

Report highlights
Chairman's statement
I believe our refreshed strategy will position us to take full advantage of the value creating opportunities we foresee over the next few years.

Business overview
National Grid's main operations are based in the UK and northeastern US.

Revenue*
£8,695m
2005/06: £8,868m, down 2%
Chief Executive's review
National Grid is well positioned in the UK and US to take advantage of the global growth opportunity.


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Adjusted operating profit *†
£2,454m
2005/06: £2,457m
* for continuing operations
† excludes the impact of exceptional items and remeasurements