National Grid 2014 Annual Report Download - page 148

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32. Subsidiary undertakings, joint ventures and associates
While we present consolidated results in these financial statements as if we were one company, our legal structure is such that there
are a number of different operating and holding companies that contribute to the overall result. This structure has evolved through
acquisitions as well as regulatory requirements to have certain activities within separate legal entities.
Principal subsidiary undertakings
The principal subsidiary undertakings included in the consolidated financial statements at 31 March 2014 are listed below. These
undertakings are wholly owned and, unless otherwise indicated, are incorporated in England and Wales.
Principal activity
National Grid Gas plc Transmission and distribution of gas
National Grid Electricity Transmission plc Transmission of electricity
New England Power Company1Transmission of electricity
Massachusetts Electric Company1 Distribution of electricity
The Narragansett Electric Company1Transmission and distribution of electricity
Niagara Mohawk Power Corporation1Transmission of electricity and distribution of electricity and gas
National Grid Metering Limited Metering services
National Grid Grain LNG Limited LNG importation and storage
National Grid Interconnectors Limited Electricity interconnector operator
Boston Gas Company1Distribution of gas
National Grid Generation LLC1Generation of electricity
KeySpan Gas East Corporation1Distribution of gas
The Brooklyn Union Gas Company1Distribution of gas
NGG Finance plc Financing
National Grid Property Holdings Limited Property services
National Grid Holdings One plc Holding company
Lattice Group plc Holding company
National Grid USA1Holding company
Niagara Mohawk Holdings, Inc.1Holding company
National Grid Commercial Holdings Limited Holding company
National Grid Holdings Limited Holding company
KeySpan Corporation1Holding company
National Grid North America Inc.1Holding company
British Transco Finance Inc.1Financing
British Transco International Finance BV (incorporated in the Netherlands) Financing
1. Incorporated in the US.
Principal joint ventures and associates
The principal joint ventures and associated undertakings included in the financial statements at 31 March 2014 are listed below. These
undertakings are incorporated in England and Wales (unless otherwise indicated).
% of ordinary
shares held Principal activity
BritNed Development Limited 50 UK-Netherlands interconnector
NGET/SPT Upgrades Limited 50 England-Scotland interconnector
Millennium Pipeline Company, LLC126.25 Transmission of gas
Iroquois Gas Transmission System, L.P.120.4 Transmission of gas
1. Incorporated in the US.
The Group comprises a large number of entities and it is not practical to include all of them in this list. This list therefore includes brief details
for those principal companies which in the Directors’ opinion have a significant impact on the revenue, profit or assets of the Group. A full
list of subsidiaries, joint ventures and associates is annexed to the Company’s Annual Return filed with the Registrar of Companies.
Our interests and activities are held or operated through subsidiaries, branches, joint arrangements or associates established in, and
subject to the laws and regulations of, a number of different jurisdictions.
Notes to the consolidated
financial statements continued
146 National Grid Annual Report and Accounts 2013/14