National Grid 2008 Annual Report Download - page 708

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 19132
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: 180
Description: EXHIBIT 15.1
0/5376.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/376/5*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 19132
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: 180 Description: EXHIBIT 15.1
0/5376.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/376/5*
Table of Contents
188
Definitions and
g
lossar
y
of terms continued
National Grid plc
O
Ofgem
The UK Office of Gas and Electricity
Markets, part of the UK Gas and Electricity
Markets Authority (GEMA), which regulates
the ener
gy
markets in the UK.
OSHA
The Occupational Safety & Health
Administration, the main federal agency
charged with the enforcement of safety and
health legislation in the US.
ordinary
shares
Voting shares entitling the holder to part-
ownership of a company. Also known as
common stock. National Grid’s ordinary
shares have a nominal value of 11
17
/
43
pence.
P
Personal
Lifetime
Allowance
The lifetime allowance applicable to
individuals who registered their pre-6
April 2006 UK pension benefits for
protection.
provision
A liability of uncertain timing or amount,
arising from a past event, that has not yet
become due for payment.
purchase
accounting
The accounting process of aligning the
accountin
g
policies of an acquired business
with those of National Grid and of adjustin
g
the carrying value of assets and liabilities
acquired from their previous accounting
book value to their fair values at the date
control was acquired by National Grid.
PWh
Petawatt hour, being an amount of energy
equal to delivering 1 billion watts of power
for 1 million hours.
S
scm
Standard cubic metre, a quantity of gas
which at 15°C and atmospheric pressure
(1.013 bar) occupies the volume of 1m
3
.
SEC
The US Securities and Exchange
Commission, the financial regulator for
companies with registered securities in the
US, including National Grid and certain of
its subsidiaries.
share
premium
The difference between the amounts
shares are issued for and the nominal value
of those shares.
subsidiary
A company or other entity that is controlled
by National Grid.
T
therm An amount of energy equal to 10,000
British Thermal Units (BTUs), equivalent to
approximately 29.3 kWh, primarily used to
measure natural
g
as.
trade
payables
Amounts invoiced by suppliers for services
received for which payment has yet to be
made.
trade
receivables
Amounts billed to customers for services
provided for which payment has yet to be
received.
treasury
shares
Shares that have been repurchased but not
cancelled.
tonne
A unit of mass equal to 1,000 kilograms,
equivalent to approximately 2,205 pounds.
tonnes CO
2
equivalent
A measure of greenhouse gas emissions in
terms of the equivalent amount of carbon
dioxide.
TWh
Terawatt hours, being an amount of energy
equal to delivering 1 billion watts of power
for 1,000 hours.
U
UK
The United Kingdom, comprising England,
Wales, Scotland and Northern Ireland.
UK GAAP Generally accepted accountin
g
principles in
the UK. These differ from IFRS and from
US GAAP.
Uniform
Network
Code
The le
g
al and contractual framework for the
supply and transport of gas in the UK,
comprising a common set of rules for all
industry participants which ensure
competition can be facilitated on level
terms.
US The United States of America.
US GAAP
Generally accepted accountin
g
principles in
the US. These differ from IFRS and from
UK GAAP.