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Additional Information National Grid plc Annual Report and Accounts 2020/21 4. Additional Information The business in detail 226 Key milestones 226 Where we operate 227 UK regulation 228 US regulation 231 Internal control and risk factors 236 Disclosure controls 236 Internal control over financial reporting 236 Risk factors 236 Shareholder information 240 Articles of Association 240 Depositary payments to the Company 241 Description of securities other than equity securities: depositary fees and charges 241 Documents on display 241 Events after the reporting period 242 Exchange controls 242 Material interests in shares 242 Share capital 242 Share information 242 Shareholder analysis 243 Taxation 243 Other disclosures 245 All-employee share plans 245 Change of control provisions 245 Code of Ethics 245 Conflicts of interest 245 Corporate governance practices: differences from New York Stock Exchange (NYSE) listing standards 245 Directors’ indemnity 245 Employees 246 Human Rights 246 Listing Rule 9.8.4 R cross-reference table 246 Material contracts 246 Political donations and expenditure 246 Property, plant and equipment 247 Research, development and innovation activity 247 Unresolved SEC staff comments 249 Other unaudited financial information 250 Commentary on consolidated financial information 260 Five year summary financial information 262 Definitions and glossary of terms 263 Want more information or help? 267 Picture by Cautionary statement 268 Leo Harry Jamieson UK Joint winner Age group 12–16 224 National Grid plc Annual Report and Accounts 2020/21 Additional Information 225 National Grid plc Annual Report and Accounts 2020/21 Additional Information The business in detail Key milestones Some of the key dates and actions in the corporate history 1986 1990 of National Grid are listed below. Our full history goes back much further. British Gas (BG) privatisation Electricity transmission network in England and Wales transfers to National Grid on electricity privatisation 2002 2000 1997 1995 Niagara Mohawk Power Lattice Group demerges from Centrica demerges from BG National Grid listed on the Corporation merges with BG and is listed separately London Stock Exchange National Grid in US Energis demerges from New England Electric System National Grid National Grid and Lattice and Eastern Utilities Associates Group merge to form acquired National Grid Transco 2004 2005 2006 2007 UK wireless infrastructure Four UK regional gas distribution Rhode Island gas distribution UK and US wireless infrastructure network acquired from Crown networks sold and we adopt network acquired operations and the Basslink Castle International Corp National Grid as our name electricity interconnector in Australia sold KeySpan Corporation acquired 2016 2012 2010 2008 National Grid separates the New Hampshire electricity and Rights issue raises £3.2 billion Ravenswood generation UK Gas Distribution business gas distribution businesses sold station sold 2017 2019 2021 National Grid sells a 61% equity National Grid separates National Grid agrees to buy interest in the UK Gas Distribution the UK Electricity System WPD and, subject to the WPD business Operator business Acquisition and certain regulatory approvals, to sell NECO, its Rhode National Grid sells its remaining Island gas and electricity business 39% equity interest in UK Gas Distribution business National Grid announces its intention to commence a process Acquisition of Geronimo for the sale of a majority equity interest in the UK GT Business 226 National Grid plc Annual Report and Accounts 2020/21 Additional Information | The business in detail Where we operate UK Transmission1 Our UK network Scottish electricity transmission system English and Welsh electricity transmission system St Fergus Approximately 4,496 miles (7,236 kilometres) of overhead line, 1,744 miles (2,806 kilometres) of the underground cable and 350 substations. Gas transmission system Approximately 4,740 miles (7,627 kilometres) of high-pressure pipe and 23 compressor stations connecting to eight distribution networks and third-party independent systems. Terminal LNG terminal owned by National Grid to/from Northern Ireland LNG terminal Electricity interconnector Gas interconnector Teesside to Ballylumford Principal offices to Dublin Barrow Owned office space: Warwick and Wokingham to/from Ireland Easington Leased office space: Solihull and London from the Burton Point Theddlethorpe Netherlands Leased office space totalling 105,771 square feet (9,827 square metres) with remaining terms two Bacton to five years. to/from Belgium South Hook BritNed to/from Dragon the Netherlands Grain LNG to/from Belgium to/from France to/from France Our US network US regulated1 Electricity transmission network Canada Gas distribution operating area Electricity distribution area Vermont Gas and electricity distribution area overlap Gas and electricity distribution area overlap – Rhode Island2 Maine An electricity transmission network of approximately 8,972 miles (14,439 kilometres) of overhead line, 105 miles (169 kilometres) of underground cable and 397 transmission substations. We own and operate 278.46 miles (448 kilometres) of High Voltage Electric New Hampshire Interconnectors in New England. An electricity distribution network of approximately 73,010 circuit miles (117,498 kilometres) and 728 distribution substations in New England and upstate New York Massachusetts New York. A network of approximately 35,761 miles (57,551 kilometres) of gas pipeline. Our network also consists of approximately 488 miles (785 kilometres) of gas transmission pipe, as defined by the US Connecticut Department of Transportation. Generation Rhode Island Pennsylvania New Jersey Principal offices Owned office space: Syracuse, New York Leased office space: Brooklyn, New York and Waltham, Massachusetts Leased office space totalling approximately 721,000 square feet (66,404 square metres) with remaining At present, environmental issues are not preventing our UK and US businesses from utilising any material operating assets in the course terms of four to fifteen years. In August of 2020, the of their operations. Company commenced its new lease at 2 Hanson Place, Downtown Brooklyn, New York. The existing 1. Access to electricity and gas transmission assets on property owned by others is controlled through various agreements. One MetroTech lease terminates in February 2025 2. Conditional on completion of the WPD acquisition and certain regulatory approvals, we have agreed to sell our Rhode Island electricity and will not be renewed; space anticipated to be transmission and distribution, and gas distribution business to PPL. vacated is being marketed for sub-lease. 227 National Grid plc Annual Report and Accounts 2020/21 Additional Information The business in detail continued UK regulation More information on the regulation of the ESO and on interconnector Our licences to participate in transmission and interconnection activities regulation is given in separate sections below. are established under the Gas Act 1986 and the Electricity Act 1989, as amended (the Acts). These require us to develop, maintain and operate RIIO price controls economic and efficient networks and to facilitate competition in the The building blocks of the RIIO price control are broadly similar to the supply of gas and electricity in Great Britain (GB). They also give us price controls historically used in the UK. There are, however, some statutory powers, including the right to bury our pipes or cables under significant differences in the mechanics of the calculations. public highways and the ability to use compulsory powers to purchase land so we can conduct our business. Under RIIO, the outputs we deliver are explicitly articulated and our allowed revenues are linked to their delivery, although some outputs and Our licensed activities are regulated by Ofgem, which has a statutory deliverables have only a reputational impact or are linked to legislation. duty under the Acts to protect the interests of consumers. To protect These outputs reflect what our stakeholders have told us they want us to consumers from the ability of companies to set unduly high prices, deliver and were determined through an extensive consultation process, Ofgem has established price controls that limit the amount of revenue which gave stakeholders a greater opportunity to influence the decisions. such regulated businesses can earn. In setting price controls, Ofgem must have regard to the need to secure that licence holders are able to Using information we have submitted, along with independent assessments, finance their obligations under the Acts. This should give us a level of including for RIIO-2 an independent user group report, Ofgem determines revenue for the duration of the price control that is sufficient to meet our the efficient level of expected costs necessary for these deliverables to statutory duties and licence obligations with a reasonable return on our be achieved. Under RIIO this is known as ‘totex’, which is a component investments. Licensees and other affected parties can appeal price of total allowable expenditure and is broadly the sum of what was controls or within period licence modifications which have errors, defined in previous price controls as operating expenditure (opex) and including in respect of financeability. capital expenditure (capex). The RIIO-T1 price controls for electricity and gas transmission networks A number of assumptions are necessary in setting allowances for the came into effect on 1 April 2013 for the eight-year
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