National Grid 2008 Annual Report Download - page 685

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 3067
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: 158
Description: EXHIBIT 15.1
0/6354.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/354/6*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 3067
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: 158 Description: EXHIBIT 15.1
0/6354.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/354/6*
Table of Contents
166
Notes to the consolidated financial statements continued
National Grid plc
34. Commodity risk continued
A sensitivity analysis has been prepared on the basis that all commodity contracts are constant from the balance
sheet date. Based on this, an illustrative 10% movement in commodity prices would have the following impacts
after the effects of tax:
The income statement sensitivities will impact commodity remeasurements.
35. Bonds and facilities
The table below shows our significant bonds in issue, being £50m notional value or greater. Unless otherwise indicated, these
instruments were outstanding at both 31 March 2008 and 31 March 2007.
2008 2007
Income Other equit
y
Income Other equity
statement reserves statement reserves
£m £m £m £m
10% increase in commodit
y
p
rices 25
(
1
)
10
–
10% reduction in commodity prices (22) 1 (10) –
Issuer Original Notional Value Description of instrument Due
Bonds
British Transco Finance Inc. USD 300m 6.625% Fixed Rate 2018
British Transco International Finance BV FRF 2,000m 5.125% Fixed Rate 2009
USD 1,500m Zero Cou
p
on Bond 2021
Brooklyn Union Gas Company (i) USD 153m NYSERDA 4.7% GFRB’s Series 1996 2021
USD 400m KEDNY 5.6% Senior Unsecured Note 2016
Ke
y
S
p
an Cor
p
oration
(
i
)
USD 700m Ke
y
S
p
an MTN 7.625% 2010
USD 250m KeySpan MTN 8.00% 2030
USD 160m Ke
y
S
p
an 4.9% Notes 2008
USD 307m Ke
y
S
p
an 5.803% Notes 2035
USD 150m Ke
y
S
p
an 4.65% Notes 2013
USD 150m KeySpan 5.875% Notes 2033
Ke
y
S
p
an Gas East Cor
p
oration
(
i
)
USD 400m Ke
y
S
p
an 7.875% Gas East MTN Pro
g
ram 2010
(National Grid Energy Delivery Long Island) USD 100m KEDLI 5.6% Senior Unsecured Note 2016
Ke
y
S
p
an Ravenswood LLC
(
i
)
USD 412m Ravenswood Master Lease Notes 2009
National Grid Electricit
y
Transmission
p
lc EUR 600m 4.125% Fixed Rate 2008
GBP 250m 4.75% Fixed Rate 2010
GBP 300m 2.983% Guaranteed Retail Price Inde
x
-Linked 2018
GBP 220m 3.806% Retail Price Index-Linked 2020
GBP 450m 5.875% Fixed Rate 2024
GBP 360m 6.5% Fixed Rate 2028
GBP 70m 3.589% Limited Retail Price Index-Linked 2030
GBP 50m 2.817% Guaranteed Limited Retail Price Index-Linked 2032
GBP 75m 5.0% Fixed Rate 2035
GBP 50m 2.2280% Retail Price Inde
x
-Linked 2035
GBP 75m 2.0353% Retail Price Inde
x
-Linked 2035
GBP 50m 1.8204% Retail Price Inde
x
-Linked 2035
JPY 10,000m Callable Fixed Rate Notes 2035
GBP 200m 1.6449% Retail Price Inde
x
-Linked 2036
GBP 50m 1.6747% Retail Price Inde
x
-Linked 2036
GBP 50m 1.819% Retail Price Index-Linked 2056
GBP 150m 1.823% Retail Price Index-Linked 2056
GBP 50m 1.797% Retail Price Index-Linked 2056
GBP 50m 1.6574% Retail Price Inde
x
-Linked 2056
GBP 50m 1.8055% Index-Linked
(
ii
)
2039
GBP 150m 1.8575% Index-Linked (ii) 2039