National Grid 2005 Annual Report Download - page 3

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TABLE OF CONTENTS
The Company ............................................................................................................................4
Management’s Discussion and Analysis of
Financial Condition and Results of Operations
Incentive Returns Under Rate Plans ........................................................................................... 6
Critical Accounting Policies......................................................................................................... 7
Results of Operations ................................................................................................................. 9
Liquidity and Capital Resources .............................................................................................. 20
Other Regulatory Matters ........................................................................................................ 22
Consolidated Financial Statements
Report of Independent Registered
Public Accounting Firm ........................................................................................................... 25
Consolidated Statements of
Income and of Comprehensive Income ................................................................................... 26
Consolidated Statements of Retained Earnings ....................................................................... 26
Consolidated Balance Sheets .................................................................................................. 27
Consolidated Statements of Cash Flows ................................................................................. 29
Notes to Consolidated Financial Statements ........................................................................... 30
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National Grid USA / Annual Report