| Type | Public limited company (LSE: NG., NYSE: NGG) |
|---|---|
| Industry | Utilities |
| Founded | 1990 |
| Headquarters | London, United Kingdom |
| Key people | Sir John Parker (Chairman) Steve Holliday (Chief Executive) |
| Products | Electricity and Gas Transmission and Gas Distribution |
| Revenue | £13,988 million (2009/10)[1] |
| Operating income | £3,293 million (2009/10)[1] |
| Net income | £1,389 million (2009/10)[1] |
| Employees | 28,106 (31 March 2010)[1] |
| Website | www.nationalgrid.com |
National Grid plc (LSE: NG., NYSE: NGG) is a multinational electricity and gas utility company headquartered in London, United Kingdom. Its principal activities are in the United Kingdom and northeastern United States and it is one of the largest investor-owned energy companies in the world.[1]
National Grid is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index. It had a market capitalisation of approximately £22 billion as of 23 December 2011, making it the 21st-largest company on the London Stock Exchange.[2] It has a secondary listing on the New York Stock Exchange.
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In 1990, the transmission activities of the Central Electricity Generating Board were transferred to the National Grid Company plc, which was owned by the 12 Regional Electricity Companies (RECs) through a holding company, National Grid Group plc. In 1995, shares in this holding company were listed on the stock exchange.[3] Within a year, most of the RECs had disposed of their interests.
In 2000, National Grid Group acquired New England Electric System[4] and Eastern Utilities Associates.[5]
In January 2002, National Grid Group acquired Niagara Mohawk Holdings, Inc, a New York State utility.[6]
In October of the same year, National Grid Group merged with Lattice Group plc, owner of Transco – the UK gas distribution business (Lattice demerged from BG Group in 2000).[7] National Grid Group changed its name to National Grid Transco plc.
In 2004, National Grid Transco agreed to sell four of its regional gas distribution networks. The total cash consideration was £5.8 billion. NGT kept ownership of other four distribution networks, which comprise almost half of Great Britain's gas distribution network.[8]
In 2005, National Grid Transco was renamed National Grid plc.[9] On 26 July 2005 National Grid Company was renamed National Grid Electricity Transmission plc and on 10 October 2005 Transco was renamed National Grid Gas plc.
In February 2006, National Grid announced that it had agreed to buy KeySpan Corporation,[10] a gas distributor and electricity producer in the United States, for $7.3bn (£4.1bn) in cash. Around the same time, National Grid also announced the acquisition of the Southern Union Company subsidiary, New England Gas Company in Rhode Island.[11] The acquisitions of the two natural gas delivery companies materially doubled the size of National Grid's American subsidiary, creating the second largest utility in the United States with over 8 million customers.
The acquisition of KeySpan was completed on 24 August 2007 following government and regulatory approval and endorsement by the shareholders of the two companies.[12]