Highlights


For more information see www.nationalgrid.com

£11,423m

Revenue* 2006/07: £8,695m, arrow up 31.4%

£3,265m

Cash generated from operations* 2006/07: £3,090m, arrow up 5.7% 		KeySpan acquisition

The acquisition of KeySpan, completed in August 2007, has made us the second largest electricity and gas company in the US in terms of customer numbers.

Ravenswood sale

We reached agreement
to sell our 2,480 MW
Ravenswood generation
station in New York City in
March 2008 for $2.9 billion
(£1.4 billion). The sale of
Ravenswood was one
of the conditions of our
KeySpan acquisition.

Non-core disposals

We sold our UK and US
wireless businesses in
April 2007 and August 2007
respectively and we sold
our Basslink interconnector in
August 2007. Total proceeds
were £3.1 billion.

Climate change

We are continuing to set
ourselves challenging targets
to safeguard the environment
for the future, including raising
our commitment to reduce
our greenhouse gas emissions
from 60% to 80% by 2050.

£2,595m

Adjusted operating profit*† 2006/07: £2,031m, arrow up 27.8%

48.0p

Adjusted earnings per share*† 2006/07: 38.3p, arrow up 25.3%

£2,964m

Operating profit* 2006/07: £2,513m, arrow up 17.9%

60.5p

Earnings per share* 2006/07: 48.1p, arrow up 25.8%

33.0p

Ordinary dividends 2006/07: 28.7p, arrow up 15%

11.8%

Return on equity Three year average

£3,053m

Capital expenditure* 2006/07: £2,345m, arrow up 30.2%

22.5%

Percentage of females in workforce 2006/07: 23.7%

88

Lost time injuries+ 2006/07: 97, arrow down 9.3%

38%

Reduction in greenhouse gas emissions+ 2006/07: 35%

* for continuing operations
† excludes the impact of
   exceptional items,
   remeasurements and
   stranded cost recoveries
+ excludes KeySpan

Important Notice
This document contains certain statements that are neither reported financial statements nor other historical information. These statements are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. For a description of factors that could affect future results, reference should be made to the full ’Cautionary Statement’ and the ’Risk Factor’ section of the Annual Report and Accounts.