Subsidiary undertakings, joint ventures and associates |
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| Subsidiary undertakings, joint ventures and associates | 16. Investments in joint ventures and associates
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 £526 million (2025: £635 million), which primarily relate to the funding of new capital investment projects. 16. Investments in joint ventures and associates cont. The following table describes the Group’s material joint ventures and associates at 31 March 2026:
1.The joint ventures have reporting periods ending on 31 December with monthly management reporting information provided to the Group. The Group also held a 51% interest in Emerald Energy Venture, LLC, a joint venture with Washington State Investment Board which builds and operates wind and solar assets. In the prior year, the Group classified its interest in Emerald, together with NG Renewables, as held for sale and ceased equity accounting for its share of results (see note 10). The disposal subsequently completed on 29 May 2025. In March 2021, the Group entered into an offshore partnership agreement with RWE Renewables to form Community Offshore Wind, LLC. The purpose of the joint venture is to explore, develop, and eventually construct and operate renewable facilities in the northeastern US offshore wind market. In February 2022, the partnership successfully bid in the New York Bight seabed lease auction. The Group’s investment in Community Offshore Wind represents our share of the seabed lease and initial development costs incurred to date. As of 31 March 2025, the project had not yet reached the construction stage. In the prior year, an Executive Memorandum was issued by the US Administration on wind power, temporarily suspending offshore wind leasing, ordering a review of existing leases and directing a review and pause on permitting. Accordingly, we agreed with RWE Renewables to place a temporary pause on development of the project. As detailed in the Annual Report and Accounts for the year ended 31 March 2025, we considered the potential impact on our valuation of our investment in Community Offshore Wind and determined that the investment had a negligible value. Accordingly, the carrying value of the £303 million investment was fully impaired. The impairment charge was recognised in the NGV operating segment. Whilst development activity is currently suspended, we continue to consider Community Offshore Wind could play an important role in New York’s future energy strategy. We will reassess the project development pause should market conditions improve in the future. Summarised financial information as at 31 March, together with the carrying amount of material investments, is as follows:
The aggregate information of associates and joint ventures that are not individually material is as follows:
Subsidiary undertakings A list of the Group’s subsidiaries as at 31 March 2026 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. Unless otherwise indicated against the company name, the share class held by the Group in each undertaking is through ordinary shares (also referred to as common stock in certain countries). Where an alternative share class applies (including where there is no share capital), this is identified using the following annotations: [a] Limited by Guarantee; [b] Membership interest; [c] Common stock and Preference shares; [d] Partnership interest. Shares in National Grid (US) Holdings Limited, National Grid Luxembourg SARL, NGG Finance plc and NG Holdings Two PTE. Ltd 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 Birch Sites Limited Carbon Sentinel Limited Icelink Interconnector Limited Lattice Group Limited NatgridTW1 Limited National Grid (US) Holdings Limited National Grid (US) Investments 4 Limited National Grid (US) Partner 1 Limited National Grid Carbon Limited National Grid Commercial Holdings Limited National Grid Continental Limited National Grid Distributed Energy Limited National Grid Electricity Group Trustee Limited National Grid Electricity Transmission plc National Grid Energy Metering Limited National Grid Holdings Limited National Grid Holdings One plc National Grid Hydrogen Limited National Grid IFA 2 Limited National Grid Interconnector Holdings Limited National Grid Interconnectors Limited National Grid International Limited National Grid Lion Link Limited National Grid Nautilus Limited National Grid North Sea Link Limited National Grid Offshore Limited National Grid Partners Limited National Grid Plus Limited National Grid Property Holdings Limited National Grid Twelve Limited National Grid Twenty Eight Limited National Grid Twenty Seven Limited National Grid UK Limited National Grid Ventures Limited National Grid Viking Link Limited National Grid William Limited NGG Finance plc Ngrid Intellectual Property Limited Port Greenwich Limited Registered Address: Avonbank, Feeder Road, Bristol, BS2 0TB, United Kingdom Central Networks Trustees Limited [a] Kelston Properties 2 Limited National Grid Electricity Distribution (East Midlands) plc National Grid Electricity Distribution (South Wales) plc National Grid Electricity Distribution (South West) plc National Grid Electricity Distribution (West Midlands) plc National Grid Electricity Distribution Generation Limited National Grid Electricity Distribution Holdings Limited National Grid Electricity Distribution Investments Limited National Grid Electricity Distribution Midlands Limited National Grid Electricity Distribution Network Holdings Limited National Grid Electricity Distribution plc National Grid Electricity Distribution Property Investments Limited National Grid Helicopters Limited National Grid Telecoms Limited South Wales Electricity Share Scheme Trustees Limited Western Power Pension Trustee Limited WPD WEM Holdings Limited WPD WEM Limited 34. Subsidiary undertakings, joint arrangements and associates cont. Registered Address: Netley Old Hall Farm, Dorrington, Shrewsbury, United Kingdom, SY5 7JY Sheet Road Management Company Limited (51%) Registered Address: Shire Hall, PO Box 9, Warwick, CV34 4RL, United Kingdom Warwick Technology Park Management Company (No.2) Limited (60.56%) In liquidation Registered Address: C/O Interpath Ltd, 10 Fleet Place, London, EC4M 7RB NGC Employee Shares Trustee Limited Incorporated in the US Registered Address: Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, United States Doorstep Community LLC [b] Granite State Power Link LLC [b] KeySpan CI Midstream Limited KeySpan Energy Services Inc. KeySpan International Corporation KeySpan MHK, Inc. KeySpan Midstream, Inc. KSI Contracting, LLC [b] KSI Electrical, LLC [b] KSI Mechanical, LLC [b] Metrowest Realty LLC [b] National Grid Development Holdings Corp. National Grid Glenwood Energy Center LLC [b] National Grid LNG LLC [b] National Grid North America Inc. National Grid Partners LLC [b] National Grid Port Jefferson Energy Center LLC [b] National Grid Renewables, LLC [b] National Grid Services Inc. National Grid US LLC [b] National Grid USA [c] NGNE LLC [b] NGV H2 Generation LLC [b] NGV H2 Holdings LLC [b] NGV OSW Holdings, LLC [b] NGV US Distributed Energy Inc. NGV US Transmission Inc. NGV US, LLC [b] Niagara Mohawk Energy, Inc. North East Transmission Co., Inc. Opinac North America, Inc. Philadelphia Coke Co., Inc. Registered Address: Corporation Service Company, 80 State Street, Albany NY 12207-2543, United States Grid NY LLC [b] KeySpan Energy Corporation KeySpan Gas East Corporation [c] KeySpan Plumbing Solutions, Inc. Land Management & Development, Inc. Landwest, Inc. National Grid Electric Services LLC [b] National Grid Energy Trading Services LLC [b] National Grid Engineering & Survey Inc. National Grid Generation LLC [b] National Grid Generation Ventures LLC [b] National Grid IGTS Corp. National Grid Partners Inc. Niagara Mohawk Holdings, Inc. Niagara Mohawk Power Corporation [c] NM Properties, Inc. Port of the Islands North, LLC [b] The Brooklyn Union Gas Company [c] Upper Hudson Development, Inc. Registered Address: Corporation Service Company, 84 State Street, Boston MA 02109, United States Boston Gas Company EUA Energy Investment Corporation Massachusetts Electric Company [c] Nantucket Electric Company National Grid NE Holdings 2 LLC [b] National Grid USA Service Company, Inc. NEES Energy, Inc. New England Energy Incorporated New England Hydro Finance Company, Inc. (53.704%) New England Hydro-Transmission Electric Company, Inc. (53.704%) New England Power Company [c] Transgas Inc. Wayfinder Group, Inc. 34. Subsidiary undertakings, joint arrangements and associates cont. Registered Address: Corporation Trust Company, 1209 Orange Street, Wilmington DE 19801, United States Mystic Steamship Corporation Registered Address: 100 Bank Street, Suite 630, Burlington, Chittenden County VT 05401, United States National Grid Insurance USA Ltd Registered Address: Corporation Service Company, 10 Ferry Street S313, Concord NH 03301, United States Broken Bridge Corp. New England Electric Transmission Corporation New England Hydro-Transmission Corporation (53.704%) Registered Address: Corporation Service Company, 222 Jefferson Boulevard, Suite 200, Warwick RI 02888, United States Newport America Corporation 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 Incorporated in Singapore Registered office: 9 Raffles Place, #26-01, Republic Plaza, Singapore 048619 NG Holdings Two PTE. Ltd* *Entity is tax resident in the UK Joint ventures A list of the Group’s joint ventures as at 31 March 2026 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
Incorporated in the US
Joint operations A list of the Group’s incorporated joint operations as at 31 March 2026 is given below. All joint operations are included in the Group’s financial statements under IFRS 11 Joint arrangements. Incorporated in England and Wales
34. Subsidiary undertakings, joint arrangements and associates cont. Associates A list of the Group’s associates as at 31 March 2026 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
Incorporated in the US
Other investments A list of the Group’s other investments as at 31 March 2026 is given below. Incorporated in England and Wales
Our interests and activities are held or operated through the subsidiaries, joint arrangements or associates as disclosed above. These interests and activities 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 2026:
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