<PAGE>NATIONAL GRID USA AND SUBSIDIARIES
Consolidated Balance Sheet
At March 31, 2000
(Unaudited)
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ASSETS
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(In Thousands)
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Utility plant, at original cost $4,390,625
Less accumulated provisions for depreciation and amortization
1,876,374
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2,514,251
Construction work in progress 50,894
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Net utility plant 2,565,145
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Investments:
Nuclear power companies, at equity 45,966
Decommissioning trust funds 36,279
Other investments, at cost 176,391
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Total investments 258,636
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Current assets:
Cash 321,932
Accounts receivable, less reserves of $15,353,000
and unbilled revenues 310,637
Notes and interest receivable from affiliates 620,783
Fuel, materials, and supplies, at average cost 25,886
Prepaid and other current assets 10,071
Asset held for sale - AllEnergy 190,253
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Total current assets 1,479,562
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Regulatory assets 1,358,305
Goodwill, net of amortization 1,668,178
Deferred charges and other assets 311,693
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$7,641,519
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CAPITALIZATION AND LIABILITIES
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Capitalization:
Common share equity:
Common shares, par value $1 per share $ 59,355
Paid-in capital 3,978,561
Retained earnings 2,171
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Total common equity 4,040,087
Minority interests in consolidated subsidiaries 35,842
Cumulative preferred stock of subsidiaries 19,480
Long-term debt 1,009,712
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Total capitalization 5,105,121
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Current liabilities:
Long-term debt due within one year 47,009
Short-term debt 38,500
Accounts payable 192,484
Accrued taxes 45,180
Accrued interest 13,533
Dividends payable 37,137
Purchased power contract buyout payable 118,720
Other current liabilities 127,778
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Total current liabilities 620,341
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Deferred federal and state income taxes 452,084
Unamortized investment tax credits 52,512
Accrued Yankee companies' nuclear plant costs 268,855
Purchased power obligations 568,070
Other reserves and deferred credits 574,536
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$7,641,519
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