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Keyword

• Business Overview
• Operating and Financial Review
• Corporate Governance
• Directors' Reports
• Financial Statements
• Shareholder Information

Annual Report
and Accounts
2008/09

• Introduction
• At a glance
• About National Grid
• Performance summary:
  Key performance indicators
• Performance summary: Achievements and other performance measures
• Performance against our objectives
• Risks and opportunities
  • Risk management
  • Risk factors
• Financial performance
• Transmission
• Gas Distribution
• Electricity Distribution
  & Generation
• Non-regulated businesses and other
• Discontinued operations
• Financial position and financial management
• Accounting policies

Risks and opportunities

Risk management

Our approach to risk management is described in the Corporate Governance section. This sets out how we have established an enterprise wide risk management process with the objective of identifying risks that could have an adverse impact on National Grid.

In addition, information on how we have addressed certain of our financial risks is included in the financial position and financial management section of this Operating and Financial Review .