the same as loss
on ordinary activities after taxation as presented above.
Rate of exchange 1.6
56
<PAGE>
National Grid General Partnership EXHIBIT D
Balance sheet
at March 31, 2000
<TABLE>
<CAPTION>
(pound)m $m
------------------------------------------------------------------------------------------------- ---------- ------------
<S> <C> <C>
Fixed assets
Other investments 2,500.2 4,000.3
------------------------------------------------------------------------------------------------- ---------- ------------
2,500.2 4,000.3
------------------------------------------------------------------------------------------------- ---------- ------------
Creditors (amounts falling due within one year)
Other creditors (1,678.5) (2,685.6)
------------------------------------------------------------------------------------------------- ---------- ------------
Net assets employed 821.7 1,314.7
------------------------------------------------------------------------------------------------- ========== ============
Capital and reserves
Partnership capital 825.2 1,320.3
Profit and loss account (3.5) (5.6)
------------------------------------------------------------------------------------------------- ---------- ------------
Partners' funds 821.7 1,314.7
------------------------------------------------------------------------------------------------- ========== ============
</TABLE>
The amounts presented above in UK sterling are by way of a convenience
translation of US dollars figures, based on the exchange rate at March 31, 2000
of $1.6 =(pound)1.
There are no significant adjustments to partners' funds that would have been
required had US GAAP applied. Consequently, partners' funds under US GAAP is the
same as presented above.
Rate of exchange 1.6
57
