What we do Electricity

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1 Electricity The electricity industry connects generation sources to homes and businesses via transmission and distribution networks. Electricity is sold to consumers by companies who have bought it from the generators and pay to use the networks across which it is transmitted. GENERATION 3.8 GW Generation produced in the US Generation Generation is the production of electricity from fossil fuel and nuclear power stations, as well as renewable sources such as wind and solar. In the US, we own and operate 50 fossil fuel powered stations on Long Island and 4.6 MW of solar generation in Massachusetts. We do not own or operate any electricity generation in the UK. We sell the electricity generated by our plants on Long Island to LIPA under a long-term power supply agreement. The contract allows us to recover our efficient operating costs and provides a return on equity on our investment in the generation assets. For solar generation, we recover our costs and a reasonable return from customers in Massachusetts through a solar cost adjustment factor. This is added to the electricity rate, net of revenues earned from the solar assets. Interconnectors Transmission grids are often interconnected so that energy can flow from one country to another. This helps provide a safe, secure, reliable and affordable energy supply for citizens and society across the region. Interconnectors also allow power suppliers to sell their energy to customers in other countries. Great Britain is linked via interconnectors with France, Ireland, Northern Ireland and the Netherlands. National Grid owns part of the interconnectors with France and the Netherlands. We also jointly own and operate a 224 kilometre interconnector between New England in the US and Canada. We sell capacity on our UK interconnectors through auctions and on our US interconnectors through wholesale markets and bilateral contracts. OTHER ACTIVITIES Approximately 260 km Length of the BritNed interconnector INTERCONNECTORS TRANSMISSION % Electricity transmission reliability in England and Wales UK TRANSMISSION Transmission Transmission systems generally include overhead lines, underground cables and substations. They connect generation and interconnectors to the distribution system. We own and operate the transmission network in England and Wales; we operate but do not own the Scottish networks. In the US, we jointly own and operate transmission facilities spanning upstate New York, Massachusetts, New Hampshire, Rhode Island and Vermont. We will operate and maintain the transmission system on Long Island, under contract to LIPA, until December For more information on how we make money from our regulated assets, see page

2 DISTRIBUTION 3.4 million Number of US electricity customers Distribution Distribution systems carry lower voltages than transmission systems over networks of overhead lines, underground cables and substations. They take over the role of transporting electricity from the transmission network, and deliver it to consumers at a voltage they can use. We do not own or operate electricity distribution networks in the UK. In the US, our distribution networks serve around 3.4 million customers in upstate New York, Massachusetts and Rhode Island. In addition, we will operate and maintain the distribution system on Long Island, under contract to LIPA, until December 2013, providing service to around 1.1 million LIPA customers. For more information on how we make money from our regulated assets, see page 16. Supply The supply of electricity involves buying electricity and selling it on to customers. It also involves customer services, billing and the collection of customer accounts. We do not sell electricity to consumers in the UK. All the states in which we operate in the US are deregulated and consumers can choose their energy supplier. Where customers choose National Grid, they pay us for distribution and electricity costs. Where they choose to buy electricity from third parties, they pay us for distribution only and pay the third party supplier for the electricity. Our base charges for electricity supply are calculated to recover the purchased power costs. 5 Number of US states in which we operate SUPPLY System operator As system operator (SO) for England and Wales, we coordinate and direct electricity flows onto and over the transmission system, balancing generation supply and user demand. Where necessary, we pay sources of supply and demand to increase or decrease their generation or usage. We have the same role for the two high voltage electricity transmission networks in Scotland and we have been appointed as system operator for the offshore electricity transmission regime. Our charges for SO services in the UK are subject to a price control approved by Ofgem. System users pay us for connection, for using the system and balancing services. As electricity transmission system operator, our price control includes incentives to minimise the costs and associated risks of balancing the system through buying and selling energy, as well as procuring balancing services from industry participants. The form of this incentive under RIIO has yet to be agreed and is currently subject to industry consultation. In the US, these services are provided by independent system operators. Strategic Review Corporate Governance Financial Statements Additional Information Annual Report and Accounts 2012/13 National Grid plc 13

3 Gas The gas industry connects producers, processors, storage, transmission and distribution network operators, as well as suppliers to industrial, commercial and domestic users. PRODUCTION & IMPORTATION Approximately 12% of UK gas was from LNG imports OTHER ACTIVITIES Production and importation Gas used in the UK is sourced from gas fields in the North and Irish seas, piped from Europe and imported as LNG. Small amounts are produced onshore. There are seven gas reception terminals, three LNG importation terminals and three interconnectors connecting Great Britain via undersea pipes with Ireland, Belgium and the Netherlands. LNG importers bring LNG from the Middle East, the Americas and other places. Gas is produced in the US Gulf Coast, midcontinent, Western Rockies, Alberta, eastern shale supplies and other unconventional sources in North America. We do not produce gas in either the UK or US. In the UK, we own and operate an LNG importation terminal and storage facilities at the Isle of Grain in Kent (Grain LNG). Grain LNG charges customers under long-term contracts for various services, including access to our importation terminal, storage facilities and capacity rights. In the US, we own and operate LNG storage and vaporisation facilities to support our gas distribution businesses as well as an LNG storage facility in Providence, Rhode Island, where we store gas for third parties for a fee. We also buy gas directly from producers and LNG importers for resale to our customers. Transmission The transmission systems generally include pipes, compressor stations and storage facilities, including LNG storage. They connect production through terminals to the distribution systems. In the UK, gas enters the transmission system through importation and reception terminals and interconnectors and may include gas previously extracted and held in storage. Compressor stations located along the network play a vital role in keeping large quantities of gas flowing through the system, particularly at times of high demand. The gas transmission system has to be kept constantly in balance, which is achieved by buying, selling and using stored gas. This means that, under normal circumstances, demand can be met. We are the sole owner and operator of gas transmission infrastructure in Great Britain. In the US, we hold a minority interest in two interstate pipelines: Millennium Pipeline Company and Iroquois Gas Transmission System. Interstate pipelines are regulated by FERC. For more information on how we make money from our regulated assets, see page 16. UK TRANSMISSION 7,660 km Length of high pressure pipeline in the UK TRANSMISSION 14

4 DISTRIBUTION 29,925 Number of new gas heating customers connected in the US UK GAS DISTRIBUTION Distribution In the UK, gas leaves the transmission system and enters the distribution networks at high pressure. It is then transported through a number of reducing pressure tiers until it is finally delivered to consumers. There are eight regional distribution networks, four of which are owned by National Grid. Our UK distribution networks deliver gas to around 10.9 million consumers. In the US, gas is delivered by the interstate pipeline companies to local distribution networks. Each local distribution company has a geographically defined service territory and is the only local distribution company within that territory. Local distribution companies are regulated by the relevant local state s utility commission. Our US gas distribution networks deliver gas to around 3.5 million customers. For more information on how we make money from our regulated assets, see page 16. Supply Pipeline shippers bring gas from producers to suppliers, who in turn sell it to customers. We do not supply gas in the UK. However, we own National Grid Metering, which provides meters and metering services to supply companies, under contract. In the UK, customers pay the supplier for the cost of gas and for getting it to them. We transport the gas through our network on behalf of shippers, who pay us transportation charges. In the US, gas distribution companies, including National Grid, sell gas to consumers connected to their distribution systems. In most cases in the US, where customers choose National Grid, they pay us for distribution and gas costs. Where they choose to buy gas from third parties, they pay us for distribution only and pay the third party supplier for the gas and upstream transportation capacity. Also in the US, except for residential consumers in Rhode Island, customers may purchase their supply from independent providers with the option of billing for those purchases to be provided by us. 3.5 million Number of US gas customers SUPPLY Strategic Review Corporate Governance Financial Statements Additional Information Annual Report and Accounts 2012/13 National Grid plc 15

5 How we make money from our regulated assets Our transmission and distribution businesses operate as regulated monopolies. Regulators safeguard customer interests by setting the level of charges we are allowed to pass on, so that we provide value for money, maintain safe and reliable networks, and deliver good customer service. In the UK there is a single regulator, Ofgem. In the US, different services and locations are regulated by different bodies. For the areas in which we operate, these are the relevant state regulators and FERC. Each of our regulatory agreements can include differences in structure, terms and values. Here, we have provided a summary of our regulatory agreements. You can find more details about these on pages 170 to 175. The value of our regulated assets is calculated based on the terms of our regulatory agreements. These may not be calculated on the same basis as the accounting value of assets, although the principles are similar. For example, building new assets will generally increase regulated assets and disposing of assets will generally decrease regulated assets. In the UK, the value of regulated assets is also increased for inflation. Our regulatory agreements also determine the amount we are allowed to charge customers, commonly referred to as our allowed revenues. Allowed revenue is calculated based on a number of building blocks: Depreciation of regulated assets the value of regulated assets is depreciated over an anticipated lifespan. The amount of depreciation is included in our allowed revenue, which represents the repayment of the amounts we have invested in the asset. Return on equity and cost of debt regulated assets are funded through debt or equity and regulatory agreements set this ratio. The equity portion earns a return on equity. This represents the profit we can earn on our investment in regulated assets. The debt portion earns an allowance based on the cost of debt (interest costs). Some regulatory agreements allow us to charge customers based on the actual interest we pay; others use an external benchmark interest rate as a way to incentivise us to raise debt efficiently. The benchmark interest method also provides an opportunity to outperform our regulatory allowance. Cost of service in establishing our regulatory agreements, our regulators consider what costs an efficiently run company would incur to operate and maintain our networks. They vary and can include costs relating to employees, office rental, IT systems and taxes, for example. The regulators have different approaches to determining what is considered an efficient or prudent cost and this may be different to the actual costs we incur. Performance against incentives our regulatory agreements, mainly in the UK, include incentives that are designed to encourage specific actions, such as reducing greenhouse gas emissions. Achieving performance beyond targets set out in these incentive mechanisms can increase our allowed revenues in the current year or a future year. Failing to achieve certain minimum targets may lead to a reduction in our allowed revenue. Commodity costs in the US, we supply gas and electricity to customers who have chosen us as their supplier. Most of our regulatory agreements include mechanisms, known as trackers, that allow us to recover the actual costs we incur when we buy gas and electricity. Deferrals particularly in the US, the efficient costs we incur may not be included in the calculation of allowed revenue in the same year. Instead, these are deferred for regulatory purposes and we can recover them in future years. For example, we incur costs restoring power to customers immediately after a major storm. However, these costs will generally be included in allowed revenue over a number of years and may not start until the relevant regulator has approved a request. This can be some time after the storm and may not cover all the costs. Timing differences we use our allowed revenues to determine our billing rates, which we calculate using a forecast of the quantities that will be billed. Where there is a difference between the actual and estimated quantities, the amount of revenue we collect will be different to the allowed revenue. Consequently, the over- or under-collected amounts are adjusted against the following period s allowed revenues. To understand how RIIO in the UK affects this, see pages 170 to

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