- Home
- Highlights
- Messages to Shareholders
- Business Overview
- Board of Directors
- Operating and Financial Review
- Corporate Governance
- Directors’ Reports
- Independent Reports
- Financial Statements
- Statement of Directors’ responsibilities
- Accounting policies
- Consolidated income statement
- Consolidated balance sheet
- Consolidated statement of recognised income and expense
- Consolidated cash flow statement
- Notes to the accounts
- Company Financial Statements
- General Information
- Shareholder Information
Financial Statements
36. Subsidiary undertakings and joint ventures
Principal subsidiary undertakings
The principal subsidiary undertakings included in the consolidated accounts at 31 March 2007 are listed below. These undertakings are wholly-owned and, unless otherwise indicated, are incorporated in Great Britain.
| Principal activity | |
| National Grid Gas plc (i) | Gas transportation |
| National Grid Electricity Transmisson plc (i) | Transmission of electricity in England and Wales |
| New England Power Company (Incorporated in the US) (i) | Transmission of electricity |
| Massachusetts Electric Company (Incorporated in the US) (i) | Distribution of electricity |
| The Narragansett Electric Company (Incorporated in the US) (i) | Distribution of electricity |
| Niagara Mohawk Power Corporation (Incorporated in the US) (i) | Distribution and transmission of electricity and gas |
| National Grid Wireless No 2 Limited (i) (iii) | Telecommunications infrastructure |
| National Grid Wireless Limited (i) (iii) | Telecommunications and broadcast infrastructure |
| NGG Finance plc (ii) | Financing |
| British Transco International Finance B.V. (Incorporated in the Netherlands) (i) | Financing |
| National Grid Property Limited (i) | Property |
| National Grid Holdings One plc (ii) | Holding company |
| Lattice Group plc (i) | Holding company |
| National Grid USA (Incorporated in the US) (i) | Holding company |
| Niagra Mohawk Holdings Inc. (Incorporated in the US) (i) | Holding company |
| National Grid Commercial Holdings Limited (i) | Holding company |
| National Grid Gas Holdings plc (i) | Holding company |
| National Grid (US) Holdings Limited (ii) | Holding company |
| National Grid Holdings Limited (i) | Holding company |
(i) Issued ordinary share capital held by subsidiary undertakings.
(ii) Issued ordinary share capital held by National Grid plc.
(iii) Included within wireless infrastructure operations in the UK which was sold on 3 April 2007.
Principal joint venture
At 31 March 2006, the joint venture investment in 38.5% of the ordinary shares of Copperbelt Energy Corporation plc, a company involved in the transmission, distribution and supply of electricity in Zambia, was classified as an asset held for sale and the sale completion was made on 27 October 2006.
A full list of all subsidiary and associated undertakings is available from the Company Secretary and General Counsel of the Company.