National Grid 2008 Annual Report Download - page 8

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 26083
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: 20-F, Doc: 1, Page: 2
1/1002.00.00.00Y59930BNY
[A/E] EDGAR 2 *Y59930/002/1*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 26083
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: 20-F, Doc: 1, Page: 2
1/1002.00.00.00Y59930BNY
[A/E] EDGAR 2 *Y59930/002/1*
Table of Contents
As used in this Annual Report, unless the context requires otherwise,
“National Grid”, the “Company”, “we”, “us” or “our” refers to National Grid plc and its subsidiaries.
Cautionary Statement
This Annual Report on Form 20-F contains certain statements that are neither reported financial results nor other
historical information. These statements are forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These
statements include information with respect to our financial condition, our results of operations and businesses,
strategy, plans and objectives. Words such as “anticipates”, “expects”, “intends”, “plans”, “believes”, “seeks”,
“estimates”, “may”, “will”, “continue”, “project” and similar expressions, as well as statements in the future tense,
identify forward-looking statements. These forward-looking statements are not guarantees of our future performance
and are subject to assumptions, risks and uncertainties that could cause actual future results to differ materially from
those expressed in or implied by such forward-looking statements. Many of these assumptions, risks and
uncertainties relate to factors that are beyond our ability to control or estimate precisely, such as delays in obtaining
or adverse conditions contained in regulatory approvals and contractual consents, unseasonable weather affecting
demand for electricity and gas; competition and industry restructuring; changes in economic conditions; currency
fluctuations; changes in interest and tax rates; changes in energy market prices; changes in historical weather
patterns; changes in laws, regulations or regulatory policies; developments in legal or public policy doctrines; the
impact of changes to accounting standards; and technological developments. Other factors that could cause actual
results to differ materially from those described in this report include: the ability to integrate the businesses relating
to announced acquisitions with our existing business to realise the expected synergies from such integration; the
availability of new acquisition opportunities and the timing and success of future acquisition opportunities; the
timing and success or other impact of the sales of our non-core businesses; the failure for any reason to achieve
reductions in costs or to achieve operational efficiencies; the failure to retain key management; the behaviour of UK
electricity market participants on system balancing; the timing of amendments in prices to shippers in the UK gas
market; the performance of our pension schemes and the regulatory treatment of pension costs; and any adverse
consequences arising from outages on or otherwise affecting energy networks, including gas pipelines, which we
own or operate. For a more detailed description of these assumptions, risks and uncertainties, together with any other
risk factors, please see Items 3 and 5 of this report (and in particular “Risk factors” under Item 3). Readers are
cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this
report. Except as required by law, we do not undertake any obligation to revise these forward-looking statements to
reflect events or circumstances after the date of this report. The effects of these factors are difficult to predict. New
factors emerge from time to time and we cannot assess the potential impact of any such factor on our activities or the
extent to which any factor, or combination of factors, may cause results to differ materially from those contained in
any forward-looking statement.
The inclusion of our website address in this annual report does not, and is not intended to, incorporate the
contents of our website into this report and such information does not constitute part of this annual report.
i