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NATIONAL GRID USA AND SUBSIDIARIES
Statements of Consolidated Income
Periods Ended September 30, 2000
(expressed in millions, rounded to hundred thousands of dollars)
(Unaudited, subject to adjustment)
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Quarter Six Months
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Operating revenue $776.0 $1,460.0
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Operating expenses:
Fuel for generation 4.3 9.9
Purchased electric energy 401.7 731.3
Other operation 142.3 276.8
Maintenance 21.9 43.5
Depreciation and amortization 57.5 113.1
Taxes, other than income taxes 33.4 65.2
Income taxes 40.1 85.0
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Total operating expenses 701.2 1,324.8
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Operating income 74.8 135.2
Other income:
Equity in income of generating companies 1.9 2.8
Amortization of goodwill (25.5) (50.4)
Other income (expense), net 3.6 12.4
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Operating and other income 54.8 100.0
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Interest:
Interest on long-term debt 18.5 36.9
Other interest 5.9 11.4
Allowance for borrowed funds used
during construction (0.3) (0.8)
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Total interest 24.1 47.5
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Income after interest 30.7 52.5
Preferred dividends of subsidiaries 0.7 1.4
Minority interests 1.4 2.7
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Net income $ 28.6 $ 48.4
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