National Grid 2006 Annual Report Download - page 4

Download and view the complete annual report

Please find page 4 of the 2006 National Grid annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 67

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67

THE COMPANY
The following is only a summary and is not intended to be a comprehensive description of
National Grid USA (the Company) or the activities of its subsidiaries. For further information
about National Grid USA, please see National Grid plc’s Annual Report and Accounts 2005/06,
available at www.nationalgrid.com, or as part of National Grid plc’s Annual Report on Form 20-F
for fiscal year ended March 31, 2006 and other reports filed with the US Securities and Exchange
Commission (the SEC). The Company’s subsidiary, Niagara Mohawk Power Corporation also files
reports with the SEC. These documents are not incorporated by reference.
National Grid USA is a Delaware corporation and an indirect wholly owned subsidiary of National
Grid plc (National Grid). National Grid plc (formerly National Grid Transco plc), is an international
network utility company with electricity and gas transmission and distribution interests in the UK
and the US.
Prior to its acquisition by National Grid in 2000, National Grid USA was known as New England
Electric System. The Company expanded its operations with the acquisitions of Eastern Utilities
Associates in 2000 and Niagara Mohawk Holdings, Inc. in 2002.
National Grid USA is the holding company for National Grid’s US operations. The activities of the
principal operating companies are summarized in the table below.
Company and service area Calendar 2006 Customer Base Fiscal 2006 Financial information
(approximately) (before intercompany eliminations)
($’s in 000’s)
Niagara Mohawk
Power Corporation
Electricity and gas distribution 1.6 million electric customers in Operating Revenue: $ 4,344,023
and electricity transmission 669 cities and towns Operating Profit: 549,676
company serving eastern, central, 569,000 gas customers in Net Income: 317,076
northern and western New York 197 cities and towns Total Assets: 12,280,968
Massachusetts Electric Company
Electricity distribution company 1.2 million customers in 171 Operating Revenue: $ 2,317,645
serving customers throughout cities and towns Operating Profit: 116,580
Massachusetts Net Income: 91,804
Total Assets: 3,449,889
The Narragansett
Electric Company
Electricity distribution company 479,000 customers in 38 cities Operating Revenue: $ 954,493
serving the state of Rhode Island and towns Operating Profit: 60,325
Net Income: 50,544
Total Assets: 1,725,544
Granite State Electric Company
Electricity distribution company 41,000 customers in Operating Revenue: $ 80,636
serving Southern New Hampshire 21 communities Operating Profit: 8,605
and portions of the Connecticut Net Income: 7,384
River Valley Total Assets: 115,612
4
National Grid USA / Annual Report