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Accounting policies
Segmental reporting
In addition to presenting the consolidated financial results and financial position in the financial statements, we provide a breakdown of those results and balances into our business segments. The presentation of segment information is based on management responsibilities that existed at 31 March 2007 and the external and regulatory environments in which we operate. Our business segments are Transmission - UK, Transmission - US, Gas Distribution - UK, Gas Distribution - US, Electricity Distribution - US and US stranded cost recoveries, with our Non-regulated Businesses and corporate activities, including business development, being aggregated within Other activities. Our geographical segments reflect our principal activities in the UK and the US. Discontinued operations comprise our wireless infrastructure operations in the UK and the US, and the Basslink electricity interconnector in Australia. Discontinued results in prior years also include the results of the four gas distribution networks sold on 1 June 2005, which had previously been part of our UK gas distribution segment.
The business segments presented are different from those presented in the 2005/06 Annual Report in that Gas Distribution - US has been presented separately from Electricity Distribution - US following the establishment of Gas Distribution as a line of business covering both UK and US gas distribution activities, and wireless infrastructure has been reclassified within discontinued operations.