National Grid 2014 Annual Report Download - page 193

Strategic Report Corporate Governance Financial Statements Additional Information
RPI
The UK retail price index as published by the Office for
NationalStatistics.
S
Scope 1 emissions
Scope 1 emissions are direct greenhouse gas emissions that
occur from sources that are owned or controlled by the Company,
for example, emissions from combustion in owned or controlled
boilers, furnaces, vehicles, etc.
Scope 2 emissions
Scope 2 emissions are greenhouse gas emissions from the
generation of purchased electricity consumed by the Company.
Purchased electricity is defined as electricity that is purchased
orotherwise brought into the organisational boundary of the
Company. Scope 2 emissions physically occur at the facility
whereelectricity is generated.
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.
SF6
Sulphur hexafluoride, an inorganic, colourless, odourless and
non-flammable greenhouse gas. SF6 is used in the electrical
industry as a gaseous dielectric medium for high voltage circuit
breakers, switchgear and other electrical equipment. The Kyoto
protocol estimated that the global warming potential over 100
years of SF6 is 23,900 times more potent than that of CO2.
share premium
The difference between the amount shares are issued for and the
nominal value of those shares.
standard cubic metre
A quantity of gas which at 15°C and atmospheric pressure
(1.013bar) occupies the volume of 1m3.
stranded cost recoveries
The recovery of historical generation-related costs in the US,
related to generation assets that are no longer owned by us.
STEM
Science, technology, engineering and mathematics; the Company
is currently looking to recruit people with skills in these subjects.
subsidiary
A company or other entity that is controlled by National Grid.
swaption
A swaption gives the buyer, in exchange for an option premium,
the right, but not the obligation, to enter into an interest rate swap
at some specified date in the future. The terms of the swap are
specified on the trade date of the swaption.
T
taxes borne
Those taxes that represent a cost to the Company and which are
reflected in our results.
taxes collected
Those taxes that are generated by our operations but which do
not affect our results; we generate the commercial activity giving
rise to these taxes and then collect and administer them on behalf
of HMRC.
tonne
A unit of mass equal to 1,000 kilogrammes, equivalent to
approximately 2,205 pounds.
tonnes carbon dioxide equivalent (CO2e)
A measure of greenhouse gas emissions in terms of the equivalent
amount of carbon dioxide.
treasury shares
Shares that have been repurchased but not cancelled. These
shares can then be allotted to meet obligations under the
Company’s employee share schemes.
TWh
Terawatt hours, being an amount of energy equivalent to delivering
1 billion watts of power for a period of 1,000 hours.
U
UK
The United Kingdom, comprising England, Wales, Scotland and
Northern Ireland.
UK Corporate Governance Code 2012 (the Code)
Guidance, issued by the Financial Reporting Council, onhow
companies should be governed, applicable to UK listed
companies including National Grid.
UK GAAP
Generally accepted accounting principles in the UK. These differ
from IFRS and from US GAAP.
US
The United States of America, its territories and possessions,
anystate of the United States and the District of Columbia.
US GAAP
Generally accepted accounting principles in the US. These differ
from IFRS and from UK GAAP.
US state regulators (state utility commissions)
In the US, public utilities’ retail transactions are regulated by state
utility commissions, including the New York Public Service
Commission (NYPSC), the Massachusetts Department of Public
Utilities (MADPU) and the Rhode Island Public Utilities Commission
(RIPUC).
value added
Value added is a measure to capture the value created through
investment attributable to equity holders, being the change in total
regulated and non-regulated assets including goodwill (both at
constant currency) plus the cash dividend paid in the year less the
growth in net debt (at constant currency). This is then presented
on an absolute and a per share basis.
value growth
Value growth is the growth in the value of our regulated and
non-regulated assets including goodwill plus dividend less net
debt, on a per share basis.
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