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General information
Definitions
References in the Annual Report and Accounts to the ‘Company’, ‘we’, ‘our’ and ‘us’ refer to National Grid and its subsidiaries.
American Depositary Shares, or ADSs
Securities of National Grid listed on the New York Stock Exchange, each of which represents the right to receive five ordinary shares.
B shares
Non-Cumulative preference shares of 10 pence nominal value each.
BETTA
The British Electricity Trading and Transmission Arrangements.
Board
The Board of Directors of the Company.
Combined Code
The Combined Code on Corporate Governance, as issued by the Financial Reporting Council.
Corporate Centre
Core corporate functions operating from the Company's head office.
FERC
US Federal Energy Regulatory Commission.
FRS
UK Financial Reporting Standard.
GAAP
Generally accepted accounting principles.
GW
Gigawatt, 109 watts.
GWh
Gigawatt hours.
HSE
Health and Safety Executive.
IAS
International Accounting Standard.
IFRS
International Financial Reporting Standard.
KeySpan
KeySpan Corporation.
kV
Kilovolt, 103 volts.
kW
Kilowatt, 103 watts.
kWh
Kilowatt hours.
Lifetime Allowance
The lifetime allowance is an overall ceiling on the amount of tax privileged pension savings that any one individual can draw.
LNG
Liquefied natural gas.
lost time injury
A work-related injury that causes a person to be away from work for at least one normal shift after the shift on which the injury occurs, because the person is unfit to perform his or her duties.
mcm
Million cubic metres.
mcm/d
Million cubic metres per day.
MW
Megawatt, 106 watts.
MWh
Megawatt hours.
National Grid Wireless
National Grid Wireless Limited, formerly Crown Castle UK Limited.
Ofgem
The Office of Gas and Electricity Markets.
ordinary shares
Ordinary shares of 1117/43 pence nominal value each.
Personal Lifetime Allowance
The lifetime allowance applicable to individuals who have registered their pre 6 April 2006 pension benefits for protection.
Rhode Island gas
The Rhode Island gas distribution business acquired from Southern Union Company.
SEC
US Securities and Exchange Commission.
SFAS
US Statement of Financial Accounting Standards.
tonnes CO2 equivalent
Measure of greenhouse gas emissions in relation to the impact of carbon dioxide.
TW
Terawatt, 1012 watts
TWh
Terawatt hours.
Way Ahead
The restructuring programme implemented in the retained Gas Distribution - UK business commenced in 2004/05 following the announcement of the planned sales of four gas distribution networks.