National Grid 2008 Annual Report Download - page 526

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 28253
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-15.1, Doc: 16, Page: 13
Description: EXHIBIT 15.1
0/17209.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/209/17*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 28253
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-15.1, Doc: 16, Page: 13 Description: EXHIBIT 15.1
0/17209.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/209/17*
Table of Contents
Annual Report and Accounts 2007/08
21
History
The history of the operations we now own dates back much further than the dates listed above. In the UK, the first national electricity
transmission network became operational in 1938, while the first national gas company commenced operations in 1812. In the US,
the first electricity distribution operations in areas we now serve date back to 1896 in Buffalo, New York, while the earliest gas
distribution network started in 1823 in Boston, Massachusetts.
Corporate structure
The following is a simplified diagram of our corporate
structure and excludes most intermediate holding
companies.
The majority of our operating subsidiary companies trade
under the National Grid name. The above diagram excludes
the Ravenswood generation station that we have agreed to
sell, which is a discontinued operation.
History
National Grid originated from the restructurings of the UK
gas industry in 1986 and the UK electricity industry in 1990.
We entered the US electricity delivery market in 2000 in New
England and expanded into upstate New York in 2002. We
substantially increased our UK wireless infrastructure
activities in 2004 and in 2005 we sold four UK regional gas
distribution networks.
In 2006, we acquired from Southern Union Company its gas
distribution network in Rhode Island and in 2007 we acquired
KeySpan Corporation, expanding our interests in the US
substantially. Also in 2007 we completed the sales of our UK
and US wireless infrastructure operations and of the Basslink
electricity interconnector in Australia, in line with our strate
g
y
to focus on our core energy infrastructure markets in the UK
and the US.
On 31 March 2008 we announced that we had reached an
agreement to sell the Ravenswood generation station.
Ke
y
milestones
1986
British Gas incorporated as a public limited
com
p
an
y
.
1990
Electricity transmission network in England
and Wales transferred to National Grid on
electricit
y
p
rivatisation.
1995
National Grid listed on the London Stock
Exchan
g
e.
1997 British Gas
(
BG
)
demer
g
ed Centrica.
1997 National Grid demer
g
ed Ener
g
is.
2000
Lattice Group demerged from BG and listed
se
p
aratel
y
.
2000
New England Electric System and Eastern
Utilities Associates acquired by National
Grid.
2002
Niagara Mohawk Power Corporation merged
with National Grid’s US o
p
erations.
2002
Merger of National Grid and Lattice Group to
form National Grid Transco.
2004
Acquisition of UK wireless infrastructure
network from Crown Castle International
Cor
p
.
2005 Sales of four UK regional gas distribution
networks.
2005 Ado
p
tion of National Grid as our name.
2006
Acquisition of Rhode Island gas distribution
network.
2006
Announcement of new strategy, including
our decision to focus on core energy
markets in the UK and US.
2007
Sales of UK and US wireless infrastructure
operations and of the Basslink electricity
interconnector in Australia.
2007 Ac
q
uisition of Ke
y
S
p
an Cor
p
oration.
2008 Agreement reached to sell the Ravenswood
g
eneration station.