National Grid 2008 Annual Report Download - page 294

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 5383
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-2.B.6.1, Doc: 6, Page: 88
Description: EXH 2(B).6.1
0/2692.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/692/2*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 5383
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-2.B.6.1, Doc: 6, Page: 88 Description: EXH 2(B).6.1
0/2692.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/692/2*
NATIONAL GRID USA AND SUBSIDIARY COMPANIES
Consolidated Statements of Income
(In thousands of dollars)
The accompanying notes are an integral part of these consolidated financial statements.
F-3
For the years ended
March 31,
2007 2006
Operating revenues:
Electric $ 6,944,416 $ 7,141,941
Gas 1,217,947 1,037,081
Total operating revenues 8,162,363 8,179,022
Operating expenses:
Purchased ener
gy
:
Electricity purchased 3,483,915 3,544,029
Gas purchased 814,868 741,419
Contract termination char
g
es and nuclear unit shutdown char
g
es 63,845 73,364
Other operation and maintenance 1,691,596 1,440,325
De
p
reciation and amortization 410,997 387,673
Amortization of stranded costs and rate plan deferrals 455,632 532,987
Other taxes 342,668 323,974
Income taxes 187,966 319,232
Total operating expenses 7,451,487 7,363,003
Operating income 710,876 816,019
Other deductions, net (3,891) (13,542)
Operating and other deductions 706,985 802,477
Interest
(
income
)
ex
p
ense:
Interest on long-term debt 138,573 172,629
Interest income (32,254) (14,476)
Interest on debt to associated com
p
anies 96,479 58,676
Other interest 42,310 25,959
Total interest expense, net 245,108 242,788
Net income from continuin
g
o
p
erations 461,877 559,689
Discontinued o
p
erations:
Income from discontinued operations, net of tax of $10,641 and $2,668 11,717 2,376
Goodwill im
p
airment
(
120,204
)
—
Net income
(
loss
)
from discontinued o
p
erations
(
108,487
)
2,376
Net income $ 353,390 $ 562,065