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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Stockholder and Board of Directors of National Grid USA:
In our opinion, the accompanying consolidated balance sheets and the related consolidated state-
ments of income, of comprehensive income, of retained earnings and of cash flows present fairly,
in all material respects, the financial position of National Grid USA and its subsidiaries at March
31, 2005 and 2004, and the results of their operations and their cash flows for each of the three
years in the period ended March 31, 2005 in conformity with accounting principles generally
accepted in the United States of America. These financial statements are the responsibility of the
Company’s management. Our responsibility is to express an opinion on these financial statements
based on our audits. We conducted our audits of these statements in accordance with the stan-
dards of the Public Company Accounting Oversight Board (United States). Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and evaluating the
overall financial statement presentation. We believe that our audits provide a reasonable basis for
our opinion.
PricewaterhouseCoopers LLP
Boston, Massachusetts
May 18, 2005, except for the NEP section of Note B and the Town of Norwood Dispute section of Note C, as to which the
dates are June 9, 2005 and July 22, 2005, respectively
25
National Grid USA / Annual Report