Subsidiary undertakings, joint ventures and associates |
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| Interests In Other Entities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Subsidiary undertakings, joint ventures and associates | 16. Investments in joint ventures and associates
1.Disposals in the prior year included the sale of the Group’s 26.25% minority ownership interest in the Millennium Pipeline Company LLC. 2.Other movements relate to tax liabilities for US and certain UK associates and joint ventures which are borne by the Group and the elimination of profits arising from sales to the Group’s share of joint ventures. A list of joint ventures and associates, including the name and proportion of ownership, is provided in note 34. Transactions with and outstanding balances with joint ventures and associates are shown in note 31. The joint ventures and associates have no significant contingent liabilities to which the Group is exposed and the Group has no significant contingent liabilities in relation to its interests in the joint ventures and associates. The Group has capital commitments in relation to its joint ventures and associates of £1,286 million (2023: £412 million), which primarily relate to the funding of new capital investment projects. The following table describes the Group’s material joint ventures and associates at 31 March 2024:
1.The joint ventures have reporting periods ending on 31 December with monthly management reporting information provided to the Group. 16. Investments in joint ventures and associates continued Summarised financial information as at 31 March, together with the carrying amount of material investments, is as follows:
Subsidiary undertakings A list of the Group’s subsidiaries as at 31 March 2024 is given below. The entire share capital of subsidiaries is held within the Group except where the Group’s ownership percentages are shown. These percentages give the Group’s ultimate interest and therefore allow for the situation where subsidiaries are owned by partly owned intermediate subsidiaries. Where subsidiaries have different classes of shares, this is largely for historical reasons, and the effective percentage holdings given represent both the Group’s voting rights and equity holding. Shares in National Grid (US) Holdings Limited, National Grid (US) Investments 2 Limited*, National Grid Hong Kong Limited*, National Grid Luxembourg SARL and NGG Finance plc are held directly by National Grid plc. All other holdings in subsidiaries are owned by other subsidiaries within the Group. All subsidiaries are consolidated in the Group’s financial statements. The Group does not have any branches. Principal Group companies are identified in bold. These companies are incorporated and principally operate in the countries under which they are shown. All entities incorporated in the US are taxed in the US on their worldwide income other than where indicated in the footnotes below. Other entities are tax resident in their jurisdiction of incorporation other than where indicated in the footnotes below. Incorporated in England and Wales Registered office: 1–3 Strand, London, WC2N 5EH, UK (unless stated otherwise in footnotes).
1.Registered office: Avonbank, Feeder Road, Bristol, Avon, BS2 0TB, UK. 2.Registered office: C/o Interpath Limited, 10 Fleet Place, London, EC4M 7RB, UK. 3.Companies where National Grid plc has issued guarantees over the liabilities of the companies as at 31 March 2024 and for which the companies are taking the exemption from the requirements of an audit for their individual financial statements as permitted by section 479A of the Companies Act. 4.Registered office: Netley Old Hall Farm, Dorrington, Shrewsbury, SY5 7JY, UK. 5.Registered office: Shire Hall, PO Box 9, Warwick, CV34 4RL, UK. *In liquidation. Incorporated in the US Registered office: National Registered Agents, Inc., 1209 Orange Street, Wilmington, DE 19801, USA (unless stated otherwise in footnotes).
Incorporated in Guernsey Registered office: 1st & 2nd Floors Elizabeth House, Les Ruettes Brayes, St Peter Port, GY1 1EW, Guernsey, Channel Islands NG Electricity Distribution Limited† Incorporated in Hong Kong Registered office: 5/F, Manulife Place, 348 Kwun Tong Road, Kowloon, Hong Kong National Grid Hong Kong Limited*† Incorporated in the Isle of Man Registered office: Third Floor, St George’s Court, Upper Church Street, Douglas, IM1 1EE, Isle of Man, UK National Grid Insurance Company (Isle of Man) Limited Incorporated in Luxembourg Registered office: 412F, Route d’Esch, L-2086, Luxembourg, Grand Duchy of Luxembourg National Grid Luxembourg SARL 1.Registered office: Corporation Service Company, 84 State Street, Boston MA 02109, USA. 2.Registered office: Corporation Service Company, 10 Ferry Street, Suite 313, Concord NH 03301, USA. 3.Registered office: Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, USA. 4.Registered office: Corporation Service Company, 80 State Street, Albany NY 12207, USA. 5.Registered office: National Registered Agents Inc., 30600 Telegraph Road, Suite 2345, Bingham Farms MI 48025-5720, USA. 6.Registered office: 8400 Normandale Lake Blvd., Suite 1200, Bloomington MN 55437, USA. 7.Registered office: Corporation Trust Company, 1209 Orange Street, Wilmington DE 19801, USA. 8.Registered office: 100 Bank Street, Suite 630, Burlington, Chittenden County VT 05401, USA. 9.Registered office: National Registered Agents, Inc., 301 S. Bedford Street, Suite 1, Madison WI 5, USA. 10.Registered office: Corporation Service Company, 222 Jefferson Boulevard, Suite 200, Warwick RI 02888, USA. 11.Registered office: National Registered Agents, Inc., 1999 Bryan Street, Dallas TX 75201, USA. *In liquidation. †Entity is tax resident in the UK. A list of the Group’s joint ventures as at 31 March 2024 is given below. All joint ventures are included in the Group’s Financial statements using the equity method of accounting. Incorporated in England and Wales Registered office: 1–3 Strand, London, WC2N 5EH, UK (unless stated otherwise in footnotes). BritNed Development Limited (50%)** National Places LLP (50%)1 Nemo Link Limited (50%) Incorporated in the US Registered office: Corporation Service Company, 251 Little Falls Drive, Wilmington, DE 19808, USA (unless stated otherwise in footnotes). Community Offshore Wind, LLC (previously Bight Wind Holdings LLC) (27.27%)2 Clean Energy Storage Systems LLC (50%) Emerald Energy Venture, LLC (51%) Island Park Energy Center, LLC (50%) LI Energy Storage System, LLC (50%) LI Solar Generation, LLC (50%) Incorporated in France Registered office: 1 Terrasse Bellini, Tour Initiale, TSA 41000 – 9291, Paris La Defense, CEDEX, France IFA2 (50%)* Joint operations A list of the Group’s incorporated joint operations as at 31 March 2024 is given below. All joint operations are included in the Group’s financial statements under IFRS 11 Joint arrangements. Incorporated in England and Wales Registered office: 1–3 Strand, London, WC2N 5EH, UK (unless stated otherwise in footnotes). Eastern Green Link 1 Limited (50%) Eastern Green Link 2 Limited (50%)3 NGET/SPT Upgrades Limited (50%)† A list of the Group’s associates as at 31 March 2024 is given below. Unless otherwise stated, all associates are included in the Group’s financial statements using the equity method of accounting. Incorporated in England and Wales Registered office: National Grid House, Warwick Technology Park, Gallows Hill, Warwick, CV34 6DA GasT TopCo Limited (20%) Joint Radio Company Limited (25%)4*** Incorporated in the US Registered office: Corporation Service Company, 251 Little Falls Drive, Wilmington, DE 19808, USA (unless stated otherwise in footnotes). Clean Line Energy Partners LLC (32%)2 Connecticut Yankee Atomic Power Company (19.5%)5 Direct Global Power Inc. (26%)2 Energy Impact Fund LP (9.41%)6 KHB Venture LLC (33.33%)7 Maine Yankee Atomic Power Company (24%)8 New York Transco LLC (28.3%)9 NYSEARCH RMLD, LLC (22.63%) The Hive IV, LLC (28.2%)2 Yankee Atomic Electric Company (34.5%)10 Incorporated in Belgium Registered office: Avenue de Cortenbergh 71, 1000 Brussels, Belgium Coreso SA (15.84%) Other investments A list of the Group’s other investments as at 31 March 2024 is given below. Incorporated in England and Wales Registered office: 1 More London Place, London SE1 2AF, UK Energis plc (33.06%)‡ Registered office: Third Floor, Northumberland House, 303–306 High Holborn, London, WC1V 7JZ Electralink Limited (27.04%) 1.Registered office: 80 Cheapside, London, EC2V 6EE, UK. 2.Registered office: The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington DE 19801, USA. 3.Registered office: No.1 Forbury Place, 43 Forbury Road, Reading, RG1 3JH, UK. 4.Registered office: Friars House, Manor House Drive, Coventry, CV1 2TE, UK. 5.Registered office: Carla Pizzella, 362 Injun Hollow Road, East Hampton CT 06424-3099, USA. 6.Registered office: Harvard Business Services, Inc., 16192 Coastal Highway, Lewes DE 19958, USA. 7.Registered office: c/o de maximis, inc., 135 Beaver Street, 4th Floor, Waltham MA 02452, USA. 8.Registered office: Joseph D Fay, 321 Old Ferry Road, Wiscasset ME 04578, USA. 9.Registered office: Corporation Service Company, 80 State Street, Albany NY 12207, USA. 10.Registered office: Karen Sucharzewski, 49 Yankee Road, Rowe MA 01367, USA. *In liquidation. **National Grid Interconnector Holdings Limited owns 284,500,000 €0.20 C Ordinary shares and one £1.00 Ordinary A share. ***National Grid Electricity Transmission plc owns one £0.50 A Ordinary share. †National Grid Electricity Transmission plc owns 50 £1.00 A Ordinary shares. ‡In administration. Our interests and activities are held or operated through the subsidiaries, joint arrangements or associates as disclosed above. These interests and activities (and their branches) are established in – and subject to the laws and regulations of – these jurisdictions. The following UK subsidiaries will take advantage of the audit exemption set out within section 479A of the Companies Act 2006 supported by guarantees issued by National Grid plc over their liabilities for the year ended 31 March 2024:
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