nggtf-20210331

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 20-F

(Mark One)


£			REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

R			ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

			For the fiscal year ended 31 March 2021

OR

`£			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

£			SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

			Date of event requiring this shell company report

			For the transition period from to

Commission file number: 001-14958

NATIONAL GRID PLC

(Exact name of Registrant as specified in its charter)

England and Wales

(Jurisdiction of incorporation or organization)

1-3 Strand, London WC2N 5EH, England

(Address of principal executive offices)

Justine Campbell

011 44 20 7004 3000

Facsimile No. 011 44 20 7004 3004

Group General Counsel and Company Secretary

National Grid plc

1-3 Strand London WC2N 5EH, England

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Ordinary Shares of 12 204/473 pence each	NG	The New York Stock Exchange*
American Depositary Shares, each representing five	NGG	The New York Stock Exchange

Preferred Stock ($100 par value-cumulative):
3.90% Series	NMK PR C	The New York Stock Exchange
3.60% Series	NMK PR B	The New York Stock Exchange

____________

* Not for trading, but only in connection with the registration of American Depositary Shares representing Ordinary Shares pursuant to the requirements of the Securities and Exchange Commission.

Securities registered or to be registered pursuant to Section 12(g) of the Securities Exchange Act of 1934: None.

Securities for which there is a reporting obligation pursuant to Section15(d) of the Securities Exchange Act of 1934: None.

The number of outstanding shares of each of the issuer’s classes of capital or common stock as of 31 March 2020 was

Ordinary Shares of 12 204/473 pence each 3,814,951,606

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act: Yes R No £

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Yes £ No R

Note — Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days: Yes R No £

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files): Yes R No £

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).: Yes R No £

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or an emerging growth company. See definition of “large accelerated filer” “accelerated filer” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer R						Accelerated filer £
Non-accelerated filer £						Emerging growth company £

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐

†The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. R

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP £

International Financial Reporting Standards as issued by the International Accounting Standards Board R

Other £

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. Item 17 £ Item 18 £

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes £ No R

This constitutes the annual report on Form 20-F of National Grid plc (the “Company”) in accordance with the requirements of the US Securities and Exchange Commission (the “SEC”) for the year ended 31 March 2021 and is dated [•] June 2021. Details of events occurring subsequent to the approval of the annual report on [•] May 2021 are summarised in section “Further Information” which forms a part of this Form 20-F. The content of the Group’s website (www.nationalgrid.com/uk) should not be considered to form part of this annual report on Form 20-F.

Form 20-F Cross Reference Table


Item	Form 20-F caption	Location in the document	Page(s)
1	Identity of directors, senior management and advisors	Not applicable	–
2	Offer statistics and expected timetable	Not applicable	–
3	Key Information
	3A Selected financial data	“Additional Information—Five year summary financial information”	263
		“Strategic Report—Financial review”	30-39
		“Financial Statements—Consolidated income statement”	129-130
		“Financial Statements—Consolidated statement of comprehensive income”	131
		“Financial Statements—Consolidated statement of financial position”	133
		“Financial Statements—Consolidated cash flow statement”	134
		Notes to the consolidated financial statements – Note 8. Earnings per share	154
		“Additional Information—Other unaudited financial information”	250-260
	3B Capitalization and indebtedness	Not applicable	–
	3C Reasons for the offer and use of proceeds	Not applicable	–
	3D Risk Factors	“Additional Information—Internal control and risk factors—Risk factors”	236-239
4	Information on the company
	4A History and development of the company	“Additional Information—Want more information or help?”	268
		“Additional Information—The business in detail—Key milestones”	226
		“Strategic Report—Business Model: “How we operate”	4-7
		“Strategic Report—Our response to COVID-19”	8-9
		“Strategic Report—Chairman’s Statement”	10-11
		“Strategic Report—Chief Executive’s review”	12-14

		“Strategic Report—Our business environment” “Strategic Report—Delivering against our Strategy” “Strategic Report—Principal operations—UK”; “—Principal operations—US”; and “—National Grid Ventures and other activities”	15-17 18-19 40-45
		“Additional Information—Other unaudited financial information—Capital investment”	254
		“Additional Information—Shareholder information—Articles of Association—General”	240-241
		“Strategic Report—Financial Review—Summary of Group financial performance for the year ended 31 March 2021”	30
		“Strategic Report—Financial Review—Capital Investment, asset growth and value added” and “—Financial Position”	34-35, 35-36
		“Financial Statements—Notes to the consolidated financial statements—2. Segmental analysis—(c) Capital expenditure”	139


	“Financial Statements—Notes to the consolidated financial statements—10. Discontinued operations and assets held for sale” and “—Strategic report—Financial Review—Discontinued operations” “Financial Statements—Notes to the consolidated financial statements—38. Acquisitions—Acquisition of PPL Western Power distribution Investments Limited” and “— Acquisition of Geronimo Energy LLC and Emerald Energy Venture LLC”	155-156, 33 216
	“Additional Information—The business in detail—UK Regulation”; “—US Regulation” and “—Summary of US price controls and rate plans”	228-235
	“Additional Information—Shareholder Information— Documents on display”	241
4B Business overview	“Strategic Report—Our Business at a glance” “Additional Information—The business in detail”	2-3 226-235
	“Strategic Report—Business Model: “How we operate” “—Our response to COVID-19” and “—Chairman’s Statement”	4-11
	“Strategic Report—Our business environment”	15-17

	“Strategic Report—Delivering against our strategy”	18-19
	“Strategic Report—Innovation”	23
	“Strategic Report— Financial Review”	30-39
	“Strategic Report—Principal operations—UK”; “—Principal operations—US”; and “—National Grid Ventures and other activities”	40-45
	“Financial Statements—Notes to the consolidated financial statements—2. Segmental analysis”	138-139
	“Financial Statements—Notes to the consolidated financial statements—17. Derivative financial instruments—(b) Commodity contract derivatives”	166-167
4C Organizational structure	“Financial Statements—Notes to the consolidated financial statements—34. Subsidiary undertakings, joint ventures and associates”	204-208
4D Property, plants and equipment	“Strategic Report—Delivering against our strategy—Financial measures—NGV capital investment”; “Strategic Report—Financial Review—Financial Position”; and “Financial Statements— Notes to the consolidated financial statements—13. Property, plant and equipment” “Financial Statements—Notes to the consolidated financial statements—10. Discontinued operations and assets held for sale” and “—Strategic report—Financial Review—Discontinued operations”	20, 35-36, 159-161 155-156
	“Additional Information—The business in detail: Where we operate” and “—Other disclosures—Property, plant and equipment”	227, 247


		“Financial Statements—Consolidated statement of financial position” “Financial Statements- Notes to the consolidated financial statements-5. Exceptional items and remeasurements—Exceptional items—2021—Changes in environmental provision”	133 147
		“Financial Statements—Notes to the consolidated financial statements—21. Borrowings” “Financial Statements—Notes to the consolidated financial statements—38. Acquisitions— Acquisition of PPL Western Power distribution Investments Limited” and “—Acquisition of Geronimo Energy LLC and Emerald Energy Venture LLC”	170-172 216
		“Additional Information—Other unaudited financial information—Capital investment”	254
4A	Unresolved staff comments	“Additional Information—Other disclosures—Unresolved SEC staff comments”	249
5	Operating and financial review and prospects
	5A Operating results	“Strategic Report—Financial review”	30-39
		“Strategic Report—Our business environment”	15-17
		“Additional Information—The business in detail—UK regulation”; “—US regulation”; and “—Summary of US price controls and rate plans”	225-235
		“Strategic Report—Principal operations—UK”; “—Principal operations—US”; and “—National Grid Ventures and other activities”	40-45
		“Financial Statements—Notes to the consolidated financial statements—2. Segmental analysis”	138-139
		“Additional Information—Commentary on consolidated financial statements”	261-262
		“Financial Statements—Notes to the consolidated financial statements—32. Financial risk management—(c) Currency risk”	194
		“Additional Information—Internal control and risk factors—Risk factors—Law, regulation and political and economic uncertainty”	236
	5B Liquidity and capital resources	“Strategic Report—Financial review”	30-39
		“Financial Statements—Notes to the consolidated financial statements—1.A Going concern”	135
		“Financial Statements—Consolidated cash flow statement”	134
		“Additional Information—Internal control and risk factors—Risk factors—Financing and liquidity”	238
		“Financial Statements—Notes to the consolidated financial statements—17. Derivative financial instruments”	165-167
		“Financial Statements—Notes to the consolidated financial statements—20. Cash and cash equivalents”	169
		“Financial Statements—Notes to the consolidated financial statements—21. Borrowings”	170-172
		“Financial Statements—Notes to the consolidated financial statements—29. Net debt”	187-188

iii


		“Financial Statements—Notes to the consolidated financial statements—30. Commitments and contingencies”	189
		“Financial Statements—Notes to the consolidated financial statements—32. Financial risk management”	190-202
		“Financial Statements—Notes to the consolidated financial statements—33. Borrowing facilities”	203
	5C Research and development, patents and licenses, etc.	“Strategic Report—Innovation” and “Additional Information—Other disclosures—Research, development and innovation activity”	23, 247-249
	5D Trend information	“Strategic Report—Chief Executive’s review—Innovations and new technology” “Strategic Report—Our business environment” “Strategic Report—Financial review”	13-14 15-17 30-39
		“Strategic Report—Principal operations—UK”; “—Principal operations—US”; and “—National Grid Ventures and other activities”	40-45

	5E Off-balance sheet arrangements	“Strategic Report—Financial review—Off-balance sheet items”	36
	5F Tabular disclosure of contractual obligations	“Financial Statements—Notes to the consolidated financial statements—30. Commitments and contingencies”	189
	5G Safe Harbor	“Cautionary statement”	269
6	Directors, senior management and employees
	6A Directors and senior management	“Corporate Governance—Our Board”	72-73
	6B Compensation	“Corporate Governance—Directors’ Remuneration Report”	92-113
		“Financial Statements—Notes to the consolidated financial statements—4. Operating costs—(c) Key management compensation”	145
		“Financial Statements—Notes to the consolidated financial statements—25. Pensions and other post-retirement benefits”	174-182
	6C Board practices	“Corporate Governance—Our Board”	72-73
		“Corporate Governance—Corporate Governance Overview”	74-82
		“Corporate Governance—Audit Committee”	83-87
		“Corporate Governance—Statement of application of and compliance with the UK Corporate Governance Code”	70-71
		“Corporate Governance—Directors’ Remuneration Report”	92-113
		“Additional Information—Shareholder Information—Articles of Association—Directors”	240-241
	6D Employees	“Financial Statements—Notes to the consolidated financial statements—4. Operating costs—(b) Number of employees”	144
		“Strategic Report—Our stakeholders—How we create value for our stakeholders—Our colleagues”	49
		“Additional Information—Other disclosures—Employees”	246


	6E Share ownership	“Corporate Governance—Directors’ Remuneration Report—Statement of implementation of remuneration policy in 2020/21”	100-113
		“Additional Information—Other disclosures—All-employee share plans”	245
		“Share ownership”	“Further Information”
7	Major shareholders and related party transactions
	7A Major shareholders	“Additional Information—Shareholder information—Material interests in shares”	242
		“Material interests in shares” and “Material interest in American Depositary Shares”	“Further Information”
	7B Related party transactions	“Financial Statements—Notes to the consolidated financial statements—31. Related party transactions”	190
		“Material interests in shares”	“Further Information”
		“Financial Statements—Notes to the consolidated financial statements—30. Commitment and contingencies”	189
	7C Interests of experts and counsel	Not applicable	–
8	Financial information
	8A Consolidated statements and other financial information
		“Reports of Independent Registered Public Accounting Firm—Audit opinions for Form 20-F”	“Further Information”
		“Financial Statements—Consolidated income statement”; “—Consolidated statement of comprehensive income”; “—Consolidated statement of changes in equity”; “—Consolidated statement of financial position”; and “—Consolidated cash flow statement”	129-134
		“Financial Statements—Notes to the consolidated financial statements”	135-216
		“Strategic Report—Chairman’s Statement”	10-11
		“Strategic Report—Financial Review—Dividend” and “Financial Statements—Notes to the consolidated financial statements—9. Dividends”	39,155
	8B Significant changes	“Strategic Report—Financial Review—Post balance sheet events”, “Additional Information—Shareholder Information—Events after the reporting period”, and “Subsequent events”; “Financial Statements—Notes to the consolidated financial statements—39. Post balance sheet events”	39, 242, 216, “Further Information”
9	The offer and listing
	9A Offer and listing details	“Additional Information—Shareholder Information—Share information”	242
	9B Plan of distribution	Not applicable
	9C Markets	“Additional Information—Shareholder information—Share Information”	242
	9D Selling shareholders	Not applicable	–
	9E Dilution	Not applicable	–
	9F Expenses of the issue	Not applicable	–
10	Additional information
	10A Share capital	Not applicable	–


	10B Memorandum and articles of association	“Additional Information—Shareholder Information—Articles of Association”	240-241
		“Additional Information—Other disclosures—Corporate governance practices: differences from New York Stock Exchange (NYSE) listing standards” “Additional Information—Shareholder Information—Other disclosures—Change of control provisions”	245
		“Additional Information—Shareholder information—Share capital”	242
	10C Material contracts	“Additional Information—Other disclosures—Material contracts”	246
	10D Exchange controls	“Additional Information—Shareholder information—Exchange controls”	242
	10E Taxation	“Additional Information——Shareholder information—Taxation”	243-244
	10F Dividends and paying agents	Not applicable	–
	10G Statement by experts	Not applicable	–
	10H Documents on display	“Additional Information—Shareholder information—Documents on display”	241
	10I Subsidiary information	Not applicable	–
11	Quantitative and qualitative disclosures about market risk
	11(a) Quantitative information about market risk	“Financial Statements—Notes to the consolidated financial statements—17. Derivative financial instruments”	165-167
		“Financial Statements—Notes to the consolidated financial statements—35. Sensitivities”	209-210
		“Financial Statements—Notes to the consolidated financial statements—32. Financial risk management”	190-202
		“Strategic Report—Financial review”	30-39
	11(b) Qualitative information about market risk	“Financial Statements—Notes to the consolidated financial statements—17. Derivative financial instruments”	165-167
		“Financial Statements—Notes to the consolidated financial statements—32. Financial risk management—(a) Credit risk”; “—(b) Liquidity risk”; “—(c) Currency risk”; “—(d) Interest rate risk”; “—(g) Fair value analysis”; and “—(h) Capital risk management””	191-195 200-202
		“Strategic Report—Financial review”	30-39
		“Additional Information—Internal Control and Risk factors—Risk Factors”	236-239
12	Description of securities other than equity securities
	12A Debt securities	Not applicable	–
	12B Warrants and rights	Not applicable	–
	12C Other securities	Not applicable	–
	12D American depositary shares	“Additional Information—Shareholder information—Depositary payments to the Company”	241
		“Additional Information—Definitions and glossary of terms”	264-267
		“Material interest in American Depositary Shares”	“Further Information”
13	Defaults, dividend arrearages and delinquencies	Not applicable	–


14	Material modifications to the rights of security holders and use of proceeds	Not applicable	–
15	Controls and procedures	“Additional Information—Internal control and risk factors—Disclosure controls” and “—Internal control over financial reporting”	236
		“Corporate Governance—Audit Committee”	83-87
		“Report of Independent Registered Public Accounting Firm—Audit opinions for Form 20-F”	“Further Information”
16	16A Audit committee financial expert	“Corporate Governance—Our Board”	73
	16B Code of ethics	“Additional Information—Other disclosures—Code of Ethics”	245
	16C Principal accountant fees and services	“Corporate Governance—Audit Committee—External audit”, “—Non-audit Services” and “—Audit and non-audit services (£m)”	86-87
		“Financial Statements—Notes to the consolidated financial statements—4. Operating costs—(d) Auditors’ remuneration”	145
	16D Exemptions from the listing standards for audit committees	Not applicable	–
	16E Purchases of equity securities by the issuer and affiliated purchasers	“Additional Information—Shareholder information—Share capital—Authority to purchase shares”	242
	16F Change in registrant’s certifying accountant		–
	16G Corporate governance	“Additional Information—Other disclosures—Corporate governance practices: differences from New York Stock Exchange (NYSE) listing standards”	245
	16H Mine safety disclosure	Not applicable	–
17	Financial statements	Not applicable	–
18	Financial statements	“Financial Statements—Company accounting policies”	217-218
		“Financial Statements—Consolidated income statement”; “—Consolidated statement of comprehensive income”; “—Consolidated statement of changes in equity”; “—Consolidated statement of financial position”; and “—Consolidated cash flow statement”	129-134
		“Financial Statements—Notes to the consolidated financial statements”	135-216
		“Financial Statements— Reports of Independent Registered Public Accounting Firm—Audit opinions for Form 20-F”	“Further Information”
19	Exhibits	Filed with the SEC	–

vii

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                    

                                                                                                                                                   /0/6!fhgmal!Z \kn\bZe!mbf^!_hk!ma^!BhfiZgr,!                          

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           

          @m!ma^!a^Zkm!h_!hnk ZiikhZ\a!mh!k^fng^kZmbhg!bl!Z!lbfie^!ik^fbl^!!                                                                                             

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MZedgi!dc!di]Zg!aZ\Va!VcY!gZ\jaVidgn! gZfj^gZbZcih /0,!Je^c^dch!dc!di]Zg!bViiZgh!egZhXg^WZY!Wn!i]Z!>dbeVc^Zh! <Xi!0..4 Ih"iol"ijchcih"nb_"j[ln"i`"nb_"^cl_]nilm"l_goh_l[ncih"l_jiln"ni" \_"[o^cn_^"b[m"\__h"jlij_lfs"jl_j[l_^"ch"[]]il^[h]_"qcnb"nb_" Cigj[hc_m"A]n"1//5- Ih"iol"ijchcih+"\[m_^"ih"nb_"qile"oh^_ln[e_h"ch"nb_"]iolm_" i`"nb_"[o^cn9 " "nb_"ch`ilg[ncih"acp_h"ch"nb_"mnl[n_ac]"l_jiln"[h^"nb_"^cl_]nilm" l_jiln"`il"nb_"`ch[h]c[f"s_[l"`il"qbc]b"nb_"`ch[h]c[f"mn[n_g_hnm" [l_"jl_j[l_^"cm"]ihmcmn_hn"qcnb"nb_"`ch[h]c[f"mn[n_g_hnm;"[h^ " "nb_"mnl[n_ac]"l_jiln"[h^"nb_"^cl_]nilm"l_jiln"b[p_"\__h"jl_j[l_^" ch"[]]il^[h]_"qcnb"[jjfc][\f_"f_a[f"l_kocl_g_hnm- Ih"nb_"fcabn"i`"nb_"ehiqf_^a_"[h^"oh^_lmn[h^cha"i`"nb_"Glioj"[h^" nb_"P[l_hn"Cigj[hs"[h^"nb_cl"_hpclihg_hn"i\n[ch_^"ch"nb_"]iolm_" i`"nb_"[o^cn+"q_"b[p_"hin"c^_hnc`c_^"[hs"g[n_lc[f"gcmmn[n_g_hnm"ch" nb_"mnl[n_ac]"l_jiln"il"nb_"^cl_]nilm"l_jiln- /1,!>dgedgViZ!BdkZgcVcXZ!NiViZbZci Tb_"Lcmncha"Rof_m"l_kocl_"om"ni"l_pc_q"nb_"^cl_]nilm"mn[n_g_hn"ch"l_f[ncih" ni"aicha"]ih]_lh+"fiha_l,n_lg"pc[\cfcns"[h^"nb[n"j[ln"i`"nb_"Ciljil[n_" Gip_lh[h]_"Sn[n_g_hn"l_f[ncha"ni"nb_"Gliojm"]igjfc[h]_"qcnb"nb_" jlipcmcihm"i`"nb_"UK"Ciljil[n_"Gip_lh[h]_"Ci^_"mj_]c`c_^"`il"iol" l_pc_q- B[m_^"ih"nb_"qile"oh^_ln[e_h"[m"j[ln"i`"iol"[o^cn+"q_"b[p_" ]ih]fo^_^"nb[n"_[]b"i`"nb_"`iffiqcha"_f_g_hnm"i`"nb_"Ciljil[n_" Gip_lh[h]_"Sn[n_g_hn"cm"g[n_lc[ffs"]ihmcmn_hn"qcnb"nb_"`ch[h]c[f" mn[n_g_hnm"[h^"iol"ehiqf_^a_"i\n[ch_^"^olcha"nb_"[o^cn9" " "nb_"^cl_]nilm"mn[n_g_hn"qcnb"l_a[l^m"ni"nb_"[jjlijlc[n_h_mm"i`" [^ijncha"nb_"aicha"]ih]_lh"\[mcm"i`"[]]iohncha"[h^"[hs"g[n_lc[f" oh]_ln[chnc_m"c^_hnc`c_^"m_n"ion"ih"j[a_"024; " "nb_"^cl_]nilm"_rjf[h[ncih"[m"ni"cnm"[mm_mmg_hn"i`"nb_"Gliojm" jlimj_]nm+"nb_"j_lci^"nbcm"[mm_mmg_hn"]ip_lm"[h^"qbs"nb_"j_lci^" cm"[jjlijlc[n_"m_n"ion"ih"j[a_m"17"!"18; " "nb_"^cl_]nilm"mn[n_g_hn"ih"`[cl+"\[f[h]_^"[h^"oh^_lmn[h^[\f_" m_n"ion"ih"j[a_m"73"[h^"75; " "nb_"\i[l^m"]ih`clg[ncih"nb[n"cn"b[m"][llc_^"ion"["li\omn" [mm_mmg_hn"i`"nb_"_g_lacha"[h^"jlch]cj[f"lcmem"m_n"ion"ih" j[a_"14"!"16"[h^"18; " "nb_"m_]ncih"i`"nb_"Ahho[f"R_jiln"[h^"A]]iohnm"nb[n"^_m]lc\_m" nb_"l_pc_q"i`"_``_]ncp_h_mm"i`"lcme"g[h[a_g_hn"[h^"chn_lh[f" ]ihnlif"msmn_gm"m_n"ion"ih"j[a_"13"!"16;"[h^ " "nb_"m_]ncih"^_m]lc\cha"nb_"qile"i`"nb_"Ao^cn"Ciggcnn__"m_n"ion" ih"j[a_m"72"!"76- /2,!HViiZgh!dc!l]^X]!lZ!VgZ!gZfj^gZY!id!gZedgi!Wn!ZmXZei^dc !/2,/,!<YZfjVXn!d[!ZmeaVcVi^dch!gZXZ^kZY!VcY!VXXdjci^c\!gZXdgYh Uh^_l"nb_"Cigj[hc_m"A]n"1//5"q_"[l_"l_kocl_^"ni"l_jiln"ni"sio"c`+" ch"iol"ijchcih9 " q_"b[p_"hin"l_]_cp_^"[ff"nb_"ch`ilg[ncih"[h^"_rjf[h[ncihm"q_"l_kocl_" `il"iol"[o^cn;"il " [^_ko[n_"[]]iohncha"l_]il^m"b[p_"hin"\__h"e_jn"\s"nb_"P[l_hn" Cigj[hs+"il"l_nolhm"[^_ko[n_"`il"iol"[o^cn"b[p_"hin"\__h"l_]_cp_^" `lig"\l[h]b_m"hin"pcmcn_^"\s"om;"il " nb_"P[l_hn"Cigj[hs"`ch[h]c[f"mn[n_g_hnm"[l_"hin"ch"[al__g_hn"qcnb" nb_"[]]iohncha"l_]il^m"[h^"l_nolhm- W_"b[p_"hinbcha"ni"l_jiln"ch"l_mj_]n"i`"nb_m_"g[nn_lm- /2,0,!?^gZXidghs!gZbjcZgVi^dc Uh^_l"nb_"Cigj[hc_m"A]n"1//5"q_"[l_"[fmi"l_kocl_^"ni"l_jiln"c`"ch"iol" ijchcih"]_ln[ch"^cm]fimol_m"i`"^cl_]nilm"l_goh_l[ncih"b[p_"hin"\__h" g[^_"il"nb_"j[ln"i`"nb_"^cl_]nilm"l_goh_l[ncih"l_jiln"ni"\_"[o^cn_^"cm" hin"ch"[al__g_hn"qcnb"nb_"[]]iohncha"l_]il^m"[h^"l_nolhm- W_"b[p_"hinbcha"ni"l_jiln"ch"l_mj_]n"i`"nb_m_"g[nn_lm- /3,!Ji]Zg!bViiZgh!l]^X]!lZ!VgZ!gZfj^gZY!id!VYYgZhh /3,/,!<jY^idg!iZcjgZ W_"\_][g_"ch^_j_h^_hn"[h^"]igg_h]_^"iol"[o^cn"nl[hmcncih"ih" 0"J[ho[ls"1/06-"Fiffiqcha"nb_"l_]igg_h^[ncih"i`"nb_"Ao^cn"Ciggcnn__+" q_"q_l_"[jjichn_^"\s"nb_"Sb[l_bif^_lm"[n"nb_"Ahho[f"G_h_l[f"M__ncha" ih"20"Jofs"1/06"ni"[o^cn"nb_"`ch[h]c[f"mn[n_g_hnm"`il"nb_"s_[l"_h^cha" 20"M[l]b"1/07"[h^"mo\m_ko_hn"`ch[h]c[f"j_lci^m-" Tb_"j_lci^"i`"nin[f"ohchn_llojn_^"_ha[a_g_hn"ch]fo^cha"jl_pciom" l_h_q[fm"[h^"l_[jjichng_hnm"i`"nb_"`clg"cm"`iol"s_[lm+"]ip_lcha"nb_"s_[lm" _h^cha"20"M[l]b"1/07"ni"20"M[l]b"1/10- /3,0,!!>dch^hiZcXn!d[!i]Z!VjY^i!gZedgi!l^i]!i]Z!VYY^i^dcVa!gZedgi! id!i]Z!<jY^i!>dbb^iiZZ Ool"[o^cn"ijchcih"cm"]ihmcmn_hn"qcnb"nb_"[^^cncih[f"l_jiln"ni"nb_"Ao^cn" Ciggcnn__"q_"[l_"l_kocl_^"ni"jlipc^_"ch"[]]il^[h]_"qcnb"ISAm"'UK(- /4,!PhZ!d[!djg!gZedgi Tbcm"l_jiln"cm"g[^_"mif_fs"ni"nb_"Cigj[hsm"g_g\_lm+"[m"["\i^s+" ch"[]]il^[h]_"qcnb"Cb[jn_l"2"i`"P[ln"05"i`"nb_"Cigj[hc_m"A]n"1//5-" Ool"[o^cn"qile"b[m"\__h"oh^_ln[e_h"mi"nb[n"q_"gcabn"mn[n_"ni"nb_" Cigj[hsm"g_g\_lm"nbim_"g[nn_lm"q_"[l_"l_kocl_^"ni"mn[n_"ni"nb_g" ch"[h"[o^cnilm"l_jiln"[h^"`il"hi"inb_l"joljim_-"Ti"nb_"`off_mn"_rn_hn" j_lgcnn_^"\s"f[q+"q_"^i"hin"[]]_jn"il"[mmog_"l_mjihmc\cfcns"ni"[hsih_" inb_l"nb[h"nb_"Cigj[hs"[h^"nb_"Cigj[hsm"g_g\_lm"[m"["\i^s+"`il" iol"[o^cn"qile+"`il"nbcm"l_jiln+"il"`il"nb_"ijchcihm"q_"b[p_"`ilg_^- ?dj\aVh!F^c\!A><!&NZc^dg!hiVijidgn!VjY^idg' Fil"

[h^"ih"\_b[f`"i`"D_ficnn_"LLP" Sn[nonils"Ao^cnil" Lih^ih+"Uhcn_^"Kcha^ig" 08"M[s"1/10 DcYZeZcYZci!VjY^idgsh!gZedgi!! ni"nb_"g_g\_lm"i`"N[ncih[f"Glc^"jf]!]ihncho_^ /06 MZmbhgZe!Fkb]!ie\!@ggnZe!Q^ihkm!Zg]!@\\hngml!0.0.-0/ A^cVcX^Va!NiViZbZcih O]^h!eV\Z!^h!aZ[i!WaVc`!^ciZci^dcVaan

National Grid plc Annual Report and Accounts 2020/21 Financial Statements

Consolidated income statement

for the years ended 31 March


2021	Notes	Total £m

Continuing operations
Revenue	2(a),3	14,779
Provision for bad and doubtful debts	4	(326)
Other operating costs	4,5	(11,558)
Operating profit/(loss)	2(b)	2,895
Finance income	5,6	58
Finance costs	5,6	(928)
Share of post-tax results of joint ventures and associates	5,16	58
Profit before tax	2(b),5	2,083
Tax	5,7	(442)


Total profit for the year		1,641
Attributable to:
Equity shareholders of the parent		1,640
Non-controlling interests from continuing operations		1
Earnings per share (pence)
Basic earnings per share (continuing)	8	46.6
Diluted earnings per share (continuing)	8	46.3
Basic earnings per share (continuing and discontinued)	8	46.6
Diluted earnings per share (continuing and discontinued)	8	46.3


2020	Notes	Total £m

Continuing operations
Revenue	2(a),3	14,540
Provision for bad and doubtful debts	4	(234)
Other operating costs	4,5	(11,526)
Operating profit/(loss)	2(b)	2,780
Finance income	5,6	54
Finance costs	5,6	(1,167)
Share of post-tax results of joint ventures and associates	5,16	87
Profit/(loss) before tax	2(b),5	1,754
Tax	5,7	(480)
Profit/(loss) after tax from continuing operations	5	1,274
Profit/(loss) after tax from discontinued operations	10	(9)
Total profit/(loss) for the year (continuing and discontinued)		1,265
Attributable to:
Equity shareholders of the parent		1,264
Non-controlling interests from continuing operations		1
Earnings per share (pence)
Basic earnings per share (continuing)	8	36.8
Diluted earnings per share (continuing)	8	36.6
Basic earnings per share (continuing and discontinued)	8	36.5
Diluted earnings per share (continuing and discontinued)	8	36.3

129

National Grid plc Annual Report and Accounts 2020/21 Financial Statements

Consolidated income statement

for the years ended 31 March continued


2019	Notes	Total £m

Continuing operations
Revenue	2(a),3	14,933
Provision for bad and doubtful debts	4	(181)
Other operating costs	4,5	(11,882)
Operating profit/(loss)	2(b)	2,870
Finance income	5,6	88
Finance costs	5,6	(1,157)
Share of post-tax results of joint ventures and associates	10	40
Profit/(loss) before tax	2(b),5	1,841
Tax	5,7	(339)
Profit/(loss) after tax from continuing operations	5	1,502
Profit/(loss) after tax from discontinued operations	10	12
Total profit/(loss) for the year (continuing and discontinued)		1,514
Attributable to:
Equity shareholders of the parent		1,511
Non-controlling interests from continuing operations		3
Earnings per share (pence)
Basic earnings per share (continuing)	8	44.3
Diluted earnings per share (continuing)	8	44.1
Basic earnings per share (continuing and discontinued)	8	44.6
Diluted earnings per share (continuing and discontinued)	8	44.4

130

National Grid plc Annual Report and Accounts 2020/21 Financial Statements

Consolidated statement of comprehensive income

for the years ended 31 March


		2021	2020	2019
	Notes	£m	£m	£m
Profit after tax from continuing operations		1,641	1,274	1,502
Other comprehensive income from continuing operations
Items from continuing operations that will never be reclassified to profit or loss:
Remeasurement gains/(losses) on pension assets and post-retirement benefit obligations	25	1,408	(724)	68
Net gains/(losses) on equity instruments designated at fair value through other comprehensive income		46	(9)	—
Net (losses)/gains on financial liability designated at fair value through profit and loss attributable to changes in own credit risk		(11)	(3)	7
Net losses in respect of cash flow hedging of capital expenditure		(14)	(17)	(13)
Tax on items that will never be reclassified to profit or loss	7	(422)	212	(15)
Total items from continuing operations that will never be reclassified to profit or loss		1,007	(541)	47
Items from continuing operations that may be reclassified subsequently to profit or loss:
Exchange adjustments¹		(1,347)	561	361
Net gains/(losses) in respect of cash flow hedges		70	(128)	(40)
Net gains/(losses) in respect of cost of hedging		14	(78)	(66)
Net gains/(losses) on investment in debt instruments measured at fair value through other comprehensive income		80	(15)	2
Share of other comprehensive income/(losses) of associates, net of tax		1	(5)	1
Tax on items that may be reclassified subsequently to profit or loss	7	(8)	35	12
Total items from continuing operations that may be reclassified subsequently to profit or loss		(1,190)	370	270
Other comprehensive (loss)/income for the year, net of tax from continuing operations		(183)	(171)	317
Other comprehensive income for the year, net of tax from discontinued operations²	10	—	6	36
Other comprehensive (loss)/income for the year, net of tax		(183)	(165)	353
Total comprehensive income for the year from continuing operations		1,458	1,103	1,819
Total comprehensive (loss)/income for the year from discontinued operations	10	—	(3)	48
Total comprehensive income for the year		1,458	1,100	1,867
Attributable to:
Equity shareholders of the parent
From continuing operations		1,459	1,101	1,815
From discontinued operations		—	(3)	48
		1,459	1,098	1,863
Non-controlling interests
From continuing operations		(1)	2	4

1. Comparative amounts have been revised as described in note 1F.

2. The other comprehensive income from discontinued operations relates to the items of other comprehensive income of Cadent (investment through Quadgas HoldCo Limited). Refer to note 10 for details.

131

National Grid plc Annual Report and Accounts 2020/21 Financial Statements

Consolidated statement of changes in equity

for the years ended 31 March


	Share capital £m	Share premium account £m	Retained earnings £m	Other equity reserves1 £m	Total shareholders’ equity £m	Non- controlling interests £m	Total equity £m
At 31 March 2018 (as previously reported)	452	1,321	21,599	(4,540)	18,832	16	18,848
Prior year adjustment²	—	—	185	—	185	—	185
Impact of transition to IFRS 9 and IFRS 15	—	—	(268)	72	(196)	—	(196)
At 31 March 2018 (as restated)	452	1,321	21,516	(4,468)	18,821	16	18,837
Profit for the year	—	—	1,511	—	1,511	3	1,514
Other comprehensive income for the year	—	—	89	263	352	1	353
Total comprehensive income for the year	—	—	1,600	263	1,863	4	1,867
Equity dividends	—	—	(1,160)	—	(1,160)	—	(1,160)
Scrip dividend-related share issue³	6	(7)	—	—	(1)	—	(1)
Issue of treasury shares	—	—	18	—	18	—	18
Purchase of own shares	—	—	(2)	—	(2)	—	(2)
Share-based payments	—	—	27	—	27	—	27
Cash flow hedges transferred to the statement of financial position, net of tax	—	—	—	(18)	(18)	—	(18)
At 1 April 2019	458	1,314	21,999	(4,223)	19,548	20	19,568
Profit for the year	—	—	1,264	—	1,264	1	1,265
Other comprehensive (loss)/income for the year	—	—	(509)	343	(166)	1	(165)
Total comprehensive income for the year	—	—	755	343	1,098	2	1,100
Equity dividends	—	—	(892)	—	(892)	—	(892)
Scrip dividend-related share issue³	12	(13)	—	—	(1)	—	(1)
Issue of treasury shares	—	—	17	—	17	—	17
Purchase of own shares	—	—	(6)	—	(6)	—	(6)
Share-based payments	—	—	19	—	19	—	19
Tax on share-based payments	—	—	3	—	3	—	3
Cash flow hedges transferred to the statement of financial position, net of tax	—	—	—	(15)	(15)	—	(15)
At 1 April 2020	470	1,301	21,895	(3,895)	19,771	22	19,793
Profit for the year	—	—	1,640	—	1,640	1	1,641
Other comprehensive income/(loss) for the year	—	—	1,001	(1,182)	(181)	(2)	(183)
Total comprehensive income/(loss) for the year	—	—	2,641	(1,182)	1,459	(1)	1,458
Equity dividends	—	—	(1,413)	—	(1,413)	—	(1,413)
Scrip dividend-related share issue³	4	(5)	—	—	(1)	—	(1)
Issue of treasury shares	—	—	17	—	17	—	17
Purchase of own shares	—	—	(2)	—	(2)	—	(2)
Share-based payments	—	—	27	—	27	—	27
Tax on share-based payments	—	—	(2)	—	(2)	—	(2)
Cash flow hedges transferred to the statement of financial position, net of tax	—	—	—	(17)	(17)	—	(17)
At 31 March 2021	474	1,296	23,163	(5,094)	19,839	21	19,860

1. For further details of other equity reserves, see note 28.

2. Comparative amounts have been revised as described in note 1F.

3. Included within the share premium account are costs associated with scrip dividends.

132

National Grid plc Annual Report and Accounts 2020/21 Financial Statements

Consolidated statement of financial position

as at 31 March


		2021	2020	2019
	Notes	£m	£m	£m
Non-current assets
Goodwill¹	11	4,588	5,712	5,372
Other intangible assets	12	1,443	1,295	1,084
Property, plant and equipment¹	13	47,043	49,762	44,859
Other non-current assets	14	293	354	264
Pension assets	25	1,747	1,849	1,567
Financial and other investments	15	755	543	667
Investments in joint ventures and associates	16	867	995	608
Derivative financial assets	17	542	1,249	1,045
Total non-current assets		57,278	61,759	55,466
Current assets
Inventories and current intangible assets	18	439	549	370
Trade and other receivables	19	2,919	2,986	3,153
Current tax assets		67	102	126
Financial and other investments	15	2,342	1,998	1,981
Derivative financial assets	17	457	93	108
Cash and cash equivalents	20	157	73	252
Assets held for sale	10	3,557	—	1,956
Total current assets		9,938	5,801	7,946
Total assets		67,216	67,560	63,412
Current liabilities
Borrowings	21	(3,737)	(4,072)	(4,472)
Derivative financial liabilities	17	(145)	(380)	(350)
Trade and other payables	22	(3,517)	(3,602)	(3,769)
Contract liabilities	23	(66)	(76)	(61)
Current tax liabilities		(75)	(86)	(161)
Provisions	26	(260)	(348)	(316)
Liabilities held for sale	10	(1,568)	—	—
Total current liabilities		(9,368)	(8,564)	(9,129)
Non-current liabilities
Borrowings	21	(27,483)	(26,722)	(24,258)
Derivative financial liabilities	17	(754)	(954)	(833)
Other non-current liabilities	24	(843)	(891)	(808)
Contract liabilities	23	(1,094)	(1,082)	(933)
Deferred tax liabilities¹	7	(4,815)	(4,446)	(4,215)
Pensions and other post-retirement benefit obligations	25	(1,032)	(2,802)	(1,785)
Provisions	26	(1,967)	(2,306)	(1,883)
Total non-current liabilities		(37,988)	(39,203)	(34,715)
Total liabilities		(47,356)	(47,767)	(43,844)
Net assets		19,860	19,793	19,568
Equity
Share capital	27	474	470	458
Share premium account		1,296	1,301	1,314
Retained earnings¹		23,163	21,895	21,999
Other equity reserves¹	28	(5,094)	(3,895)	(4,223)
Total shareholders’ equity		19,839	19,771	19,548
Non-controlling interests		21	22	20
Total equity		19,860	19,793	19,568

1. Comparative amounts have been revised as described in note 1F.

The consolidated financial statements set out on pages 129 to 216 were approved by the Board of Directors on 19 May 2021 and were signed on its behalf by:

Sir Peter Gershon Chairman

Andy Agg Chief Financial Officer

National Grid plc

Registered number: 4031152

133

National Grid plc Annual Report and Accounts 2020/21 Financial Statements

Consolidated cash flow statement

for the years ended 31 March


		2021	2020	2019
	Notes	£m	£m	£m
Cash flows from operating activities
Total operating profit from continuing operations	2(b)	2,895	2,780	2,870
Adjustments for:
Other fair value movements		(22)	—	—
Depreciation, amortisation and impairment		1,672	1,640	1,725
Share-based payments		27	19	27
Changes in working capital		296	394	(36)
Changes in provisions		(195)	198	18
Changes in pensions and other post-retirement benefit obligations		(55)	(117)	(140)
Cash generated from operations – continuing operations		4,618	4,914	4,464
Tax paid		(157)	(199)	(75)
Net cash inflow from operating activities – continuing operations		4,461	4,715	4,389
Net cash used in operating activities – discontinued operations	10	—	(97)	(71)
Cash flows from investing activities
Acquisition of financial investments		(99)	(108)	(89)
Acquisition of National Grid Renewables (formerly Geronimo) and Emerald	38	(26)	(139)	—
Investments in joint ventures and associates		(81)	(82)	(143)
Loans to joint ventures and associates		—	—	(31)
Disposal of financial investments		66	63	18
Disposal of interests in Quadgas HoldCo Limited	10	—	1,965	—
Purchases of intangible assets		(426)	(317)	(306)
Purchases of property, plant and equipment		(4,362)	(4,583)	(3,635)
Disposals of property, plant and equipment		8	68	38
Dividends received from joint ventures and associates		80	75	68
Interest received		16	73	68
Net movements in short-term financial investments		(436)	7	822
Cash inflows on derivatives		225	58	17
Cash outflows on derivatives		(81)	(281)	(429)
Net cash flow used in investing activities – continuing operations		(5,116)	(3,201)	(3,602)
Net cash flow used in investing activities – discontinued operations	10	—	6	156
Cash flows from financing activities
Proceeds from issue of treasury shares		16	16	17
Purchase of own shares		(2)	(6)	(2)
Proceeds received from loans	29(c)	5,645	4,218	2,932
Repayment of loans	29(c)	(1,663)	(3,253)	(1,969)
Payments of lease liabilities	29(c)	(112)	(121)	(70)
Net movements in short-term borrowings	29(c)	(759)	(424)	179
Cash inflows on derivatives	29(c)	58	62	221
Cash outflows on derivatives	29(c)	(185)	(249)	(186)
Interest paid	29(c)	(835)	(957)	(914)
Dividends paid to shareholders		(1,413)	(892)	(1,160)
Net cash flow from/(used in) financing activities – continuing operations		750	(1,606)	(952)

Net increase/(decrease) in cash and cash equivalents	29(b)	95	(183)	(80)
Reclassification to held for sale	10,29(b)	(4)	—	—
Exchange movements		(7)	4	3
Cash and cash equivalents at start of year		73	252	329
Cash and cash equivalents at end of year	20	157	73	252

134

National Grid plc Annual Report and Accounts 2020/21 Financial Statements

Notes to the consolidated financial statements

1. Basis of preparation and recent accounting developments


Accounting policies describe our approach to recognising and measuring transactions and balances in the year. The accounting policies applicable across the financial statements are shown below, whereas accounting policies that are specific to a component of the financial statements have been incorporated into the relevant note. This section also shows areas of judgement and key sources of estimation uncertainty in these financial statements. In addition, we have summarised new International Accounting Standards Board (IASB) accounting standards, amendments and interpretations and whether these are effective for this year end or in later years, explaining how significant changes are expected to affect our reported results.

National Grid’s principal activities involve the transmission and distribution of electricity and gas in Great Britain and northeastern US. The Company is a public limited liability company incorporated and domiciled in England and Wales, with its registered office at 1–3 Strand, London WC2N 5EH.

The Company, National Grid plc, which is the ultimate parent of the Group, has its primary listing on the London Stock Exchange and is also quoted on the New York Stock Exchange.

These consolidated financial statements were approved for issue by the Board on 19 May 2021.

These consolidated financial statements have been prepared in accordance with International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) and related interpretations as issued by the IASB and IFRS as adopted by the EU. They are prepared on the basis of all IFRS accounting standards and interpretations that are mandatory for periods ended 31 March 2021 and in accordance with the Companies Act 2006 applicable to companies reporting under IFRS adopted pursuant to Regulation (EC) No. 1606/2002 as it applies in the European Union. The comparative financial information has also been prepared on this basis.

The consolidated financial statements have been prepared on a historical cost basis, except for the recording of pension assets and liabilities, the revaluation of derivative financial instruments and certain commodity contracts and certain financial assets and liabilities measured at fair value.

These consolidated financial statements are presented in pounds sterling, which is also the functional currency of the Company.

The notes to the financial statements have been prepared on a continuing basis unless otherwise stated.

A. Going concern

As part of the Directors’ consideration of the appropriateness of adopting the going concern basis of accounting in preparing these financial statements, the Directors have considered both the impact of COVID-19 on the Group’s operations alongside the impact of the acquisition of PPL WPD Investments Limited (WPD) (see note 38) and subsequent disposal of The Narragansett Electric Company (NECO) (see note 10) and the expected planned disposal of a majority stake of National Grid Gas plc. The Directors have assessed the principal risks discussed on pages 24 – 27, including by modelling both a base case and a reasonable worst case scenario.

Reasonable worst-case: The reasonable worst-case scenario covers the materially adverse cash flow impact associated with a further year of COVID-19 disruption across both the UK and US, with a subsequent phased return to normal operations, increased cash outflows from higher costs (e.g. storms), while still delivering our planned capital investment programme for the year ended 31 March 2022. The continuing economic impact of COVID-19 and the consequential impact on cash collections and capital programmes is the key judgement applied in the analysis. The main cash flow impacts identified in the reasonable worst-case scenario are:

•a significant reduction in cash collections driven by lower customer demand and increased bad debt in our US businesses;

•additional working capital required to fund payment term extensions and charge deferrals in the UK electricity market, intended to help customers and end-user consumers; and

•further increases in other costs such as cleaning, safety equipment and IT; offset by a continued reduction in discretionary spend across all areas (e.g. recruitment, travel and consultancy spend).

Impact of WPD acquisition: The cash flows associated with WPD have been based on historic actuals alongside information obtained as part of the financial due diligence process and associated discussions with WPD management. The Directors noted the impact of the transaction on the Group’s financing position as below:

•a new bridge facility of £8.25 billion to finance the acquisition, with the first repayment of the bridge expected to be from the proceeds of the announced planned business disposals in 2022; and

•c.£1.1 billion of committed facilities to fund WPD working capital.

As part of their analysis, the Board also considered the following potential levers at their discretion to improve the position identified by the analysis if the debt capital markets are not accessible:

•the payment of dividends to shareholders;

•significant changes in the phasing of the Group’s capital programme with elements of non-essential works and programmes delayed; and

•a number of further reductions in operating expenditure across the Group primarily related to workforce cost reductions in both the UK and the US.

Having considered the reasonable worst-case scenario, the impact of the acquisition of WPD (and any penalties if the transaction did not proceed), the timing of the NECO and National Grid Gas plc transactions, and the further levers at the Board’s discretion, the Group continues to have headroom against the Group’s committed facilities identified in note 33 to the financial statements.

In addition to the above, the ability to raise new financing was separately included in the analysis, and the Directors noted the c.£5.6 billion debt issuances completed in the period from 1 April 2020 to 31 March 2021 (disclosed in note 21 to the financial statements) as evidence of the Group’s ability to continue to have access to the debt capital markets if needed. Other factors considered by the Board as part of their Going Concern assessment included the final determinations of the UK RIIO-2 price controls process, the Group’s various ongoing rate case determinations in the US alongside inherent uncertainties in cash flow forecasts (such as the impact of storms in our US business).

Based on the above, the Directors have concluded the Group is well placed to manage its financing and other business risks satisfactorily and have a reasonable expectation that the Group will have adequate resources to continue in operation for at least 12 months from the signing date of these consolidated financial statements. They therefore consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements.

135

National Grid plc Annual Report and Accounts 2020/21 Financial Statements

Notes to the consolidated financial statements

continued

1. Basis of preparation and recent accounting developments continued

B. Basis of consolidation

The consolidated financial statements incorporate the results, assets and liabilities of the Company and its subsidiaries, together with a share of the results, assets and liabilities of joint operations.

A subsidiary is defined as an entity controlled by the Group. Control is achieved where the Group is exposed to, or has the rights to, variable returns from its involvement with the entity and has the power to affect those returns through its power over the entity.

The Group accounts for joint ventures and associates using the equity method of accounting, where the investment is carried at cost plus post-acquisition changes in the share of net assets of the joint venture or associate, less any provision for impairment. Losses in excess of the consolidated interest in joint ventures and associates are not recognised, except where the Company or its subsidiaries have made a commitment to make good those losses.

Where necessary, adjustments are made to bring the accounting policies used in the individual financial statements of the Company, subsidiaries, joint operations, joint ventures and associates into line with those used by the Group in its consolidated financial statements under IFRS. Intercompany transactions are eliminated.

The results of subsidiaries, joint operations, joint ventures and associates acquired or disposed of during the year are included in the consolidated income statement from the effective date of acquisition or up to the effective date of disposal, as appropriate.

Acquisitions are accounted for using the acquisition method, where the purchase price is allocated to the identifiable assets acquired and liabilities assumed on a fair value basis and the remainder recognised as goodwill.

C. Foreign currencies

Transactions in currencies other than the functional currency of the Company or subsidiary concerned are recorded at the rates of exchange prevailing on the dates of the transactions. At each reporting date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at closing exchange rates. Non-monetary assets are not retranslated unless they are carried at fair value.

Gains and losses arising on the retranslation of monetary assets and liabilities are included in the income statement, except where the application of hedge accounting requires inclusion in other comprehensive income (see note 32(e)).

On consolidation, the assets and liabilities of operations that have a functional currency different from the Company’s functional currency of pounds sterling, principally our US operations that have a functional currency of US dollars, are translated at exchange rates prevailing at the reporting date. Income and expense items are translated at the average exchange rates for the period where these do not differ materially from rates at the date of the transaction. Exchange differences arising are recognised in other comprehensive income and transferred to the consolidated translation reserve within other equity reserves (see note 28).

D. Disposal of The Narragansett Electric Company

As described further in note 10, on 17 March 2021, the Group signed an agreement to sell 100% of the share capital of a wholly owned subsidiary, The Narragansett Electric Company (NECO). The sale is expected to complete in early 2022 once all regulatory approvals are obtained.

As the sale is considered highly probable and is expected to complete within a year, the associated assets and liabilities have been presented as held for sale in the consolidated statement of financial position. However, the transaction has not met the criteria for classification as a discontinued operation and therefore its results for the period are not separately disclosed on the face of the income statement.

E. Areas of judgement and key sources of estimation uncertainty

The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from these estimates. Information about such judgements and estimations is in the notes to the financial statements, and the key areas are summarised below.

Areas of judgement that have the most significant effect on the amounts recognised in the financial statements are as follows:

•the judgement that notwithstanding legislation enacted and targets committing the UK, New York State and Massachusetts to achieving net zero greenhouse gas emissions by 2050, these do not trigger a reassessment of the remaining useful economic lives of our gas network assets (see estimate below and note 13); and

•following the legal separation of the Electricity System Operator on 1 April 2019, we concluded that the Electricity System Operator acts as an agent in respect of certain Transmission Network Use of Service revenues, principally those collected on behalf of the Scottish and Offshore transmission operators, as detailed in note 3.

Key sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:

•the valuation of liabilities for pensions and other post-retirement benefits (see note 25); and

•the cash flows applied in determining the environmental provisions, in particular relating to three US Superfund sites (see note 26).

In light of the current ongoing impact of the COVID-19 pandemic, valuations of certain assets and liabilities are necessarily more subjective. The main impact at 31 March 2021 is the consideration of the recoverability of customer receivables, particularly in relation to US retail customers, in light of the suspension of debt collection activities and customer termination activities (see note 19), which is an area of estimation uncertainty impacting the Group’s position as at 31 March 2021.

In addition, we also highlight the estimates made regarding the useful economic lives of our gas network assets due to the length over which they are being depreciated, the potential for new and evolving technologies over that period, and the range of potential pathways for meeting net zero targets (see note 13 for details and sensitivity analysis).

In order to illustrate the impact that changes in assumptions for the valuation of pension assets and liabilities and cash flows for environmental provisions could have on our results and financial position, we have included sensitivity analyses in note 35. Information on what we believe a reasonably possible range of outcomes to be on the recoverability of customer receivables are included in note 19.

136

National Grid plc Annual Report and Accounts 2020/21 Financial Statements | Notes to the consolidated financial statements

1. Basis of preparation and recent accounting developments continued

F. Comparative period revisions

During the year, we have revised the comparative balances primarily to reflect adjustments between property, plant and equipment and goodwill related to the accounting performed for acquisitions made by our US business between 2000 and 2007. The adjustments related to the treatment of certain regulatory liabilities recognised under US GAAP on the acquisition balance sheets under UK GAAP and IFRS. This resulted in an overstatement of goodwill and an understatement of property, plant and equipment. The adjustments had a resulting impact on the deferred tax balances that were recognised at the time of the acquisitions and therefore, these have also been updated for all periods presented, also taking into account any subsequent changes in tax rates. The translation reserve on consolidation of these subsidiaries was also updated.

There have been no income statement impacts (and therefore no impact on the previously reported earnings per share) for any of the periods presented. Opening retained earnings have increased to correct the income statement impact of amortising the overstated goodwill from the period after acquisition until the adoption of IFRS in 2005 and for the impact on deferred tax of the tax rate changes noted above. Any foreign exchange impacts are recorded within the translation reserve within other equity reserves.

Below we set out the impacted line items and the adjustments to our opening statement of financial position as at 1 April 2018. In addition, we set out the adjustments to previously presented balances as at 31 March 2019 and 31 March 2020 (with the only movement each period being as a result of foreign exchange movements):


	1 April 2018	31 March 2019	31 March 2020
	£m	£m	£m
Goodwill	(460)	(497)	(521)
Property, plant and equipment	877	946	992
Deferred tax liability	232	250	262
Retained earnings	185	185	185
Translation reserve	—	14	24

G. Accounting policy choices

IFRS provides certain options available within accounting standards. Choices we have made, and continue to make, include the following:

•Presentational formats: we use the nature of expense method for our income statement and aggregate our statement of financial position to net assets and total equity.

•Financial instruments: we normally opt to apply hedge accounting in most circumstances where this is permitted (see note 32(e)).

H. New IFRS accounting standards and interpretations effective for the year ended 31 March 2021

The UK’s Financial Conduct Authority announced that the London Inter-bank Offered Rate (LIBOR) will cease to exist by the end of 2021, and will be replaced by alternative reference rates. In September 2019, the IASB amended IFRS 9 and IFRS 7 by issuing Phase I of Interest Rate Benchmark Reform, which modified certain hedge accounting requirements to allow hedge accounting to continue for affected hedges during the period of uncertainty before the hedged items or hedging instruments were amended as a result of the change in the reference rate. The amendments were endorsed in January 2020 for adoption in the EU. The Group early-adopted these changes to IFRS 9 and IFRS 7 with effect from 1 April 2019. Phase II was issued in August 2020 and endorsed in January 2021 for adoption in the EU, resulting in amendments to IFRS 9, IFRS 7 and IFRS 16. The Group has early-adopted these amendments with effect from 1 April 2020 as they enable the Company and its subsidiaries to reflect the effects of transitioning from LIBOR to alternative benchmark interest rates without giving rise to accounting impacts that would not provide useful information to users of the financial statements. There were no transition adjustments on adoption of either phase and the Group has not restated the prior period, but instead has applied the amendments prospectively. Refer to note 32(d) for further details on the contracts to be transitioned to the new alternative benchmark interest rate and for details of our migration project.

The Group has also adopted the following amendments to standards, which have had no material impact on the Group’s results or financial statement disclosure:

•amendments to IFRS 16 ‘Leases – COVID-19 Related Rent Concessions’;

•amendments to IFRS 3 ‘Business Combinations’;

•amendments to IAS 1 and IAS 8 ‘Definition of Material’; and

•amendments to the References to the Conceptual Framework.

I. New IFRS accounting standards and interpretations not yet adopted

The following new accounting standards and amendments to existing standards have been issued but are not yet effective:

•IFRS 17 ‘Insurance Contracts’;

•amendments to IFRS 3 ‘Business Combinations’;

•amendments to IAS 16 ‘Property, Plant and Equipment’;

•amendments to IAS 37 ‘Provisions, Contingent Liabilities and Contingent Assets’;

•amendments to IAS 1 ‘Presentation of Financial Statements’;

•amendments to IAS 8 ‘Accounting Policies, Changes in Accounting Estimates and Errors’; and

•annual improvements to IFRS standards 2018-2020.

The Group is currently assessing the impact of the above standards, but they are not expected to have a material impact. The Group has not adopted any other standard, amendment or interpretation that has been issued but is not yet effective.

137

National Grid plc Annual Report and Accounts 2020/21 Financial Statements

Notes to the consolidated financial statements

continued

2. Segmental analysis


This note sets out the financial performance for the year split into the different parts of the business (operating segments). The performance of these operating segments is monitored and managed on a day-to-day basis. Revenue and the results of the business are analysed by operating segment, based on the information the Board of Directors uses internally for the purposes of evaluating the performance of each operating segment and determining resource allocation between them. The Board is National Grid’s chief operating decision maker (as defined by IFRS 8 ‘Operating Segments’) and assesses the profitability of operations principally on the basis of operating profit before exceptional items and remeasurements (see note 5). As a matter of course, the Board also considers profitability by segment, excluding the effect of timing. However, the measure of profit disclosed in this note is operating profit before exceptional items and remeasurements as this is the measure that is most consistent with the IFRS results reported within these financial statements.

The results of our three principal businesses are reported to the Board of Directors and are treated as reportable operating segments. The following table describes the main activities for each reportable operating segment:


UK Electricity Transmission			The high-voltage electricity transmission networks in England and Wales and independent Great Britain system operator.
UK Gas Transmission			The high-pressure gas transmission networks in Great Britain and system operator in Great Britain.
US Regulated			Gas distribution networks, electricity distribution networks and high-voltage electricity transmission networks in New York and New England and electricity generation facilities in New York.

The UK Electricity Transmission segment also includes the independent Electricity System Operator (ESO). Although there is a separate governance structure (including a separate Executive Committee), the Board receives financial information on an aggregated UK Electricity Transmission basis, which includes the results of the ESO, and accordingly the ESO is included within the reportable segment.

National Grid Ventures (NGV) is our only other operating segment. It does not currently meet the thresholds set out in IFRS 8 to be identified as a separate reportable segment and therefore its results are not required to be separately presented. Instead, NGV’s results are reported alongside the results of all other operating businesses on an aggregated basis as ‘NGV and Other’, with certain additional disclosure included in footnotes.

NGV represents our key strategic growth area outside our regulated core business in competitive markets across the US and the UK. The business comprises all commercial operations in metering, LNG at the Isle of Grain in the UK, electricity interconnectors and our investments in National Grid Renewables (formerly Geronimo) and Emerald Energy Venture LLC (Emerald).

Other activities that do not form part of any of the segments in the above table or NGV primarily relate to our UK property business together with insurance and corporate activities in the UK and US and the Group’s investments in technology and innovation companies through National Grid Partners.

The segmental information is presented in relation to continuing operations only.

(a) Revenue

Revenue primarily represents the sales value derived from the generation, transmission and distribution of energy, together with the sales value derived from the provision of other services to customers. Refer to note 3 for further details.

Sales between operating segments are priced considering the regulatory and legal requirements to which the businesses are subject. The analysis of revenue by geographical area is on the basis of destination. There are no material sales between the UK and US geographical areas.


	2021			2020			2019
	Total sales £m	Sales between segments £m	Sales to third parties £m	Total sales £m	Sales between segments £m	Sales to third parties £m	Total sales £m	Sales between segments £m	Sales to third parties £m
Operating segments – continuing operations:
UK Electricity Transmission	3,992	(10)	3,982	3,702	(8)	3,694	3,351	(20)	3,331
UK Gas Transmission	904	(16)	888	927	(16)	911	896	(12)	884
US Regulated	9,195	—	9,195	9,205	—	9,205	9,846	—	9,846
NGV and Other¹	715	(1)	714	736	(6)	730	876	(4)	872
Total revenue from continuing operations	14,806	(27)	14,779	14,570	(30)	14,540	14,969	(36)	14,933

Split by geographical areas – continuing operations:
UK			5,482			5,282			5,045
US			9,297			9,258			9,888
			14,779			14,540			14,933

1. Included within NGV and Other is £636 million (2020: £608 million; 2019: £597 million) of revenue relating to NGV.

138

National Grid plc Annual Report and Accounts 2020/21 Financial Statements | Notes to the consolidated financial statements

2. Segmental analysis continued

(b) Operating profit

A reconciliation of the operating segments’ measure of profit to profit before tax from continuing operations is provided below. Further details of the exceptional items and remeasurements are provided in note 5.


	Before exceptional items and remeasurements			After exceptional items and remeasurements
	2021	2020	2019	2021	2020	2019
	£m	£m	£m	£m	£m	£m
Operating segments – continuing operations:
UK Electricity Transmission	1,034	1,320	1,015	1,027	1,316	778
UK Gas Transmission	342	348	303	337	347	267
US Regulated	1,313	1,397	1,724	1,344	880	1,425
NGV and Other1	237	242	400	187	237	400
Total operating profit from continuing operations	2,926	3,307	3,442	2,895	2,780	2,870

Split by geographical area – continuing operations:
UK	1,612	1,925	1,695	1,550	1,915	1,422
US	1,314	1,382	1,747	1,345	865	1,448
	2,926	3,307	3,442	2,895	2,780	2,870

Below we reconcile total operating profit from continuing operations to profit before tax from continuing operations. Total operating exceptional items and remeasurements of £31 million charge (2020: £527 million charge; 2019: £572 million charge) are detailed in note 5. This is comprised of a £7 million charge (2020: £4 million charge; 2019: £237 million charge) attributable to UK Electricity Transmission; £5 million charge (2020: £1 million charge; 2019: £36 million charge) to UK Gas Transmission; £31 million gain (2020: £517 million charge; 2019: £299 million charge) to US Regulated; and £50 million charge (2020: £5 million charge; 2019: £nil) to NGV and Other.


Reconciliation to profit before tax:
Operating profit from continuing operations	2,926	3,307	3,442	2,895	2,780	2,870
Finance income	35	70	73	58	54	88
Finance costs	(977)	(1,119)	(1,066)	(928)	(1,167)	(1,157)
Share of post-tax results of joint ventures and associates	66	88	40	58	87	40
Profit before tax from continuing operations	2,050	2,346	2,489	2,083	1,754	1,841

1. Included within NGV and Other is £298 million (2020: £269 million; 2019: £263 million) of operating profit before exceptional items and remeasurements and £296 million of operating profit after exceptional items and remeasurements (2020: £268 million; 2019: £263 million), relating to NGV.

Capital expenditure represents additions to property, plant and equipment and non-current intangibles but excludes additional investments in and loans to joint ventures and associates.


	Net book value of property, plant and equipment and other intangible assets			Capital expenditure			Depreciation, amortisation and impairment
	2021	2020	2019	2021	2020	2019	2021	2020	2019
	£m	£m	£m	£m	£m	£m	£m	£m	£m
Operating segments:
UK Electricity Transmission	14,379	13,788	13,288	1,072	1,043	925	(507)	(469)	(628)
UK Gas Transmission	4,531	4,513	4,412	176	249	308	(165)	(171)	(181)
US Regulated1,2	27,128	30,615	25,488	3,223	3,228	2,650	(888)	(855)	(700)
NGV and Other2,3	2,448	2,141	2,755	460	559	438	(112)	(145)	(226)
Total from continuing operations2	48,486	51,057	45,943	4,931	5,079	4,321	(1,672)	(1,640)	(1,735)

Split by geographical area – continuing operations:
UK	21,352	20,427	19,343	1,708	1,847	1,584	(783)	(784)	(931)
US2	27,134	30,630	26,600	3,223	3,232	2,737	(889)	(856)	(804)
Total from continuing operations2	48,486	51,057	45,943	4,931	5,079	4,321	(1,672)	(1,640)	(1,735)
Asset type:
Property, plant and equipment2	47,043	49,762	44,859	4,510	4,727	4,015	(1,476)	(1,464)	(1,560)
Non-current intangible assets	1,443	1,295	1,084	421	352	306	(196)	(176)	(175)
Total from continuing operations2	48,486	51,057	45,943	4,931	5,079	4,321	(1,672)	(1,640)	(1,735)

1. In 2020, we transferred certain software assets and properties which are held outside the US rate base and operate for the benefit of our US Regulated businesses, that were previously included within the NGV and Other segment, to the US Regulated segment. These assets were included within NGV and Other in 2019, and had a net book value of £1,062 million, capital expenditure of £87 million and depreciation, amortisation and impairment of £102 million.

2. Comparative amounts have been revised as described in note 1F.

3. Included within NGV and Other are assets with a net book value of £2,396 million (2020: £2,080 million; 2019: £1,635 million), capital expenditure of £431 million (2020: £550 million; 2019: £317 million) and depreciation, amortisation and impairment of £92 million (2020: £124 million; 2019: £114 million) relating to NGV.

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National Grid plc Annual Report and Accounts 2020/21 Financial Statements

Notes to the consolidated financial statements

continued

3. Revenue


Revenue arises in the course of ordinary activities and principally comprises: •transmission services; •distribution services; and •generation services. Transmission services, distribution services and certain other services (excluding rental income but including metering) fall within the scope of IFRS 15 ‘Revenue from Contracts with Customers’, whereas generation services (which solely relate to the contract with the Long Island Power Authority (LIPA) in the US) are accounted for under IFRS 16 ‘Leases’ as rental income, also presented within revenue. Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties and value added tax. The Group recognises revenue when it transfers control over a product or service to a customer.

Below, we include a description of principal activities, by reportable segment, from which the Group generates its revenue. For more detailed information about our segments, see note 2.

(a) UK Electricity Transmission

The UK Electricity Transmission segment principally generates revenue by providing electricity transmission services (both as transmission owner in England and Wales and independent system operator in Great Britain). Our business operates as a monopoly regulated by Ofgem, which has established price control mechanisms that set the amount of annual allowed returns our business can earn (along with the Scottish and Offshore transmission operators amongst others). The IFRS revenues we record are principally a function of volumes and price. Price is determined prior to our financial year-end with reference to the regulated allowed returns and estimated annual volumes. Where revenue received or receivable exceeds the maximum amount permitted by our regulatory agreement, adjustments will be made to future prices to reflect this over-recovery. No liability is recognised, as such an adjustment to future prices relates to the provision of future services. Similarly, no asset is recognised where a regulatory agreement permits adjustments to be made to future prices in respect of an under-recovery. As part of our regulatory agreements we are entitled to recover certain costs directly from customers (pass-through costs). These amounts are included in the overall calculation of allowed revenue as stipulated by regulatory agreements.

The System Operator earns revenue for balancing supply and demand of electricity on the transmission system, where it acts as principal. Revenue is recognised as the service is provided. The System Operator also collects revenues on behalf of transmission operators, principally National Grid Electricity Transmission plc and the Scottish and Offshore transmission operators, from users who connect to or use the transmission system. In this context, there is a judgement about whether the System Operator acts as a principal or agent in respect of the transmission network revenues collected on behalf of the Scottish and Offshore transmission operators (as set out in note 1). These amounts are paid to the transmission operators before the System Operator has collected payment from the users (electricity suppliers) and therefore the System Operator does hold some exposure to credit losses with electricity suppliers. However, the System Operator must set the charges paid by electricity suppliers by reference to the price control mechanism described above. That mechanism does not grant the System Operator with discretion to deviate from that mechanism. In addition, the transmission operators own and maintain the electricity network and receive direct feedback from electricity suppliers on the quality of the network they provide. As a result, we have concluded that the System Operator acts as an agent in respect of these transmission revenues and therefore records the attributable revenue net of operating costs.

The transmission of high-voltage electricity encompasses the following principal services:

• the supply of high-voltage electricity (including both transmission and system operator charges); and

• construction work (principally for connections).

For the supply of high-voltage electricity, revenue is recognised based on capacity and volumes. Our performance obligation is satisfied over time as our customers make use of our network. We bill monthly in arrears and our payment terms are up to 60 days.

For construction work relating to connections, customers can either pay over the useful life of the connection or upfront. Revenue is recognised over time, as we provide access to our network, and where the customer pays upfront, revenues are deferred as a contract liability and released over the life of the asset.

For other construction where there is no consideration for any future services, for example diversions (being the re-routing of network assets at our customers’ request), revenues are recognised as the construction work is completed.

(b) UK Gas Transmission

The UK Gas Transmission segment of the Group principally generates revenue by providing gas transmission services to our customers (both as transmission owner and as system operator) in Great Britain. Similar to our UK Electricity Transmission business, our business operates as a monopoly regulated by Ofgem. The price control mechanism in place that determines our annual allowances is also similar, as is the way in which revenue is recorded.

The transmission of gas encompasses the following principal services:

• the supply of high-pressure gas (including both transmission and system operator charges); and

• construction work (principally for connections).

For the supply of high-pressure gas, revenue is recognised based on capacity and volumes. Our performance obligation is satisfied over time as our customers make use of our network, and we bill monthly in arrears with payment terms of up to 45 days.

For construction work relating to connections, customers pay for the connection upfront. Revenue is recognised over time, as we provide access to our network. As revenues are received upfront, they are deferred as a contract liability and released over the life of the connection.

For other construction where there is no consideration for any future services (such as diversions), revenues are recognised when the construction work is completed.

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3. Revenue continued

The US Regulated segment of the Group principally generates revenue by providing gas and electricity distribution services in New York and New England, high voltage electricity transmission services in New York and New England, and electricity generation in New York.

Distribution services

Provision of gas and electricity distribution services in New York and New England. This comprises the following principal services:

• Gas and electricity distribution: revenue is recognised based on usage by customers (over time) and billed monthly. Payment terms are 30 days; and

• Connections: revenue is recognised over time, as we provide access to our network. Where payments are made upfront, they are deferred as contract liabilities or customer contributions (where they relate to government entities) and released over the life of the connection.

Transmission services

Provision of electricity transmission services to customers and operation of electricity transmission facilities. Our principal services are:

• Electricity transmission: revenue is recognised based on usage by customers (over time) and billed monthly. Payment terms are 30 days; and

Electricity generation

Provision of energy services and supply capacity to produce energy for the use of customers of the Long Island Power Authority (LIPA) through a power supply agreement where LIPA receives all of the energy and capacity from the asset until at least 2025. The arrangement is treated as an operating lease within the scope of the leasing standard, where we act as lessor with rental income being recorded as other income, which forms part of total revenue. Lease payments (capacity payments) are recognised on a straight-line basis and variable lease payments are recognised as the energy is generated.

(d) NGV and Other

NGV and Other generates revenue from electricity interconnectors, LNG at the Isle of Grain, National Grid Renewables, metering, our UK commercial property business, rental income and insurance.

The Group recognises revenue from transmission services through interconnectors and LNG at the Isle of Grain by means of customers’ use of capacity and volumes. Revenue is recognised over time and is billed monthly. Payment terms are up to 30 days.

Other revenue in the scope of IFRS 15 principally includes revenues from our UK metering business and sales of renewables projects from National Grid Renewables to Emerald (see note 38). Revenue is recognised as it is earned. In the case of the UK metering business, revenue is billed monthly and payment terms are up to 30 days.

Other revenue, recognised in accordance with standards other than IFRS 15, includes property sales by our UK commercial property business (including sales to our St William joint venture) and rental income. Property sales are recorded at a point in time (when the sale is legally completed) and rental income is recorded over time.

(e) Disaggregation of revenue

In the following tables, revenue is disaggregated by primary geographical market and major service lines. The table reconciles disaggregated revenue with the Group’s reportable segments (see note 2).


Revenue for the year ended 31 March 2021	UK Electricity Transmission £m	UK Gas Transmission £m	US Regulated £m	NGV and Other £m	Total £m
Revenue under IFRS 15
Transmission	1,814	603	403	316	3,136
Distribution	—	—	8,317	—	8,317
System Operator	2,076	240	—	—	2,316
Other	67	12	15	302	396
Total IFRS 15 revenue	3,957	855	8,735	618	14,165
Other revenue
Generation	—	—	376	—	376
Other	25	33	84	96	238
Total other revenue	25	33	460	96	614
Total revenue from continuing operations	3,982	888	9,195	714	14,779


Geographical split for the year ended 31 March 2021	UK Electricity Transmission £m	UK Gas Transmission £m	US Regulated £m	NGV and Other £m	Total £m
Revenue under IFRS 15
UK	3,957	855	—	553	5,365
US	—	—	8,735	65	8,800
Total IFRS 15 revenue	3,957	855	8,735	618	14,165
Other revenue
UK	25	33	—	59	117
US	—	—	460	37	497
Total other revenue	25	33	460	96	614
Total revenue from continuing operations	3,982	888	9,195	714	14,779

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National Grid plc Annual Report and Accounts 2020/21 Financial Statements

Notes to the consolidated financial statements

continued

3. Revenue continued

(e) Disaggregation of revenue continued


Revenue for the year ended 31 March 2020	UK Electricity Transmission £m	UK Gas Transmission £m	US Regulated £m	NGV and Other £m	Total £m
Revenue under IFRS 15
Transmission	1,992	649	425	309	3,375
Distribution	—	—	8,319	—	8,319
System Operator	1,610	214	—	—	1,824
Other	69	15	12	296	392
Total IFRS 15 revenue	3,671	878	8,756	605	13,910
Other revenue
Generation	—	—	369	—	369
Other	23	33	80	125	261
Total other revenue	23	33	449	125	630
Total revenue from continuing operations	3,694	911	9,205	730	14,540


Geographical split for the year ended 31 March 2020	UK Electricity Transmission £m	UK Gas Transmission £m	US Regulated £m	NGV and Other £m	Total £m
Revenue under IFRS 15
UK	3,671	878	—	567	5,116
US	—	—	8,756	38	8,794
Total IFRS 15 revenue	3,671	878	8,756	605	13,910
Other revenue
UK	23	33	—	110	166
US	—	—	449	15	464
Total other revenue	23	33	449	125	630
Total revenue from continuing operations	3,694	911	9,205	730	14,540

142

National Grid plc Annual Report and Accounts 2020/21 Financial Statements | Notes to the consolidated financial statements

3. Revenue continued

(e) Disaggregation of revenue continued


Revenue for the year ended 31 March 2019	UK Electricity Transmission £m	UK Gas Transmission £m	US Regulated £m	NGV and Other £m	Total £m
Revenue under IFRS 15
Transmission	1,909	661	370	313	3,253
Distribution	—	—	8,941	—	8,941
System Operator	1,416	172	—	—	1,588
Other	—	—	—	284	284
Total IFRS 15 revenue	3,325	833	9,311	597	14,066
Other revenue
Generation	—	—	367	—	367
Other	6	51	168	275	500
Total other revenue	6	51	535	275	867
Total revenue from continuing operations	3,331	884	9,846	872	14,933


Geographical split for the year ended 31 March 2019	UK Electricity Transmission £m	UK Gas Transmission £m	US Regulated £m	NGV and Other £m	Total £m
Revenue under IFRS 15
UK	3,325	833	—	585	4,743
US	—	—	9,311	12	9,323
Total IFRS 15 revenue	3,325	833	9,311	597	14,066
Other revenue
UK	6	51	—	245	302
US	—	—	535	30	565
Total other revenue	6	51	535	275	867
Total revenue from continuing operations	3,331	884	9,846	872	14,933

Contract liabilities (see note 23) represent revenue to be recognised in future periods relating to contributions in aid of construction of £1,160 million (2020: £1,158 million; 2019: £994 million). Revenue is recognised over the life of the asset. The asset lives for connections in UK Electricity Transmission, UK Gas Transmission, NGV and US Regulated are 40 years, 36 years, 15 years and up to 51 years respectively. The weighted average amortisation period is 19 years.

Future revenues in relation to unfulfilled performance obligations not yet received in cash amount to £4.8 billion (2020: £3.1 billion; 2019: £3.5 billion). £1.6 billion (2020: £1.5 billion; 2019: £1.6 billion) relates to connection contracts in UK Electricity Transmission which will be recognised as revenue over 26 years and £3.0 billion (2020: £1.5 billion; 2019: £1.8 billion) relates to revenues to be earned under Grain LNG contracts until 2045. The remaining amount will be recognised as revenue over 9 years.

The amount of revenue recognised for the year ended 31 March 2021 from performance obligations satisfied (or partially satisfied) in previous periods, mainly due to the changes in the estimate of the stage of completion, is £nil (2020: £nil; 2019: £nil).

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National Grid plc Annual Report and Accounts 2020/21 Financial Statements

Notes to the consolidated financial statements

continued

4. Operating costs


Below we have presented separately certain items included in our operating costs from continuing operations. These include a breakdown of payroll costs (including disclosure of amounts paid to key management personnel) and fees paid to our auditors.


	2021	2020	2019
	£m	£m	£m
Depreciation, amortisation and impairment	1,672	1,640	1,735
Payroll costs	1,770	1,684	1,852
Purchases of electricity	1,130	1,403	1,454
Purchases of gas	1,250	1,316	1,642
Property and other taxes	1,193	1,191	1,108
Balancing Services Incentive Scheme	1,875	1,317	1,196
Other	2,668	2,975	2,895
Other operating costs	11,558	11,526	11,882
Provision for bad and doubtful debts	326	234	181
Total operating costs	11,884	11,760	12,063
Operating costs include:
Inventory consumed	316	328	415
Research and development expenditure	17	14	19

(a) Payroll costs


	2021	2020	2019
	£m	£m	£m
Wages and salaries¹	2,282	2,188	2,084
Social security costs	172	168	156
Defined contribution scheme costs	77	75	72
Defined benefit pension costs	136	135	232
Share-based payments	27	19	27
Severance costs (excluding pension costs)	11	1	76
	2,705	2,586	2,647
Less: payroll costs capitalised	(935)	(902)	(795)
Total payroll costs	1,770	1,684	1,852

1. Included within wages and salaries are US other post-retirement benefit costs of £43 million (2020: £45 million; 2019: £48 million). For further information refer to note 25.

(b) Number of employees


	31 March 2021	Monthly average 2021	31 March 2020	Monthly average 2020	31 March 2019	Monthly average 2019
UK	6,657	6,517	6,321	6,151	5,962	6,227
US	17,026	16,821	16,748	16,679	16,614	16,669
Total number of employees	23,683	23,338	23,069	22,830	22,576	22,896

144

National Grid plc Annual Report and Accounts 2020/21 Financial Statements | Notes to the consolidated financial statements

4. Operating costs continued


	2021	2020	2019
	£m	£m	£m
Short-term employee benefits	7	7	7
Compensation for loss of office	—	1	—
Post-employment benefits	1	1	1
Share-based payments	4	3	3
Total key management compensation	12	12	11

Key management compensation relates to the Board, including the Executive Directors and Non-executive Directors for the years presented.

(d) Auditors’ remuneration

Auditors’ remuneration is presented below in accordance with the requirements of the Companies Act 2006 and the principal accountant fees and services disclosure requirements of Item 16C of Form 20-F:


	2021	2020	2019
	£m	£m	£m
Audit fees payable to the Parent Company’s auditors and their associates in respect of:
Audit of the Parent Company’s individual and consolidated financial statements¹	2.5	1.9	1.6
The auditing of accounts of any associate of the Company²	8.1	8.7	8.5
Other services supplied³	6.4	6.3	5.2
	17.0	16.9	15.3
Total other services4



All other fees:
Other assurance services5	0.8	0.6	1.1

Other non-audit services not covered above6	2.0	0.5	2.2
	2.8	1.1	3.3
Total auditors’ remuneration	19.8	18.0	18.6

1. Audit fees in each year represent fees for the audit of the Company’s financial statements and regulatory reporting for the years ended 31 March 2021, 2020 and 2019.

2. The 2019 comparative was updated in 2020 following finalisation of the 2019 audit fee with the Audit Committee in 2020.

3. Other services supplied represent fees payable for services in relation to other statutory filings or engagements that are required to be carried out by the auditors. In particular, this includes fees for reports under section 404 of the US Public Company Accounting Reform and Investor Protection Act of 2002 (Sarbanes-Oxley), audit reports on regulatory returns and the review of interim financial statements for the six-month periods ended 30 September 2020, 2019 and 2018 respectively.

4. There were no tax compliance or tax advisory fees and no audit related fees as described in Item 16C(b) of Form 20-F.

5. In all years, principally relates to assurance services provided in relation to comfort letters for debt issuances and, in 2021, also includes amounts related to capacity market auction monitoring services.

6. For 2021, includes the class 1 Circular in respect of the acquisition of WPD announced on 18 March 2021. In 2020, other assurance services include auction monitor work on Contracts for Difference, a review of controls over our data on New York customers and IT project assurance. In 2019, non-audit services primarily related to the UK Commercial Property business in respect of the evaluation of possible options for the use of property assets.

The Audit Committee considers and makes recommendations to the Board, to be put to shareholders for approval at each AGM, in relation to the appointment, re-appointment, removal and oversight of the Company’s independent auditors. The Committee also considers and approves the audit fees on behalf of the Board in accordance with the Competition and Market Authority Audit Order 2014. The auditors’ remuneration is then put to shareholders at each AGM.

Certain services are prohibited from being performed by the external auditors under the Sarbanes-Oxley Act. Of the above services, none were prohibited.

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Notes to the consolidated financial statements

continued

5. Exceptional items and remeasurements


To monitor our segmental performance, we use a profit measure that excludes certain income and expenses. We call that measure ‘adjusted profit’. Adjusted profit (which excludes exceptional items and remeasurements as defined below) is used by management to monitor financial performance as it is considered that it aids the comparability of our reported financial performance from year to year. We exclude items from adjusted profit because, if included, these items could distort understanding of our performance for the year and the comparability between periods. This note analyses these items, which are included in our results for the year but are excluded from adjusted profit.

Exceptional items and remeasurements from continuing operations


	2021	2020	2019
	£m	£m	£m
Included within operating profit
Exceptional items:
Changes in environmental provisions	14	(402)	—

New operating model implementation costs	(55)	—	—
Transaction costs	(24)	—	—
Cost efficiency and restructuring programmes	—	—	(204)
Massachusetts Gas labour dispute	—	—	(283)
Impairment of nuclear connection development costs	—	—	(137)
	(65)	(402)	(624)
Remeasurements – commodity contract derivatives	34	(125)	52
	(31)	(527)	(572)

As disclosed in note 8, the Group also presents an adjusted earnings per share measure that is calculated before exceptional items and remeasurements. This measure is presented after tax and therefore details of tax exceptional items and the tax effect of exceptional items and remeasurements are also provided in this note.

	2021	2020	2019
	£m	£m	£m
Included within finance income and costs
Remeasurements:
Net (losses)/gains on financing derivatives	(41)	1	(40)
Net gains/(losses) on financial assets at fair value through profit and loss	23	(16)	15
Net gains/(losses) on financial liabilities at fair value through profit and loss	90	(49)	(51)
	72	(64)	(76)
Included within share of post-tax results of joint ventures and associates



Remeasurements:
Remeasurements – net losses on financial instruments	(8)	(1)	—
Total included within profit before tax	33	(592)	(648)
Included within tax
Exceptional items – movements arising on items not included in profit before tax:

Deferred tax charge arising on the reversal of the reduction in UK corporation tax rate	—	(192)	—
Tax on exceptional items	8	103	144
Tax on remeasurements	(34)	42	5
	(26)	(47)	149
Total exceptional items and remeasurements after tax	7	(639)	(499)
Analysis of total exceptional items and remeasurements after tax
Exceptional items after tax	(57)	(491)	(480)
Remeasurements after tax	64	(148)	(19)
Total exceptional items and remeasurements after tax	7	(639)	(499)

146

National Grid plc Annual Report and Accounts 2020/21 Financial Statements | Notes to the consolidated financial statements

5. Exceptional items and remeasurements continued

Exceptional items

Management uses an exceptional items framework that has been discussed and approved by the Audit Committee. This follows a three-step process which considers the nature of the event, the financial materiality involved and any particular facts and circumstances. In considering the nature of the event, management focuses on whether the event is within the Group’s control and how frequently such an event typically occurs. In determining the facts and circumstances, management considers factors such as ensuring consistent treatment between favourable and unfavourable transactions, the precedent for similar items, the number of periods over which costs will be spread or gains earned, and the commercial context for the particular transaction.

Items of income or expense that are considered by management for designation as exceptional items include significant restructurings, write-downs or impairments of non-current assets, significant changes in environmental or decommissioning provisions, integration of acquired businesses, gains or losses on disposals of businesses or investments and significant debt redemption costs as a consequence of transactions such as significant disposals or issues of equity, and the related tax, as well as deferred tax arising on changes to corporation tax rates.

Costs arising from restructuring programmes include redundancy costs. Redundancy costs are charged to the consolidated income statement in the year in which a commitment is made to incur the costs and the main features of the restructuring plan have been announced to affected employees.

Set out below are details of the transactions against which we have considered the application of our exceptional items framework in each of the years for which results are presented.

2021

We have considered certain costs incurred in the period against our Exceptional Items Framework, and concluded £55 million of costs associated with the implementation of our new operating model, the £14 million release of environmental provisions for which the original provision was treated as exceptional and the £24 million of transaction costs associated with the acquisition of Western Power Distribution (WPD) and the sale of NECO should be treated as exceptional items in the current year.

New operating model implementation costs: The Group incurred £55 million of costs in relation to the design and implementation of our new operating model that is built on a foundation of six business units as described further in the Strategic Review. The costs recognised in the year ended 31 March 2021 primarily relate to professional fees incurred in designing the new operating model, alongside the redundancy provisions accrued in relation to those employees where announcements have been made that they will be leaving the organisation as a result of the changes. Whilst the costs incurred this year do not meet the quantitative threshold to be classified as exceptional on a standalone basis, we have concluded that the costs should be classified as exceptional in line with our exceptional items policy, in order to ensure that the costs are treated in a consistent manner with similar costs incurred previously. The total cash outflow for the year was £33 million.

Transaction costs: £24 million of transaction costs were incurred to date in relation to the acquisition of WPD (see note 38) and the sale of NECO (see note 10). The costs relate to legal fees, bankers' fees and professional fees. Whilst the costs incurred in the current year in isolation are not sufficiently material to warrant classification as an exceptional item, we are expecting further costs to be incurred next year, for example, in regards to success fees on completion of the acquisition. When taken in aggregate, the costs incurred over both years will be sufficiently material to be classified as exceptional in line with our policy. The total cash outflow for the year was £14 million.

Changes in environmental provision: In the US, the most significant component of our £1.5 billion environmental provision relates to several Superfund sites, and arose from former manufacturing gas plant facilities, formerly owned or operated by the Group or its predecessor companies. The sites are subject to both State and Federal law in the US. Under Federal and State Superfund laws, potential liability for the historical contamination may be imposed on responsible parties jointly and severally, without regard to fault, even if the activities were lawful when they occurred. The provisions and the Group’s share of estimated costs are re-evaluated at each reporting period.

We have recognised an exceptional gain of £14 million relating to the release of environmental provisions relating to one of our US Superfund sites, for which the original provision was treated as an exceptional item. The reduction in the provision arose as a result of the re-evaluation of the Group’s share of estimated costs following the finalisation of discussions on the scope of certain remediation work with government authorities. The release has been recorded as an exceptional item in line with the treatment of the original provision.

2020

We concluded that the increase in costs associated with the changes in our environmental provisions (£402 million) and the additional deferred tax charge reflecting the impact of the remeasurement of the Group’s deferred tax liabilities as a result of a change in the substantively enacted UK corporation tax rate (£192 million) meet the criteria to be classified as exceptional.

A further £10 million of COVID-19 related costs incurred in the year ended 31 March 2020 were similarly not classified as exceptional in view of the quantum involved and all costs associated with the settlement reached with the State of New York in respect of the Downstate New York Gas Moratorium were also treated as part of adjusted profit.

Changes in environmental provisions: As a result of notices issued by governmental authorities and newly developed cost estimates prepared by third-party engineers in relation to our US Superfund sites, we re-evaluated our estimates of total costs and cost sharing allocations borne by the Company, and accordingly increased our provision by £326 million. Under the terms of our rate plans, we are entitled to recovery of environmental clean-up costs from rate payers, but under IFRS no asset can be recognised for this recovery.

Also included in the total environmental charge was the £76 million impact of the change in the real discount rate applied to the environmental provisions across the Group, of which £66 million related to the US and £10 million to the UK. Given the substantial and sustained change in gilts and corporate bond yields, we concluded it was appropriate to reduce the real discount rate from 1% to 0.5%. The weighted average remaining duration of our cash flows is now around 10 years.

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National Grid plc Annual Report and Accounts 2020/21 Financial Statements

Notes to the consolidated financial statements

continued

5. Exceptional items and remeasurements continued

2019

In assessing certain items of income and expenditure against our exceptional items framework, we concluded that the costs associated with the Massachusetts Gas labour dispute (£283 million), our cost efficiency and restructuring programme (£204 million) and impairments relating to two nuclear connection cancellations (£137 million) should be treated as exceptional (as described further below). We also considered whether the £95 million income from two legal settlements received in the period should be classified as exceptional. However, we concluded it was appropriate to recognise the income in earnings before exceptional items (within NGV and Other), in line with the treatment of the original costs.

Cost efficiency and restructuring programmes: Our UK and US businesses incurred restructuring charges as we reviewed organisational structures, operational activities and relevant roles and responsibilities to ensure we are able to operate more efficiently and to continue to drive outperformance for customers and shareholders. The cash outflow for the year was £93 million.

Massachusetts Gas labour dispute: Between June 2018 and January 2019, National Grid implemented a workforce contingency plan across its Massachusetts Gas business following the expiration of contracts for the 1,250 members of the existing workforce. The net incremental cost of the experienced contractors working alongside supervisors and workers from other areas of the business was £283 million, reflecting the financial performance of the US regulated business had the workforce contingency plan not been implemented. The total cash outflow related to the labour dispute was £320 million for the year.

Impairment of nuclear connection development costs: In 2018, Toshiba announced the cancellation of its NuGen project to build a new nuclear power station at Moorside in Cumbria, and NuGen terminated its connection agreement with UK Electricity Transmission. In February 2019, Hitachi terminated its connection agreements in respect of its Horizon projects at Wylfa and Oldbury. As there was no realistic prospect of these schemes continuing in their present form, we concluded that it was appropriate to impair the assets we had been developing for over 10 years. After deducting cash inflows relating to termination fees received of £13 million, the net impairment charge was £137 million.

Remeasurements

Remeasurements comprise unrealised gains or losses recorded in the consolidated income statement arising from changes in the fair value of certain of our financial assets and liabilities accounted for at fair value through profit and loss (FVTPL). Once the fair value movements are realised (for example, when the derivative matures), the previously recognised fair value movements are then reversed through remeasurements and recognised within earnings before exceptional items and remeasurements. These assets and liabilities include commodity contract derivatives and financing derivatives to the extent that hedge accounting is not available or is not fully effective.

The unrealised gains or losses reported in profit and loss on certain additional assets and liabilities treated at FVTPL are also classified within remeasurements. These relate to financial assets (which fail the ‘solely payments of principal and interest test’ under IFRS 9), the money market fund investments used by Group Treasury for cash management purposes and certain financial liabilities which we elected to designate at FVTPL. In all cases, these fair values increase or decrease because of changes in foreign exchange, commodity or other financial indices over which we have no control.

We report unrealised gains or losses relating to certain discrete classes of financial assets accounted for at FVTPL within adjusted profit. These comprise our portfolio of investments made by National Grid Partners, our investment in Sunrun Neptune 2016 LLC and the contingent consideration arising on the acquisition of National Grid Renewables (all within NGV and Other). The performance of these assets (including changes in fair value) are included in our assessment of adjusted profit for the relevant business units.

Remeasurements excluded from adjusted profit are made up of the following categories:

i.Net gains/(losses) on commodity contract derivatives represent mark-to-market movements on certain physical and financial commodity contract obligations in the US. These contracts primarily relate to the forward purchase of energy for supply to customers, or to the economic hedging thereof, that are required to be measured at fair value and that do not qualify for hedge accounting. Under the existing rate plans in the US, commodity costs are recoverable from customers although the timing of recovery may differ from the pattern of costs incurred;

ii.Net gains/(losses) on financing derivatives comprise gains and losses arising on derivative financial instruments used for the risk management of interest rate and foreign exchange exposures. These exclude gains and losses for which hedge accounting has been effective, and have been recognised directly in the consolidated statement of other comprehensive income or are offset by adjustments to the carrying value of debt (see notes 17 and 32);

iii.Net gains/(losses) on financial assets measured at FVTPL comprise gains and losses on the investment funds held by our insurance captives which are categorised as FVTPL (see note 15);

iv.Net gains/(losses) on financial liabilities measured at FVTPL comprise the change in the fair value (excluding changes due to own credit risk) of a financial liability that was designated at FVTPL on transition to IFRS 9 to reduce a measurement mismatch (see note 21); and

v.Unrealised net gains/(losses) on derivatives and other financial instruments within our joint ventures and associates.

Items included within tax

2020

The Finance Act 2016, which was enacted on 15 September 2016, reduced the main UK corporation tax rate to 17% with effect from 1 April 2020. Deferred tax balances were calculated at this rate for the years ended 31 March 2017 to 2019. On 17 March 2020, the UK Government utilised the Provisional Collection of Taxes Act 1968 to substantively enact a reversal of the reduction in the main UK corporation tax rate to 17% with effect from 1 April 2020, resulting in the rate remaining at 19%. Deferred taxes at 31 March 2020 were measured using enacted tax rates and reflected in these financial statements, resulting in a £192 million deferred tax charge, principally due to the remeasurement of deferred tax liabilities. The treatment of this charge as exceptional was consistent with the treatment for the year ended 31 March 2017 when the original reduction in the tax rate was substantively enacted, resulting in the recognition of an exceptional tax credit of £94 million.

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National Grid plc Annual Report and Accounts 2020/21 Financial Statements | Notes to the consolidated financial statements

6. Finance income and costs


This note details the interest income generated by our financial assets and interest expense incurred on our financial liabilities, primarily our financing portfolio (including our financing derivatives). It also includes the net interest on our pensions and other post-retirement assets. In reporting adjusted profit, we adjust net financing costs to exclude any net gains or losses on financial instruments included in remeasurements (see note 5).

Finance income and costs remeasurements include unrealised gains and losses on certain assets and liabilities now treated at FVTPL. The interest income, dividends and interest expense on these items are included in finance income and finance costs before remeasurements, respectively.


		2021	2020	2019
	Notes	£m	£m	£m
Finance income
Interest income on financial instruments:
Bank deposits and other financial assets		33	48	54
Dividends received on equities held at fair value through other comprehensive income (FVOCI)		2	2	2
Other income		—	20	17
		35	70	73
Finance costs
Net interest on pensions and other post-retirement benefit obligations	25	(38)	(23)	(22)
Interest expense on financial liabilities held at amortised cost:
Bank loans and overdrafts		(72)	(73)	(72)
Other borrowings¹		(854)	(997)	(970)
Interest expense on financial liabilities held at fair value through profit and loss (FVTPL)		(20)	(22)	(20)
Interest on derivatives		7	(39)	(43)
Unwinding of discount on provisions	26	(78)	(77)	(74)
Other interest		(53)	(10)	—
Less: interest capitalised²		131	122	135
		(977)	(1,119)	(1,066)
Remeasurements – Finance income
Net gains/(losses) on FVTPL financial assets		23	(16)	15
		23	(16)	15
Remeasurements – Finance costs
Net gains/(losses) on FVTPL financial liabilities		90	(49)	(51)
Net gains/(losses) on financing derivatives³:
Derivatives designated as hedges for hedge accounting		44	(13)	(37)
Derivatives not designated as hedges for hedge accounting		(85)	14	(3)
		49	(48)	(91)
Total remeasurements – Finance income and costs		72	(64)	(76)

Finance income		58	54	88
Finance costs		(928)	(1,167)	(1,157)

Net finance costs from continuing operations		(870)	(1,113)	(1,069)

1. Includes interest expense on lease liabilities (see note 13 for details).

2. Interest on funding attributable to assets in the course of construction in the current year was capitalised at a rate of 3.1% (2020: 3.6%; 2019: 3.9%). In the UK, capitalised interest qualifies for a current year tax deduction with tax relief claimed of £13 million (2020: £15 million; 2019: £19 million). In the US, capitalised interest is added to the cost of plant and qualifies for tax depreciation allowances.

3. Includes a net foreign exchange gain on borrowing activities of £172 million (2020: £66 million gain; 2019: £264 million gain) offset by foreign exchange losses and gains on financing derivatives measured at fair value.

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National Grid plc Annual Report and Accounts 2020/21 Financial Statements

Notes to the consolidated financial statements

continued

7. Tax


Tax is payable in the territories where we operate, mainly the UK and the US. This note gives further details of the total tax charge and tax liabilities, including current and deferred tax. The current tax charge is the tax payable on this year’s taxable profits. Deferred tax is an accounting adjustment to provide for tax that is expected to arise in the future due to differences in the accounting and tax bases.

The tax charge for the period is recognised in the income statement, the statement of comprehensive income or directly in equity, according to the accounting treatment of the related transaction. The tax charge comprises both current and deferred tax.

Current tax assets and liabilities are measured at the amounts expected to be recovered from or paid to the tax authorities. The tax rates and tax laws used to compute the amounts are those that have been enacted or substantively enacted by the reporting date.

The Group operates internationally in territories with different and complex tax codes. Management exercises judgement in relation to the level of provision required for uncertain tax outcomes. There are a number of tax positions not yet agreed with the tax authorities where different interpretations of legislation could lead to a range of outcomes. Judgements are made for each position having regard to particular circumstances and advice obtained.

Deferred tax is provided for using the balance sheet liability method, and is recognised on temporary differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax bases.

Deferred tax liabilities are generally recognised on all taxable temporary differences, and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. However, deferred tax assets and liabilities are not recognised if the temporary differences arise from the initial recognition of goodwill or from the initial recognition of other assets and liabilities in a transaction (other than a business combination) that affects neither the accounting nor the taxable profit or loss.

Deferred tax liabilities are recognised on taxable temporary differences arising on investments in subsidiaries and joint arrangements except where the Company is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future.

Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised, based on the tax rates and tax laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the deferred tax asset to be recovered. Unrecognised deferred tax assets are reassessed at each reporting date and are recognised to the extent that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when they relate to income taxes levied by the same tax authority and the Company and its subsidiaries intend to settle their current tax assets and liabilities on a net basis.

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National Grid plc Annual Report and Accounts 2020/21 Financial Statements | Notes to the consolidated financial statements

7. Tax continued

The tax charge for the year can be analysed as follows:


	2021	2020	2019
	£m	£m	£m
Current tax:
UK corporation tax at 19% (2020: 19%; 2019: 19%)	213	179	132
UK corporation tax adjustment in respect of prior years	23	(4)	(12)
	236	175	120
Overseas corporation tax	3	(2)	8
Overseas corporation tax adjustment in respect of prior years	(15)	(41)	(40)
	(12)	(43)	(32)
Total current tax from continuing operations	224	132	88
Deferred tax:
UK deferred tax	63	269	27
UK deferred tax adjustment in respect of prior years	(26)	6	2
	37	275	29
Overseas deferred tax	174	64	208
Overseas deferred tax adjustment in respect of prior years	7	9	14
	181	73	222
Total deferred tax from continuing operations	218	348	251

Total tax charge from continuing operations	442	480	339

Tax charged/(credited) to the consolidated statement of comprehensive income and equity


	2021	2020	2019
	£m	£m	£m
Current tax:
Cash flow hedges, cost of hedging and own credit reserve	6	—	3


Deferred tax:
Investments at fair value through other comprehensive income	12	(1)	—
Cash flow hedges, cost of hedging and own credit reserve	(2)	(40)	(12)
Remeasurements of pension assets and post-retirement benefit obligations	414	(206)	12
Share-based payments	2	(3)	—

	432	(250)	3
Total tax recognised in the statements of comprehensive income from continuing operations	430	(247)	3
Total tax relating to share-based payments recognised directly in equity from continuing operations	2	(3)	—
	432	(250)	3

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National Grid plc Annual Report and Accounts 2020/21 Financial Statements

Notes to the consolidated financial statements

continued

7. Tax continued

The tax charge for the year for the continuing business, is higher (2020: higher tax charge; 2019: lower tax charge) than the standard rate of corporation tax in the UK of 19% (2020: 19%; 2019: 19%):


	2021	2020	2019
	£m	£m	£m
Profit before tax from continuing operations
Before exceptional items and remeasurements	2,050	2,346	2,489
Exceptional items and remeasurements	33	(592)	(648)
Profit before tax from continuing operations	2,083	1,754	1,841
Profit before tax from continuing operations multiplied by UK corporation tax rate of 19% (2020: 19%; 2019: 19%)	396	334	350
Effect of:
Adjustments in respect of prior years¹	(11)	(30)	(36)
Expenses not deductible for tax purposes	30	29	28
Non-taxable income²	(9)	(18)	(36)
Adjustment in respect of foreign tax rates	42	18	56
Deferred tax impact of change in UK tax rate	—	192	(3)
Adjustment in respect of post-tax profits of joint ventures and associates included within profit before tax	(12)	(17)	(8)
Other³	6	(28)	(12)
Total tax charge from continuing operations	442	480	339

	%	%	%
Effective tax rate – continuing operations	21.2	27.4	18.4

1. The prior year adjustments are primarily due to agreement of prior period tax returns.

2. Includes tax on chargeable disposals after the offset of capital losses.

3. Other primarily comprises the movement in the deferred tax asset on previously unrecognised capital losses and claims for land remediation relief.

Factors that may affect future tax charges

In the Spring Budget 2021, the UK government announced an increase in the main corporation tax rate from 19% to 25% with effect from 1 April 2023. Since this had not been substantively enacted at the balance sheet date, deferred tax balances as at 31 March 2021 have been calculated at the current main UK corporation tax rate of 19%.

We expect our future deferred tax liabilities to increase reflecting the impact of the rate change. If the amended tax rate of 25% had been used, the deferred tax liability would have been approximately £560 million higher.

US government and US states are also considering changes to federal and state tax rates respectively, but as no changes have been substantively enacted at the balance sheet date deferred tax balances as at 31 March 2021 have been calculated at the prevailing tax rates.

We will continue to monitor the developments driven by Brexit, the OECD’s Base Erosion and Profit Shifting (BEPS) project and European Commission initiatives including fiscal aid investigations. At this time, we do not expect this to have any material impact on our future tax charges. Governments across the world including the UK and the US have introduced various stimulus/reliefs for businesses to cope with the impact of the COVID-19 pandemic, from which we do not currently expect there to be a material impact on our future tax charges.

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National Grid plc Annual Report and Accounts 2020/21 Financial Statements | Notes to the consolidated financial statements

7. Tax continued

Tax included within the statement of financial position

The following are the major deferred tax assets and liabilities recognised, and the movements thereon, during the current and prior reporting periods:


	Accelerated tax depreciation £m	Share- based payments £m	Pensions and other post- retirement benefits £m	Financial instruments £m	Other net temporary differences1 £m	Total £m
Deferred tax liabilities/(assets)
At 1 April 20192	5,727	(9)	(170)	7	(1,340)	4,215
Exchange adjustments and other2,3	222	(30)	(28)	(3)	(27)	134
Charged/(credited) to income statement	613	(7)	44	(13)	(287)	350
(Credited)/charged to other comprehensive income and equity	—	(2)	(206)	(46)	1	(253)
At 1 April 20202	6,562	(48)	(360)	(55)	(1,653)	4,446
Exchange adjustments and other3	(501)	4	51	4	174	(268)
Charged/(credited) to income statement	373	—	(12)	1	(147)	215
Charged to other comprehensive income and equity	—	2	414	6	—	422

At 31 March 2021	6,434	(42)	93	(44)	(1,626)	4,815

1. The deferred tax asset of £1,626 million as at 31 March 2021 (2020: £1,653 million) in respect of other net temporary differences primarily relates to net operating losses of £455 million (2020: £547 million), US environmental provisions of £453 million (2020: £529 million) and US bad debt provision of £184 million (2020: £124 million).

2. Comparative amounts have been revised as described in note 1F.

3. Exchange adjustments and other comprises foreign exchange arising on translation of the US dollar deferred tax balances. In 2020, it also included reclassification of £29 million from other temporary differences to share-based payments.

Deferred tax assets and liabilities are only offset where there is a legally enforceable right of offset and there is an intention to settle the balances net. The deferred tax balances (after offset) for statement of financial position purposes consist solely of deferred tax liabilities of £4,815 million (2020: £4,446 million). This balance is after offset of a deferred tax asset of £455 million (2020: £547 million) which has been recognised in respect of net operating losses (£440 million) and capital losses (£15 million).

Deferred tax assets in respect of some capital losses as well as trading losses and non-trade deficits have not been recognised as their future recovery is uncertain or not currently anticipated. The total deferred tax assets not recognised are as follows:


	2021	2020
	£m	£m
Capital losses	1,620	1,626
Non-trade deficits	1	1
Trading losses	7	6

The capital losses arose in the UK on disposal of certain businesses or assets. They are available to carry forward indefinitely but can only be offset against future capital gains. The UK non-trade deficits arose prior to 1 April 2017 and therefore can only be offset against future non-trade profits.

At 31 March 2021 and 31 March 2020, there were no recognised deferred tax liabilities for taxes that would be payable on the unremitted earnings of the Group’s subsidiaries or its associates as there are no significant corporation tax consequences of the Group’s UK, US or overseas subsidiaries or associates paying dividends to their parent companies. There are also no significant income tax consequences for the Group from the payment of dividends by the Group to its shareholders.

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Notes to the consolidated financial statements

continued

8. Earnings per share (EPS)


EPS is the amount of profit after tax attributable to each ordinary share. Basic EPS is calculated on profit after tax for the year attributable to equity shareholders divided by the weighted average number of shares in issue during the year. Diluted EPS shows what the impact would be if all outstanding share options were exercised and treated as ordinary shares at year end. The weighted average number of shares is increased by additional shares issued as scrip dividends and reduced by shares repurchased by the Company during the year. The earnings per share calculations are based on profit after tax attributable to equity shareholders of the Company which excludes non-controlling interests.

Adjusted earnings and EPS, which exclude exceptional items and remeasurements, are provided to reflect the adjusted profit sub-totals used by the Company. We have included reconciliations from this additional EPS measure to earnings for both basic and diluted EPS to provide additional detail for these items. For further details of exceptional items and remeasurements, see note 5.

(a) Basic EPS


	Earnings	EPS	Earnings	EPS	Earnings	EPS
	2021	2021	2020	2020	2019	2019
	£m	pence	£m	pence	£m	pence
Adjusted earnings from continuing operations	1,633	46.4	1,912	55.2	1,998	59.0
Exceptional items and remeasurements after tax from continuing operations	7	0.2	(639)	(18.4)	(499)	(14.7)
Earnings from continuing operations	1,640	46.6	1,273	36.8	1,499	44.3
Adjusted earnings from discontinued operations	—	—	5	0.2	57	1.7
Exceptional items and remeasurements after tax from discontinued operations	—	—	(14)	(0.5)	(45)	(1.4)
Earnings from discontinued operations	—	—	(9)	(0.3)	12	0.3
Total adjusted earnings	1,633	46.4	1,917	55.4	2,055	60.7
Total exceptional items and remeasurements after tax (including discontinued operations)	7	0.2	(653)	(18.9)	(544)	(16.1)
Total earnings	1,640	46.6	1,264	36.5	1,511	44.6

		2021		2020		2019
		millions		millions		millions
Weighted average number of ordinary shares – basic		3,523		3,461		3,386

(b) Diluted EPS


	Earnings	EPS	Earnings	EPS	Earnings	EPS
	2021	2021	2020	2020	2019	2019
	£m	pence	£m	pence	£m	pence
Adjusted earnings from continuing operations	1,633	46.1	1,912	55.0	1,998	58.8
Exceptional items and remeasurements after tax from continuing operations	7	0.2	(639)	(18.4)	(499)	(14.7)
Earnings from continuing operations	1,640	46.3	1,273	36.6	1,499	44.1
Adjusted earnings from discontinued operations	—	—	5	0.1	57	1.7
Exceptional items and remeasurements after tax from discontinued operations	—	—	(14)	(0.4)	(45)	(1.4)
Earnings from discontinued operations	—	—	(9)	(0.3)	12	0.3
Total adjusted earnings	1,633	46.1	1,917	55.1	2,055	60.5
Total exceptional items and remeasurements after tax (including discontinued operations)	7	0.2	(653)	(18.8)	(544)	(16.1)
Total earnings	1,640	46.3	1,264	36.3	1,511	44.4

		2021		2020		2019
		millions		millions		millions
Weighted average number of ordinary shares – diluted		3,540		3,478		3,401


	2021	2020	2019
	millions	millions	millions
Weighted average number of ordinary shares – basic	3,523	3,461	3,386
Effect of dilutive potential ordinary shares – employee share plans	17	17	15
Weighted average number of ordinary shares – diluted	3,540	3,478	3,401

154

National Grid plc Annual Report and Accounts 2020/21 Financial Statements | Notes to the consolidated financial statements

9. Dividends

Interim dividends are recognised when they become payable to the Company’s shareholders. Final dividends are recognised when they are approved by shareholders.


	2021			2020			2019
	Pence per share	Cash dividend £m	Scrip dividend £m	Pence per share	Cash dividend £m	Scrip dividend £m	Pence per share	Cash dividend £m	Scrip dividend £m
Interim dividend in respect of the current year	17.00	348	249	16.57	335	241	16.08	450	94

Final dividend in respect of the prior year	32.00	1,065	54	31.26	557	517	30.44	710	319
	49.00	1,413	303	47.83	892	758	46.52	1,160	413

The Directors are proposing a final dividend for the year ended 31 March 2021 of 32.16p per share that will absorb approximately £1,141 million of shareholders’ equity (assuming all amounts are settled in cash). It will be paid on 18 August 2021 to shareholders who are on the register of members at 4 June 2021 (subject to shareholders’ approval at the AGM). A scrip dividend will be offered as an alternative.

10. Discontinued operations and assets held for sale


The results and cash flows of significant assets or businesses sold during the year are shown separately from our continuing operations, and presented within discontinued operations in the income statement and cash flow statement. Assets and businesses are classified as held for sale when their carrying amounts are recovered through sale rather than through continuing use. They only meet the held for sale condition when the assets are ready for immediate sale in their present condition, management is committed to the sale and it is highly probable that the sale will complete within one year. Depreciation ceases on assets and businesses when they are classified as held for sale and the assets and businesses are impaired if the proceeds less sale costs fall short of the carrying value.

The Narragansett Electric Company

On 17 March 2021, the Group signed an agreement to sell 100% of the share capital of a wholly owned subsidiary, The Narragansett Electric Company (NECO). NECO is part of our US Regulated segment and is a retail distribution company providing electricity and gas to customers in Rhode Island. The expected sale proceeds are £2.8 billion ($3.8 billion), and the sale is expected to complete in March 2022 once all regulatory approvals are obtained.

As the sale is considered highly probable and is expected to complete within a year, the associated assets and liabilities have been presented as held for sale in the consolidated statement of financial position. However, as NECO does not represent a separate major line of business or geographical operations, it has not met the criteria for classification as a discontinued operation and therefore its results for the period are not separately disclosed on the face of the income statement.

The following assets and liabilities of NECO were classified as held for sale at 31 March 2021:


						2021
						£m
Goodwill						562
Intangible assets						3
Property, plant and equipment						2,713
Trade and other receivables						237
Cash and cash equivalents						4
Other assets						38
Total assets held for sale						3,557
Borrowings						(1,123)
Pension liabilities						(49)

Other liabilities						(396)
Total liabilities held for sale						(1,568)
Net assets held for sale						1,989

No impairment losses were recognised upon remeasurement of the assets and liabilities prior to classification as held for sale. NECO generated profit after tax of £104 million (2020: £31 million; 2019: £137 million) for the year ended 31 March 2021. Current and deferred tax balances relating to NECO have not been included as held for sale on the basis that those balances will be retained by National Grid rather than transferring with the other assets and liabilities of NECO.

The Group also announced its intention to sell a majority stake in the UK Gas Transmission business. However, as the process is still at an early stage and is not expected to be marketed until later in the year, the business has not been classified as held for sale and has not met the criteria for classification as a discontinued operation as at 31 March 2021.

155

National Grid plc Annual Report and Accounts 2020/21 Financial Statements

Notes to the consolidated financial statements

continued

10. Discontinued operations and assets held for sale continued

Quadgas HoldCo Limited

In June 2019, the Group sold its remaining 39% interest in Cadent (held through its holding in Quadgas HoldCo Limited (Quadgas)). This interest had been classified as held for sale from 30 June 2018 until the date of disposal, as detailed in the Annual Report and Accounts for the year ended 31 March 2019.

The aggregate carrying value of our investment in Quadgas at the disposal date was £1,956 million. This was comprised of the carrying value of the Group’s equity interest in Quadgas of £1,494 million, a shareholder loan to Quadgas of £352 million and a derivative financial asset with a fair value of £110 million. The total sales proceeds were £1,965 million. The gain on disposal was £9 million.

We considered the disposal of our 39% investment in Quadgas as the final stage of the plan to dispose of our interest in the UK Gas Distribution business first announced in 2015, and accordingly treated the results and cash flows arising from Quadgas as a discontinued operation on the basis that the sale formed the final part of a ‘single coordinated plan’ to dispose of UK Gas Distribution. As a consequence, we classified the various elements of income, expense and cash flows within discontinued operations as set out below. Once the assets were treated as ‘held for sale’, equity accounting ceased for our investment in our associate. We therefore ceased to record our share of profits from 30 June 2018.

The summary income statement for discontinued operations is as follows:


	2020	2019
	£m	£m
Revenue	—	—
Operating costs¹	(23)	(1)
Operating loss	(23)	(1)
Net finance income	6	23
Share of post-tax results of joint ventures and associates²	—	(5)
(Loss)/profit before tax from discontinued operations	(17)	17
Tax from discontinued operations	(1)	(5)
(Loss)/profit after tax from discontinued operations	(18)	12
Gain on disposal	9	—
Total (loss)/profit after tax from discontinued operations³	(9)	12

1. Operating costs for the year ended 31 March 2020 related to final transaction costs and other expenses in relation to Quadgas.

2. For the year ended 31 March 2019, the amount presented is the net of £43 million impairment charge against the investment in Quadgas and £38 million share of Quadgas post-tax profits recognised prior to classification as held for sale.

3. For the year ended 31 March 2020, the £23 million of operating expenses and the £9 million gain on disposal are treated as exceptional. For the year ended 31 March 2019, the £43 million impairment charge against the investment in Quadgas, net operating costs of £1 million and the tax thereon are classified as exceptional items.

The summary statement of comprehensive income for discontinued operations is as follows:


	2020	2019
	£m	£m
(Loss)/profit after tax from discontinued operations	(9)	12
Other comprehensive income
Items that will never be reclassified to profit or loss:
Share of other comprehensive income of associate, net of tax	—	36
Total items from discontinued operations that will never be reclassified to profit or loss	—	36
Items that may be reclassified subsequently to profit or loss:
Net gains in respect of cash flow hedges	6	—
Total items from discontinued operations that may be reclassified subsequently to profit or loss	6	—
Other comprehensive income for the year, net of tax from discontinued operations	6	36
Total comprehensive (loss)/income for the year from discontinued operations	(3)	48

The summary cash flows for discontinued operations are as follows:

Cash flows used in operating activities of £97 million in 2020 (2019: £71 million) primarily related to cash outflows in respect of voluntary contributions totalling £66 million paid to the Warm Homes Fund, the utilisation of provisions and the payment of the final transaction fees incurred in the period.

Cash inflows from investing activities of £6 million in 2020 (2019: £156 million) were comprised of dividends received and interest received on the shareholder loan.

There were no cash flows for financing activities in 2020 or 2019.

156

National Grid plc Annual Report and Accounts 2020/21 Financial Statements | Notes to the consolidated financial statements

11. Goodwill


Goodwill represents the excess of what we paid to acquire businesses over the fair value of their net assets at the acquisition date. We assess whether goodwill is recoverable by performing an impairment review annually or more frequently if events or changes in circumstances indicate a potential impairment.

Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing exchange rate. Goodwill is allocated to cash-generating units and this allocation is made to those cash-generating units that are expected to benefit from the acquisition in which the goodwill arose.

Impairment is recognised where there is a difference between the carrying value of the cash-generating unit and the estimated recoverable amount of the cash-generating unit to which that goodwill has been allocated. Any impairment is recognised immediately in the income statement and is not subsequently reversed. Any impairment loss is first allocated to the carrying value of the goodwill and then to the other assets within the cash-generating unit. Recoverable amount is defined as the higher of fair value less costs to sell and estimated value-in-use at the date the impairment review is undertaken. Value-in-use represents the present value of expected future cash flows, discounted using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.


			Total £m
Net book value at 1 April 2019¹			5,372
Exchange adjustments¹			259
Acquisition of National Grid Renewables (note 38)			81
Net book value at 1 April 2020			5,712
Exchange adjustments			(562)
Reclassification to held for sale (note 10)			(562)
Net book value at 31 March 2021			4,588

1. Comparative amounts have been revised as described in note 1F.

There is no significant accumulated impairment charge as at 31 March 2021 or 31 March 2020.

The amounts disclosed above as at 31 March 2021 relate to the following cash-generating units: New York £3,004 million (2020: £3,334 million); Massachusetts £963 million (2020: £1,069 million); Rhode Island £nil (2020: £438 million); Federal £544 million (2020: £790 million); and National Grid Renewables £77 million (2020: £81 million). Following the announcement of the sale of NECO (see note 10), goodwill balances relating to the Rhode Island cash generating unit and a portion of the goodwill relating to the Federal cash generating unit were reclassified as held for sale in the period.

Goodwill is reviewed annually for impairment and the recoverability of goodwill has been assessed by comparing the carrying amount of our operations described above (our cash-generating units) with the expected recoverable amount on a value-in-use basis. In each assessment, the value-in-use has been calculated based on five-year plan projections that incorporate our best estimates of future cash flows, customer rates, costs (including changes in commodity prices), future prices and growth. Such projections reflect our current regulatory rate plans taking into account regulatory arrangements to allow for future rate plan filings and recovery of investment. The projections also take account of the costs associated with our net zero plans and the associated regulatory arrangements. Our plans have proved to be reliable guides in the past and the Directors believe the estimates are appropriate.

The future economic growth rate used to extrapolate projections beyond five years is 2.1% (2020: 2.1%). The growth rate has been determined having regard to data on projected growth in US real gross domestic product (GDP). Based on the position of our business in the underlying US economy, it is appropriate for the terminal growth rate to be based upon the overall growth in real GDP and, given the nature of our operations, to extend over a long period of time. Cash flow projections have been discounted to reflect the time value of money, using a post-tax discount rate of 5.0% (2020: 4.5%). The equivalent pre-tax discount rate is 5.3% (2020: 4.5%). The discount rate represents the estimated weighted average cost of capital of these operations.

In assessing the carrying value of goodwill, we have sensitised our forecasts to factor in a reduction in revenues and lower tax costs into our cash flow forecasts, but we have not reflected the impact of additional rate base growth on future earnings. While it is possible that a key assumption in the calculation could change, the Directors believe that no reasonably foreseeable change would result in an impairment of goodwill, in view of the long-term nature of the key assumptions and the margin by which the estimated value-in-use exceeds the carrying amount. This remains the case even after taking into account the short-term effects of COVID-19, the most significant of which is an increase in bad debt charges in the short term.

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Notes to the consolidated financial statements

continued

12. Other intangible assets


Other intangible assets mainly comprise software which is written down (amortised) over the period we expect to receive a benefit from the asset. An amortisation expense is charged to the income statement to reflect the reduced value of the asset over time. Amortisation is calculated by estimating the number of years we expect the asset to be used (useful economic life or UEL) and charging the cost of the asset to the income statement equally over this period.

Identifiable intangible assets are recorded at cost less accumulated amortisation and any provision for impairment. Other intangible assets are tested for impairment only if there is an indication that the carrying value of the assets may have been impaired. Impairments of assets are calculated as the difference between the carrying value of the asset and the recoverable amount, if lower. Where such an asset does not generate cash flows that are independent from other assets, the recoverable amount of the cash-generating unit to which that asset belongs is estimated. Impairments are recognised in the consolidated income statement and are disclosed separately. Any assets which suffered impairment in a previous period are reviewed for possible reversal of the impairment at each reporting date.

Internally generated intangible assets, such as software, are recognised only if: i) an asset is created that can be identified; ii) it is probable that the asset created will generate future economic benefits; and iii) the development cost of the asset can be measured reliably. Where no internally generated intangible asset can be recognised, development expenditure is recorded as an expense in the period in which it is incurred.

Other intangible assets are amortised on a straight-line basis over their estimated useful economic lives. Amortisation periods for other intangible assets are:


			Years
Software			3 to 10

	Software £m	Assets in the course of construction £m	Total £m
Cost at 1 April 2019	1,784	384	2,168
Exchange adjustments	45	18	63
Additions	38	314	352

Reclassifications	159	(159)	—
Cost at 1 April 2020	2,026	557	2,583
Exchange adjustments	(102)	(43)	(145)
Additions	7	414	421
Disposals	(47)	(2)	(49)
Reclassifications¹	255	(240)	15
Reclassification to held for sale (note 10)	(19)	—	(19)
Cost at 31 March 2021	2,120	686	2,806
Accumulated amortisation at 1 April 2019	(1,084)	—	(1,084)
Exchange adjustments	(28)	—	(28)
Amortisation charge for the year	(176)	—	(176)

Accumulated amortisation at 1 April 2020	(1,288)	—	(1,288)
Exchange adjustments	61	—	61
Amortisation charge for the year	(196)	—	(196)
Accumulated amortisation of disposals	44	—	44
Reclassification to held for sale (note 10)	16	—	16
Accumulated amortisation at 31 March 2021	(1,363)	—	(1,363)
Net book value at 31 March 2021²	757	686	1,443
Net book value at 31 March 2020	738	557	1,295

1. Reclassifications includes amounts transferred from property, plant and equipment (see note 13).

2. The Group has capitalised £298 million (2020: £240 million) in relation to the Gas Business Enablement system in the US, of which £82 million (2020: £30 million) is in service and is being amortised over 10 years, with the remainder included within assets in the course of construction. A further £117 million (2020: £59 million) in relation to our new UK general ledger system is also included within assets in the course of construction as at 31 March 2021, and is expected to be amortised over 10 years once it is commissioned in July 2021.

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National Grid plc Annual Report and Accounts 2020/21 Financial Statements | Notes to the consolidated financial statements

13. Property, plant and equipment


Property, plant and equipment are the physical assets controlled by us. The cost of these assets primarily represents the amount initially paid for them. This includes both their purchase price and the construction and other costs associated with getting them ready for operation. A depreciation expense is charged to the income statement to reflect annual wear and tear and the reduced value of the asset over time. Depreciation is calculated by estimating the number of years we expect the asset to be used (useful economic life or UEL) and charging the cost of the asset to the income statement equally over this period. We operate an energy networks business and therefore have a significant physical asset base. We continue to invest in our networks to maintain reliability, create new customer connections and ensure our networks are flexible and resilient. Our business plan envisages these additional investments will be funded through a mixture of cash generated from operations and the issue of new debt.

Property, plant and equipment is recorded at cost, less accumulated depreciation and any impairment losses. Cost includes the purchase price of the asset; any payroll and finance costs incurred which are directly attributable to the construction of property, plant and equipment; and the cost of any associated asset retirement obligations.

Property, plant and equipment includes assets in which the Group’s interest comprises legally protected statutory or contractual rights of use. Additions represent the purchase or construction of new assets, including capital expenditure for safety and environmental assets, and extensions to, enhancements to, or replacement of, existing assets. All costs associated with projects or activities which have not been fully commissioned at the period end are classified within assets in the course of construction.

Items within property, plant and equipment are tested for impairment only if there is some indication that the carrying value of the assets may have been impaired. Impairments of assets are calculated as the difference between the carrying value of the asset and the recoverable amount, if lower. Where such an asset does not generate cash flows that are independent from other assets, the recoverable amount of the cash-generating unit to which that asset belongs is estimated. Impairments are recognised in the income statement and if immaterial are included within the depreciation charge for the year.

(a) Asset useful economic lives

No depreciation is provided on freehold land or assets in the course of construction. Other items of property, plant and equipment are depreciated, on a straight-line basis, at rates estimated to write off their book values over their estimated useful economic lives. In assessing estimated useful economic lives, consideration is given to any contractual arrangements and operational requirements relating to particular assets. The assessments of estimated useful economic lives and residual values of assets are performed annually.

Unless otherwise determined by operational requirements, the depreciation periods for the principal categories of property, plant and equipment are, in general, as shown in the table below split between the UK and US, along with the weighted average remaining UEL for each class of property, plant and equipment (which is calculated by applying the annual depreciation charge per class of asset to the net book value of that class of asset).


		Years
	UK	US	Weighted average remaining UEL
Freehold and leasehold buildings	up to 60	up to 100	9
Plant and machinery:
Electricity transmission plant and wires	15 to 100	45 to 80	30
Electricity distribution plant	n/a	35 to 85	33
Electricity generation plant	n/a	20 to 93	10
Interconnector plant and other	5 to 60	5 to 50	16
Gas plant – mains, services and regulating equipment	10 to 65	47 to 95	45
Gas plant – storage	5 to 40	12 to 65	12
Gas plant – meters	7 to 30	14 to 40	20
Motor vehicles and office equipment	up to 10	up to 26	4

(b) Gas asset lives

The role that gas networks play in the pathway to achieving the greenhouse gas emissions reductions targets set in the jurisdictions in which we operate is currently uncertain. However, we believe the gas assets which we own and operate today will continue to have a crucial role in maintaining security, reliability and affordability of energy beyond 2050, although the scale and purpose for which the networks will be used is dependent on technological developments and policy choices of governments and regulators.

•In the UK, the useful economic life of gas mains, services and regulating assets relating to the National Transmission System (NTS) are frequently reviewed throughout the year and subject to a detailed review at the year end. The most material components of these are our pipeline assets, which are due to be fully depreciated by 2070, with other assets being depreciated over various periods between now and then. Those reviews considered a number of scenarios, which consider the implications of the UK’s net zero by 2050 legislation for the NTS. Our most recent review concluded that the most likely outcome was for the NTS network assets to remain in use beyond 2050, including in those scenarios where the greenhouse gas emissions of gas networks were largely eliminated.

•With respect to our US gas distribution assets, asset lives are assessed as part of detailed depreciation studies completed as part of each separate rate proceeding. Depreciation studies consider the physical condition of assets and the expected operational life of an asset. We believe these assessments are our best estimate of the UEL of our gas network assets in the US.

The weighted average remaining UEL for our US gas distribution fixed asset base is circa 50 years, however a sizeable proportion of our assets are assumed to have UELs which extend beyond 2080. We continue to believe the lives identified by rate proceedings are the best estimate of the assets’ UELs, although we continue to keep this assumption under review as we learn more about possible future pathways towards net zero. Whilst the targets, goals and ambitions have now been formalised in legislation in the states in which we operate, there is widespread recognition that work needs to be done to define the possible future decarbonisation pathways. We continue to actively engage and support our regulators to enable the clean energy transition in a safe, reliable and affordable way.

Asset depreciation lives feed directly into our US regulatory recovery mechanisms, such that any shortening of asset lives and regulatory recovery periods as agreed with regulators should be recoverable through future rates, subject to agreement, over future periods, as part of wider considerations around ensuring the continuing affordability of gas in our service territories.

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National Grid plc Annual Report and Accounts 2020/21 Financial Statements

Notes to the consolidated financial statements

continued

13. Property, plant and equipment continued

Given the uncertainty described relating to the UELs of our gas assets, below we provide a sensitivity on the depreciation charge for our UK and US regulated segments were a shorter UEL presumed:


	Increase in depreciation expense for the year ended 31 March 2021		Increase in depreciation expense for the year ended 31 March 2020
	UK regulated £m	US regulated £m	UK regulated £m	US regulated £m
UELs limited to 2050	35	160	37	151
UELs limited to 2060	12	70	13	66
UELs limited to 2070	1	28	—	26

Note that this sensitivity calculation excludes any assumptions regarding the residual value for our asset base and the effect shortening asset depreciation lives would be expected to have on our regulatory recovery mechanisms.


	Land and buildings £m	Plant and machinery £m	Assets in the course of construction £m	Motor vehicles and office equipment £m	Total £m
Cost at 1 April 2019 (before transition to IFRS 16)1	3,338	53,829	5,049	930	63,146
Right-of-use assets recognised on transition to IFRS 162	381	67	—	20	468
Cost at 1 April 2019 (as restated)	3,719	53,896	5,049	950	63,614
Exchange adjustments1	98	1,484	83	33	1,698
Additions	130	464	4,029	104	4,727
Disposals	(79)	(486)	(9)	(65)	(639)
Reclassifications3,4	29	4,251	(4,381)	14	(87)
Cost at 1 April 2020	3,897	59,609	4,771	1,036	69,313
Exchange adjustments	(213)	(3,308)	(130)	(73)	(3,724)
Additions	89	328	4,023	70	4,510
Disposals	(6)	(344)	(26)	(48)	(424)
Reclassifications3	96	3,007	(3,243)	77	(63)
Reclassification to held for sale (note 10)	(111)	(3,231)	(174)	(44)	(3,560)
Cost at 31 March 2021	3,752	56,061	5,221	1,018	66,052
Accumulated depreciation at 1 April 20191	(778)	(16,918)	—	(591)	(18,287)
Exchange adjustments1	(16)	(329)	—	(20)	(365)
Depreciation charge for the year	(92)	(1,252)	—	(120)	(1,464)
Disposals	36	464	—	58	558
Reclassifications3	3	(7)	—	11	7
Accumulated depreciation at 1 April 2020	(847)	(18,042)	—	(662)	(19,551)
Exchange adjustments	37	698	—	46	781
Depreciation charge for the year	(90)	(1,270)	—	(116)	(1,476)
Disposals	—	339	—	48	387
Reclassifications3	2	(5)	—	6	3
Reclassification to held for sale (note 10)	22	798	—	27	847
Accumulated depreciation at 31 March 2021	(876)	(17,482)	—	(651)	(19,009)
Net book value at 31 March 2021	2,876	38,579	5,221	367	47,043
Net book value at 31 March 2020	3,050	41,567	4,771	374	49,762

1. Comparative amounts have been revised as described in note 1F.

2. On 1 April 2019, £468 million of additional right-of-use assets were recognised on transition to IFRS 16. See note 37 for details.

3. Represents amounts transferred between categories, (to)/from other intangible assets (see note 12), from inventories and reclassifications between cost and accumulated depreciation.

4. In 2020, comprised an £87 million reduction in the gross cost of assets in the course of construction in our UK Electricity Transmission business for costs previously capitalised and accrued as due to a supplier, that were subsequently no longer payable.


	2021	2020
	£m	£m
Information in relation to property, plant and equipment
Capitalised interest included within cost	2,233	2,118


Contributions to cost of property, plant and equipment included within:
Trade and other payables	138	84
Non-current liabilities	400	428
Contract liabilities – current	66	76
Contract liabilities – non-current	1,093	1,082

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National Grid plc Annual Report and Accounts 2020/21 Financial Statements | Notes to the consolidated financial statements

13. Property, plant and equipment continued

(d) Right-of-use assets

The Group leases various properties, land, equipment and cars. With effect from 1 April 2019, new lease arrangements entered into are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group (see note 37). The right-of-use asset and associated lease liability arising from a lease are initially measured at the present value of the lease payments expected over the lease term. The lease payments include fixed payments, any variable lease payments dependent on an index or a rate, and any break fees or renewal option costs that we are reasonably certain to incur. The discount rate applied is the rate implicit in the lease or, if that is not available, then the incremental rate of borrowing for a similar term and similar security (which is determined based on observable data for borrowing rates for the specific group entity that has entered into the lease, with specific adjustments for the term of the lease and any lease-specific risk premium). The lease term takes account of exercising any extension options that are at our option if we are reasonably certain to exercise the option and any lease termination options unless we are reasonably certain not to exercise the option. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to the income statement over the lease period using the effective interest rate method. The right-of-use asset is depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis. For short-term leases (lease term of 12 months or less) and leases of low-value assets (such as computers), the Group continues to recognise a lease expense on a straight-line basis.

The table below shows the net book value of right-of-use assets included within property, plant and equipment at 31 March 2021 and 31 March 2020, split by category. The associated lease liabilities are disclosed in note 21.


31 March 2021	Land and buildings £m	Plant and machinery £m	Assets in the course of construction £m	Motor vehicles and office equipment £m	Total £m
Net book value at 31 March 2021	365	81	—	184	630
Additions	60	6	—	64	130
Depreciation charge for the year	(29)	(16)	—	(68)	(113)


31 March 2020	Land and buildings £m	Plant and machinery £m	Assets in the course of construction £m	Motor vehicles and office equipment £m	Total £m
Net book value at 31 March 2020	364	95	—	225	684
Additions	10	1	—	73	84
Depreciation charge for the year	(29)	(16)	—	(72)	(117)

The following balances have been included in the income statement for the years ended 31 March 2021 and 31 March 2020 in respect of right-of-use assets:


	2021	2020
	£m	£m
Included within net finance income and costs:
Interest expense on lease liabilities	(21)	(26)
Included within revenue:
Lease income¹	390	404
Included within operating expenses:
Expense relating to short-term and low-value leases	(13)	(12)

1. Included within lease income is £376 million (2020: £353 million) of variable lease payments, the majority of which relates to the power supply arrangement entered into with LIPA (see note 3).

The total of future minimum sublease payments expected to be received under non-cancellable subleases is £104 million (2020: £94 million).

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Notes to the consolidated financial statements

continued

14. Other non-current assets


Other non-current assets include assets that do not fall into any other non-current asset category (such as goodwill or property, plant and equipment) where the benefit to be received from the asset is not due to be received until after 31 March 2022.


	2021	2020
	£m	£m
Other receivables	45	35

Non-current tax assets	6	65
Prepayments	5	19
Accrued income¹	237	235
	293	354

1. Includes accrued income in relation to property sales to the St William joint venture.

15. Financial and other investments


The Group holds a range of financial and other investments. These investments include short-term money market funds, quoted investments in equities or bonds of other companies, investments in our venture capital portfolio (National Grid Partners), bank deposits with a maturity of greater than three months, and investments that can not be readily used in operations, principally collateral deposited in relation to derivatives.

The classification of each investment held by the Group is determined based on two main factors:

•its contractual cash flows – whether the assets cash flows are solely payments of the principal and interest on the financial asset on pre-determined dates or whether the cash flows are determined by other factors such as the performance of a company; and

•the business model for holding the investments – whether the intention is to hold onto the investment for the longer term (collect the contractual cash flows), or to sell the asset with the intention of managing any gain or loss on sale or to manage any liquidity requirements.

The four categories of financial and other investments are as follows:

•Financial assets at amortised cost – debt instruments that have contractual cash flows that are solely payments of principal and interest, and which are held within a business model whose objective is to collect contractual cash flows, are held at amortised cost. This category includes our receivables in relation to deposits and collateral;

•FVOCI debt and other investments – debt investments, such as bonds, that have contractual cash flows that are solely payments of principal and interest, and which are held within a business model whose objective is both to collect the contractual cash flows and to sell the debt instruments, are measured at fair value through other comprehensive income (FVOCI), with gains or losses recognised in the consolidated statement of comprehensive income instead of through the income statement. On disposal, any gains or losses are recognised within finance income in the income statement (see note 6). Other investments include insurance contracts, measured at fair value, and held to back the present value of unfunded pension liabilities in note 25;

•FVOCI equity instruments – the Group has elected to measure equity instruments that are shares held as part of a portfolio of financial instruments which back some long-term employee liabilities at FVOCI on the basis that they are not held for trading and so recognising gains and losses on these investments in the income statement would not be representative of performance in the year. On disposal, any realised gains and losses are transferred to retained earnings (see note 28); and

•FVTPL investments – other financial investments are subsequently measured at fair value with any gains or losses recognised in the income statement (FVTPL). This primarily comprises our money market funds, insurance company fund investments and corporate venture capital investments held by National Grid Partners.

Financial and other investments are initially recognised on trade date. Subsequent to initial recognition, the fair values of financial assets that are quoted in active markets are based on bid prices. When independent prices are not available, fair values are determined using valuation techniques used by the relevant markets using observable market data where possible (see note 32(g) for further details).

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National Grid plc Annual Report and Accounts 2020/21 Financial Statements | Notes to the consolidated financial statements

15. Financial and other investments continued


	2021	2020
	£m	£m
Non-current
FVOCI debt and other investments	416	352
FVOCI equity investments	99	83
FVTPL investments	240	108

	755	543
Current
FVTPL investments	1,768	1,278
Financial assets at amortised cost	574	720
	2,342	1,998
	3,097	2,541
Financial and other investments include the following:
Investments in short-term money market funds	1,412	951
Investments held by National Grid Partners	136	97
Other investments	103	11
Balances that are restricted or not readily used in operations:
Collateral1	540	685
Insurance company and non-qualified plan investments	589	542




Cash surrender value of life insurance policies	283	220
Other investments	34	35
	3,097	2,541

1. The collateral balance includes: £480 million (2020: £685 million) of collateral placed with counterparties with whom we have entered into a credit support annex to the International Swaps and Derivatives Association (ISDA) Master Agreement; £42 million (2020: £nil) of collateral paid by operating companies as required security deposits under the Connection and Use of System Code; and £18 million (2020: £nil) of restricted amounts allocated for specific projects within the National Grid Electricity System Operator.

FVTPL and FVOCI investments are recorded at fair value. The carrying value of current financial assets at amortised cost approximates their fair values, primarily due to short-dated maturities. The exposure to credit risk at the reporting date is the fair value of the financial investments. For further information on our credit risk, refer to note 32(a).

For the purposes of impairment assessment, the investments in bonds are considered to be low risk as they are investment grade securities; life insurance policies are held with regulated insurance companies; and deposits, collateral receivable and other financial assets at amortised cost are investment grade. All financial assets held at FVOCI or amortised cost are therefore considered to have low credit risk and have an immaterial impairment loss allowance equal to 12-month expected credit losses.

In determining the expected credit losses for these assets, some or all of the following information has been considered: credit ratings, the financial position of counterparties, the future prospects of the relevant industries and general economic forecasts.

No FVOCI or amortised cost financial assets have had modified cash flows during the period. There has been no change in the estimation techniques or significant assumptions made during the year in assessing the loss allowance for these financial assets. There were no significant movements in the gross carrying value of financial assets during the year that contribute to changes in the loss allowance. No collateral is held in respect of any of the financial investments in the above table. No balances are more than 30 days past due, and no balances were written off during the year.

16. Investments in joint ventures and associates


Investments in joint ventures and associates represent businesses we do not control but over which we exercise joint control or significant influence. They are accounted for using the equity method. A joint venture is an arrangement established to engage in economic activity, which the Group jointly controls with other parties and has rights to a share of the net assets of the arrangement. An associate is an entity which is neither a subsidiary nor a joint venture, but over which the Group has significant influence.


	2021			2020
	Associates £m	Joint ventures £m	Total £m	Associates £m	Joint ventures £m	Total £m
Share of net assets at 1 April	341	654	995	291	317	608
Exchange adjustments	(22)	(36)	(58)	20	12	32
Additions	6	75	81	16	156	172
Capitalisation of shareholder loan to Nemo Link Limited	—	—	—	—	176	176
Share of post-tax results for the year	30	28	58	40	47	87
Share of other comprehensive income of associates, net of tax	1	—	1	1	—	1
Dividends received	(31)	(49)	(80)	(41)	(34)	(75)
Other movements¹	(96)	(34)	(130)	14	(20)	(6)
Share of net assets at 31 March	229	638	867	341	654	995

1. Within associates, the other movements for the year primarily relates to the reclassification of an investment in an associate to financial investments.

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Notes to the consolidated financial statements

continued

16. Investments in joint ventures and associates continued

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 of £141 million (2020: £240 million) in relation to joint ventures.

At 31 March 2021, the Group had three material joint ventures, being its 50% equity stakes in BritNed and Nemo Link Limited (Nemo) and its 51% stake in Emerald Energy Venture LLC (Emerald). The Group has one material associate, being its 26.25% investment in Millennium Pipeline Company LLC. BritNed is a joint venture with the Dutch transmission system operator, TenneT, and operates the subsea electricity link between Great Britain and the Netherlands, commissioned in 2011. Nemo is a joint venture with the Belgian transmission operator, Elia, and is a subsea electricity interconnector between the UK and Belgium, which became operational on 31 January 2019. BritNed and Nemo have reporting periods ending on 31 December with monthly management reporting information provided to National Grid. Emerald is a joint venture with Washington State Investment Board and builds and operates wind and solar assets. Emerald was acquired on 11 July 2019. Millennium Pipeline Company LLC is an associate that owns a natural gas pipeline from southern New York to the Lower Hudson Valley.

Summarised financial information as at 31 March, together with the carrying amount of the investments, is as follows:


	BritNed Development Limited		Millennium Pipeline Company LLC		Nemo Link Limited		Emerald Energy Venture LLC
	2021	2020	2021	2020	2021	2020	2021	2020
	£m	£m	£m	£m	£m	£m	£m	£m
Statement of financial position
Non-current assets	409	399	795	910	536	582	559	435
Cash and cash equivalents	47	54	27	33	31	26	112	66
All other current assets	24	4	24	26	8	5	12	6
Non-current liabilities	(81)	(45)	(256)	(315)	(30)	(29)	(286)	(232)
Current liabilities	(22)	(16)	(38)	(43)	(19)	(10)	(27)	(2)
Net assets	377	396	552	611	526	574	370	273
Group’s ownership interest in joint venture/associate	189	198	145	160	263	287	189	139
Group adjustment: elimination of profits on sales to joint venture	—	—	—	—	—	—	(23)	(10)
Carrying amount of the Group’s investment	189	198	145	160	263	287	166	129


	BritNed Development Limited		Millennium Pipeline Company LLC		Nemo Link Limited		Emerald Energy Venture LLC
	2021	2020	2021	2020	2021	2020	2021	2020
	£m	£m	£m	£m	£m	£m	£m	£m
Income statement
Revenue	72	80	199	206	66	45	28	19
Depreciation and amortisation	(15)	(14)	(43)	(46)	(24)	(23)	(14)	(7)
Other costs	(15)	(10)	(21)	(20)	(6)	(8)	(22)	(10)
Operating profit/(loss)	42	56	135	140	36	14	(8)	2
Net interest expense	(1)	—	(18)	(22)	—	—	—	(3)
Profit/(loss) before tax	41	56	117	118	36	14	(8)	(1)
Income tax expense	(11)	(10)	—	—	(14)	(2)	—	—
Profit/(loss) for the year	30	46	117	118	22	12	(8)	(1)
Group’s share of profit/(loss)	15	23	31	31	11	6	(4)	(1)
Group adjustment: tax charge	—	—	(9)	(9)	—	—	1	—
Group’s share of post-tax results for the year	15	23	22	22	11	6	(3)	(1)

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National Grid plc Annual Report and Accounts 2020/21 Financial Statements | Notes to the consolidated financial statements

17. Derivative financial instruments


Derivatives are financial instruments that derive their value from the price of an underlying item such as interest rates, foreign exchange rates, credit spreads, commodities, equities or other indices. In accordance with policies approved by the Board, derivatives are transacted generally to manage exposures to fluctuations in interest rates, foreign exchange rates and commodity prices. Our derivatives balances comprise two broad categories: •financing derivatives: These are used to manage our exposure to interest rates and foreign exchange rates. Specifically, we use these derivatives to manage our financing portfolio, holdings in foreign operations and contractual operational cash flows; and •commodity contract derivatives: These are used to manage our US customers’ exposure to price and supply risks. Some forward contracts for the purchase of commodities meet the definition of derivatives. We also enter into derivative financial instruments linked to commodity prices, including index futures, options and swaps, which are used to manage market price volatility.

Derivatives are initially recognised at fair value and subsequently remeasured to fair value at each reporting date. Changes in fair values are recorded in the period they arise, in either the consolidated income statement or other comprehensive income. Where the gains or losses recorded in the income statement arise from changes in the fair value of derivatives to the extent that hedge accounting is not applied or is not fully effective, these are recorded as remeasurements, detailed in notes 5 and 6. Where the fair value of a derivative is positive it is carried as a derivative asset, and where negative as a derivative liability.

The fair value of derivative financial instruments is calculated by taking the present value of future cash flows, primarily incorporating market observable inputs. The various inputs include foreign exchange spot and forward rates, yield curves of the respective currencies, currency basis spreads between the respective currencies, interest rate and inflation curves, the forward rate curves of underlying commodities, and for those positions that are not fully cash collateralised the credit quality of the counterparties.

Certain clauses embedded in non-derivative financial instruments or other contracts are presented as derivatives because they impact the risk profile of their host contracts and they are deemed to have risks or rewards not closely related to those host contracts.

Further information on how derivatives are valued and used for risk management purposes is presented in note 32. Information on commodity contracts and other commitments not meeting the definition of derivatives is presented in note 30.

The fair values of derivatives by category are as follows:


	2021			2020
	Assets £m	Liabilities £m	Total £m	Assets £m	Liabilities £m	Total £m
Current	457	(145)	312	93	(380)	(287)
Non-current	542	(754)	(212)	1,249	(954)	295
	999	(899)	100	1,342	(1,334)	8

Financing derivatives	942	(767)	175	1,267	(1,134)	133
Commodity contract derivatives	57	(132)	(75)	75	(200)	(125)
	999	(899)	100	1,342	(1,334)	8

(a) Financing derivatives

The fair values of financing derivatives by type are as follows:


	2021			2020
	Assets £m	Liabilities £m	Total £m	Assets £m	Liabilities £m	Total £m
Interest rate swaps	325	(159)	166	556	(337)	219
Cross-currency interest rate swaps	601	(351)	250	643	(514)	129
Foreign exchange forward contracts¹	16	(74)	(58)	58	(39)	19
Inflation-linked swaps	—	(183)	(183)	—	(234)	(234)
Equity options	—	—	—	10	(10)	—
	942	(767)	175	1,267	(1,134)	133

1. Included within the foreign exchange forward contracts balance are £32 million (2020: £3 million) of derivative liabilities in relation to the hedging of capital expenditure and a deal-contingent foreign exchange forward contract liability of £9 million (2020: £nil) in relation to the disposal of NECO (see note 10).

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Notes to the consolidated financial statements

continued

17. Derivative financial instruments continued

(a) Financing derivatives continued

The maturity profile of financing derivatives is as follows:


	2021			2020
	Assets £m	Liabilities £m	Total £m	Assets £m	Liabilities £m	Total £m
Current
Less than 1 year	428	(70)	358	62	(254)	(192)
	428	(70)	358	62	(254)	(192)
Non-current
In 1 to 2 years	10	(14)	(4)	480	(51)	429
In 2 to 3 years	24	(12)	12	13	(5)	8
In 3 to 4 years	62	(80)	(18)	20	(28)	(8)
In 4 to 5 years	4	(42)	(38)	31	(109)	(78)
More than 5 years	414	(549)	(135)	661	(687)	(26)
	514	(697)	(183)	1,205	(880)	325
	942	(767)	175	1,267	(1,134)	133

The notional contract amounts of financing derivatives by type are as follows:


	2021	2020
	£m	£m
Interest rate swaps	(2,259)	(3,101)
Cross-currency interest rate swaps	(8,389)	(8,097)
Foreign exchange forward contracts	(4,651)	(3,284)
Inflation-linked swaps	(500)	(500)
Equity options	—	(800)
	(15,799)	(15,782)

Derivatives with a notional value of £2,810 million, pay or receive cash flows that reference GBP LIBOR of £2,041 million (maturing between 2023 and 2040) or USD LIBOR of £769 million (maturing between 2023 and 2026). LIBOR is being replaced as an interest rate benchmark by alternative reference rates and therefore negotiations are underway to amend these contracts, with any related hedge documentation then being amended. At 31 March 2021, none of the contracts had yet been amended.

(b) Commodity contract derivatives

The fair values of commodity contract derivatives by type are as follows:


	2021			2020
	Assets £m	Liabilities £m	Total £m	Assets £m	Liabilities £m	Total £m
Commodity purchase contracts accounted for as derivative contracts
Forward purchases of gas	44	(94)	(50)	64	(108)	(44)
Derivative financial instruments linked to commodity prices
Electricity capacity	2	—	2	—	—	—
Electricity swaps	10	(33)	(23)	4	(83)	(79)
Electricity options	—	(1)	(1)	—	—	—
Gas swaps	1	(3)	(2)	7	(8)	(1)
Gas options	—	(1)	(1)	—	(1)	(1)
	57	(132)	(75)	75	(200)	(125)

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17. Derivative financial instruments continued

(b) Commodity contract derivatives continued

The maturity profile of commodity contract derivatives is as follows:


	2021			2020
	Assets £m	Liabilities £m	Total £m	Assets £m	Liabilities £m	Total £m
Current
Less than one year	29	(75)	(46)	31	(126)	(95)
	29	(75)	(46)	31	(126)	(95)
Non-current
In 1 to 2 years	7	(24)	(17)	8	(35)	(27)
In 2 to 3 years	7	(16)	(9)	9	(24)	(15)
In 3 to 4 years	7	(7)	—	8	(12)	(4)
In 4 to 5 years	6	(5)	1	7	(1)	6
More than 5 years	1	(5)	(4)	12	(2)	10
	28	(57)	(29)	44	(74)	(30)
	57	(132)	(75)	75	(200)	(125)

The notional quantities of commodity contract derivatives by type are as follows:


	2021	2020
Forward purchases of gas1	36m Dth	102m Dth
Electricity swaps	12,321 GWh	12,836 GWh
Gas swaps	47m Dth	89m Dth
Gas options	40m Dth	26m Dth

1. Forward gas purchases have terms up to five years (2020: four years). The contractual obligations under these contracts are £104 million (2020: £128 million).

18. Inventories and current intangible assets


Inventories represent assets that we intend to use in order to generate revenue in the short term, either by selling the asset itself (for example, fuel stocks) or by using it to fulfil a service to a customer or to maintain our network (consumables).

Inventories are stated at the lower of weighted average cost and net realisable value. Where applicable, cost comprises direct materials and direct labour costs as well as those overheads that have been incurred in bringing the inventories to their present location and condition.

Emission allowances, principally relating to the emissions of carbon dioxide in the UK and sulphur and nitrous oxides in the US, are recorded as intangible assets within current assets. They are initially recorded at cost and subsequently at the lower of cost and net realisable value. A liability is recorded in respect of the obligation to deliver emission allowances, and emission charges are recognised in the income statement in the period in which emissions are made.


	2021	2020
	£m	£m
Fuel stocks	94	151
Raw materials and consumables	253	265
Current intangible assets – emission allowances	92	133
	439	549

There is a provision for obsolescence of £10 million against inventories as at 31 March 2021 (2020: £21 million).

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Notes to the consolidated financial statements

continued

19. Trade and other receivables


Trade and other receivables include amounts which are due from our customers for services we have provided, accrued income which has not yet been billed, prepayments, contract assets where certain milestones are required to be fulfilled and other receivables that are expected to be settled within twelve months.

Trade and other receivables are initially recognised at fair value and subsequently measured at amortised cost, less any appropriate allowances for estimated irrecoverable amounts.


	2021	2020
	£m	£m
Trade receivables	1,503	1,571
Accrued income	863	849
Prepayments	387	408
Contract assets	13	—
Other receivables	153	158
	2,919	2,986

Trade receivables are non-interest-bearing and generally have a 30 to 90 days term. Due to their short maturities, the fair value of trade and other receivables approximates their carrying value. The maximum exposure of trade receivables to credit risk is the gross carrying amount of £2,152 million (2020: £2,063 million).

Provision for impairment of receivables

A provision for credit losses is recognised at an amount equal to the expected credit losses that will arise over the lifetime of the trade receivables and accrued income.


	2021	2020
	£m	£m
At 1 April	512	394
Exchange adjustments	(57)	20
Charge for the year, net of recoveries	326	234
Uncollectible amounts written off	(59)	(136)
Reclassification to held for sale (note 10)	(50)	—
At 31 March	672	512

The trade receivables balance, accrued income balance and provisions balance split by geography are as follows:


	As at 31 March 2021			As at 31 March 2020
	UK	US	Total	UK	US	Total
	£m	£m	£m	£m	£m	£m
Trade receivables	227	1,925	2,152	227	1,836	2,063
Accrued income	547	339	886	461	408	869
Provision for impairment of receivables and accrued income	(23)	(649)	(672)	(40)	(472)	(512)

There are no retail customers in the UK businesses. A provision matrix is not used in the UK as an assessment of expected losses on individual debtors is performed, and the provision is not material.

In the US, £1,852 million (2020: £1,852 million) of the trade receivables and accrued income balance is attributable to retail customers. For non-retail US customer receivables, a provision matrix is not used and expected losses are determined on individual debtors.

The provision for retail customer receivables in the US is calculated based on a series of provision matrices which are prepared by regulated entity and by customer type. The expected loss rates in each provision matrix are based on historical loss rates adjusted for current and forecasted economic conditions at the balance sheet date. The inclusion of forward-looking information in the provision matrix setting process under IFRS 9 resulted in loss rates that reflect expected future economic conditions and the recognition of an expected loss on all debtors even where no loss event has occurred.

In March 2020, the Group’s US distribution businesses ceased certain customer cash collection activities in response to regulatory instructions and to changes in State, Federal and City level regulations and guidance, and actions to minimise risk to the Group’s employees as a result of COVID-19. The Group also ceased customer termination activities as requested by relevant local authorities. Certain collection activities did resume during the year where permitted, but this was a small proportion compared to normal levels.

In calculating our provision for impairment of receivables at 31 March 2021, we were able to incorporate the actual cash collection levels experienced since the start of the pandemic to determine the expected loss rates per category of outstanding receivable by operating company, which is summarised in the provision matrix shown below. For the year ended 31 March 2020, there was limited cash collection data available with regards to the impact that COVID-19 would have on collection of receivables. Therefore, in order to reflect the impact of COVID-19 into our calculation of the charge for the year, we considered the macroeconomic data including unemployment levels and our previous experience regarding debtor recoverability during and in the aftermath of the 2008/09 financial crisis (which impacted all of our service territories) and that following Superstorm Sandy in 2012 which impacted our downstate New York gas business specifically.

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19. Trade and other receivables continued

Based on our review of these factors, we concluded that a reasonable range for the provisions recognised in the current year would be £320 million to £342 million ($440 million to $470 million), which considered the continued application of our previous experience regarding debtor recoverability in the aftermath of historical impactful events, as well as the collections experience seen since the start of the pandemic, and concluded that a total charge of £326 million represented our best estimate based on the information available. For the year ended 31 March 2020, we determined that the additional provision recognised in light of the cessation of customer terminations and collections following the moratoriums introduced would lie between £81 million and £161 million ($100 million and $200 million), and concluded an additional COVID-19 related charge of £117 million represented our best estimate based on the information available, primarily as this represented an impact twice as severe as Superstorm Sandy, adjusted to incorporate all service territories impacted.

The average expected loss rates and gross balances for the retail customer receivables in our US operations are set out below:


	2021	2021	2020	2020
	%	£m	%	£m
Accrued income	7	322	5	395
0 – 30 days past due	7	580	5	651
30 – 60 days past due	24	155	14	194
60 – 90 days past due	36	108	29	109
3 – 6 months past due	52	140	47	121
6 – 12 months past due	66	180	63	105
Over 12 months past due	71	367	79	277
		1,852		1,852

US retail customer receivables are not collateralised. Trade receivables are written off when regulatory requirements are met. Write-off policies vary between jurisdictions as they are aligned with the local regulatory requirements, which differ between regulators. There were no significant amounts written off during the period that were still subject to enforcement action. Our internal definition of default is aligned with that of the individual regulators in each jurisdiction.

For further information on our wholesale and retail credit risk, refer to note 32(a).

20. Cash and cash equivalents


Cash and cash equivalents include cash balances, together with short-term investments with an original maturity of less than three months that are readily convertible to cash. Bank overdrafts are only shown net within cash and cash equivalents when there is a legal right to offset unconditionally and an intention to settle net has been demonstrated by the physical movement of cash.

Net cash and cash equivalents reflected in the cash flow statement are net of bank overdrafts, which are reported in borrowings. The carrying amounts of cash and cash equivalents and bank overdrafts approximate their fair values.

Cash at bank earns interest at floating rates based on daily bank deposit rates. Short-term deposits are made for periods varying between one day and three months, depending on the immediate cash requirements, and earn interest at the respective short-term deposit rates.

Cash and cash equivalents held in currencies other than sterling have been converted into sterling at year-end exchange rates. For further information on currency exposures, refer to note 32(c).


	2021	2020
	£m	£m
Cash at bank	117	73
Short-term deposits	40	—
Cash and cash equivalents	157	73

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Notes to the consolidated financial statements

continued

21. Borrowings


We borrow money primarily in the form of bonds and bank loans. These are for a fixed term and may have fixed or floating interest rates or are linked to RPI. We use derivatives to manage risks associated with interest rates, inflation rates and foreign exchange. Lease liabilities are also included within borrowings. Our price controls and rate plans require us to fund our networks within a certain ratio of debt to equity or regulatory value and, as a result, we have issued a significant amount of debt. As we continue to invest in our networks, the value of debt is expected to increase over time. To maintain a strong balance sheet and to allow us to access capital markets at commercially acceptable interest rates, we balance the amount of debt we issue with the value of our assets, and we take account of certain other metrics used by credit rating agencies.

All borrowings are measured at amortised cost, with the exception of one current liability which is measured at fair value through profit and loss in order to eliminate a measurement mismatch.

Borrowings, which include interest-bearing, zero-coupon and inflation-linked debt, overdrafts and collateral payable, are initially recorded at fair value. This normally reflects the proceeds received (net of direct issue costs for liabilities measured at amortised cost). Subsequently, borrowings are stated either: i) at amortised cost; or ii) at fair value though profit and loss. Where a borrowing is held at amortised cost, any difference between the proceeds after direct issue costs and the redemption value is recognised over the term of the borrowing in the income statement using the effective interest method. For the liability held at fair value through profit and loss, interest is calculated using the effective interest method.

Where a borrowing or liability is held at fair value, changes in the fair value of the borrowing due to changes in the issuer’s credit risk are recorded in the own credit reserve within equity (see note 28). All other changes in the fair value of the liability are recognised in the income statement within remeasurements (see notes 5 and 6).


	2021	2020
	£m	£m
Current
Bank loans	1,022	1,244
Bonds¹	1,987	1,446
Commercial paper	628	1,269
Lease liabilities	99	112
Other loans	1	1
	3,737	4,072
Non-current
Bank loans	2,532	2,819
Bonds	24,209	23,094
Lease liabilities	586	623
Other loans	156	186
	27,483	26,722
Total borrowings	31,220	30,794

1. Includes a liability held at fair value through profit and loss of £682 million (2020: £741 million).

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National Grid plc Annual Report and Accounts 2020/21 Financial Statements | Notes to the consolidated financial statements

21. Borrowings continued

Total borrowings are repayable as follows:


	2021	2020
	£m	£m
Less than 1 year	3,737	4,072
In 1 to 2 years	1,745	2,212
In 2 to 3 years	889	1,664
In 3 to 4 years	2,206	757
In 4 to 5 years	1,833	2,122
More than 5 years:
By instalments	927	870
Other than by instalments	19,883	19,097
	31,220	30,794

The fair value of borrowings at 31 March 2021 was £34,676 million (2020: £34,174 million). Where market values were available, the fair value of borrowings (Level 1) was £20,333 million (2020: £14,059 million). Where market values were not available, fair value of borrowings (Level 2) was £14,343 million (2020: £20,115 million), and calculated by discounting cash flows at prevailing interest rates. The notional amount outstanding of the debt portfolio at 31 March 2021 was £31,010 million (2020: £30,422 million). There have been no new issuances since the year end.

In 2020, the assets of the Colonial Gas Company were merged with the Boston Gas Company, and have been ringfenced post-merger. Certain gas distribution assets of NECO are subject to liens and other charges and are provided as collateral over borrowings totalling £67 million at 31 March 2021 (2020: £84 million), all of which have been classified as held for sale as at 31 March 2021 (see note 10).

Collateral is placed with or received from any derivative counterparty where we have entered into a credit support annex to the ISDA Master Agreement once the current mark-to-market valuation of the trades between the parties exceeds an agreed threshold. Included in current bank loans is £582 million (2020: £785 million) in respect of cash received under collateral agreements. For further details of our borrowing facilities, refer to note 33. For further details of our bonds in issue, please refer to the debt investor section of our website. Unless included herein, the information on our website is unaudited.

Certain borrowings, primarily some of our USD denominated bank loans and company car lease contracts, have payments that are linked to LIBOR. LIBOR is being replaced as an interest rate benchmark by alternative reference rates and therefore negotiations are underway to amend these contracts. At 31 March 2021, none of the contracts had yet been amended. £328 million of bank loans affected by GBP LIBOR, £59 million of bank loans affected by USD LIBOR and £173 million of lease liabilities affected by USD LIBOR will be impacted.

Financial liability at fair value through profit and loss

The financial liability designated at fair value through profit and loss is analysed as follows:

i. the fair value of the liability was £682 million (2020: £741 million), which includes cumulative changes in fair value attributable to changes in credit risk recognised in other comprehensive income, post tax of £1 million (2020: £10 million);

ii. the amount repayable at maturity in November 2021 is £684 million (2020: £759 million); and

iii. the difference between carrying amount and contractual amount at maturity is £2 million (2020: £18 million).

This liability has been reclassified in order to eliminate a measurement mismatch with derivatives which provide an economic hedge. The associated derivatives are collateralised and do not contain significant exposure to our own credit risk. The presentation of credit risk in other comprehensive income does not, therefore, create or enlarge an accounting mismatch in profit or loss.

The change in the fair value attributable to a change in credit risk is calculated as the difference between the total change in the fair value of the liability and the change in the value of the liability due to changes in market risk factors alone. The change in the fair value due to market risk factors was calculated using benchmark yield curves as at the end of the reporting period holding the credit risk margin constant. The fair value of the liability was calculated using observed market prices.

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Notes to the consolidated financial statements

continued

21. Borrowings continued

Lease liabilities

The Group adopted IFRS 16 on 1 April 2019, which resulted in the recognition of £474 million of additional lease liabilities. Refer to note 37 for details.

Lease liabilities are initially measured at the present value of the lease payments expected over the lease term. The discount rate applied is the rate implicit in the lease or if that is not available, then the incremental rate of borrowing for a similar term and similar security. The lease term takes account of exercising any extension options that are at our option if we are reasonably certain to exercise the option and any lease termination options unless we are reasonably certain not to exercise the option. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to the income statement over the lease period using the effective interest rate method.


	2021	2020
	£m	£m
Gross lease liabilities are repayable as follows:
Less than 1 year	114	132
1 to 5 years	321	361
More than 5 years	464	481
	899	974
Less: finance charges allocated to future periods	(214)	(239)
	685	735
The present value of lease liabilities are as follows:
Less than 1 year	99	112
1 to 5 years	267	297
More than 5 years	319	326
	685	735

22. Trade and other payables


Trade and other payables include amounts owed to suppliers, tax authorities and other parties which are due to be settled within 12 months. The total also includes deferred amounts, some of which represent monies received from customers but for which we have not yet delivered the associated service. These amounts are recognised as revenue when the service is provided.

Trade and other payables are initially recognised at fair value and subsequently measured at amortised cost, with the exception of contingent consideration, which is subsequently measured at fair value.


	2021	2020
	£m	£m
Trade payables	2,165	2,205
Deferred payables	154	137
Customer contributions¹	138	84
Social security and other taxes	140	202
Contingent consideration (note 38)	39	30
Other payables	881	944
	3,517	3,602

1. Relates to amounts received from government-related entities for connecting to our networks, where we have obligations remaining under the contract.

Due to their short maturities, the fair value of trade payables approximates their carrying value.

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23. Contract liabilities


Contract liabilities primarily relate to the advance consideration received from customers for construction contracts, mainly in relation to connections, for which revenue is recognised over the life of the asset.


	2021	2020
	£m	£m
Current	66	76
Non-current	1,094	1,082
	1,160	1,158

Significant changes in the contract liabilities balances during the period are as follows:


	2021	2020
	£m	£m
As at 1 April	1,158	994
Exchange adjustments	(65)	39
Revenue recognised that was included in the contract liability balance at the beginning of the period	(96)	(60)
Increases due to cash received, excluding amounts recognised as revenue during the period	262	185

Reclassification to held for sale (note 10)	(99)	—
At 31 March	1,160	1,158

24. Other non-current liabilities


Other non-current liabilities include deferred income and customer contributions which will not be recognised as income until after 31 March 2022. It also includes contingent consideration and other payables that are not due until after that date.

Other non-current liabilities are initially recognised at fair value and subsequently measured at amortised cost, with the exception of contingent consideration, which is subsequently measured at fair value.


	2021	2020
	£m	£m
Deferred income¹	78	101
Customer contributions²	400	428
Contingent consideration (note 38)	18	44
Other payables	347	318
	843	891

1. Principally the deferral of profits relating to the sale of property, which we expect to recognise in future years.

2. Relates to amounts received from government-related entities for connecting to our networks, where we have obligations remaining under the contract.

There is no material difference between the fair value and the carrying value of other payables.

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Notes to the consolidated financial statements

continued

25. Pensions and other post-retirement benefits


All of our employees are eligible to participate in a pension plan. We have defined contribution (DC) and defined benefit (DB) pension plans in the UK and the US. In the US we also provide healthcare and life insurance benefits to eligible employees, post-retirement. The fair value of associated plan assets and present value of DB obligations are updated annually in accordance with IAS 19 (revised). We separately present our UK and US pension plans to show geographical split. Below we provide a more detailed analysis of the amounts recorded in the primary financial statements and the actuarial assumptions used to value the DB obligations. National Grid’s UK pension arrangements are held in separate Trustee administered funds. The arrangements are managed by Trustee companies with boards consisting of company- and member-appointed directors. In the US, the assets of the plans are held in trusts and administered by the Retirement Plans Committee comprised of appointed employees of the Company.

Defined contribution plans

These plans are designed to provide members with a pension pot for their retirement. The risks associated with these plans are assumed by the member.

Payments to these DC plans are charged as an expense as they fall due. There is no legal or constructive obligation on National Grid to pay additional contributions into a DC plan if the fund has insufficient assets to pay all employees’ benefits relating to employee service in the current and prior periods.

In March 2021, National Grid announced its intention to move to a new DC plan from 1 April 2021.

The National Grid YouPlan (YouPlan)

Up until 31 March 2021, YouPlan was the qualifying UK pension plan that was used for automatic enrolment of new hires. National Grid paid contributions into YouPlan to provide DC benefits on behalf of employees, providing a double match of member contributions, up to a maximum Company contribution of 12% of salary as well as the cost of administration and insured benefits.

National Grid UK Retirement Plan (NGUKRP)

The NGUKRP is part of a Master Trust Arrangement managed by Legal & General and is National Grid’s qualifying UK pension plan from 1 April 2021 and is used for the automatic enrolment of new hires. From April 2021, National Grid pays contributions into the NGUKRP to provide DC benefits on behalf of its employees, providing a double match of member contributions up to a maximum Company contribution of 12% of salary.

Defined benefit plans

On retirement, members of DB plans receive benefits whose value is dependent on factors such as salary and length of pensionable service. National Grid’s obligation in respect of DB pension plans is calculated separately for each DB plan by projecting the estimated amount of future benefit payments that employees have earned for their pensionable service in the current and prior periods. These future benefit payments are discounted to determine the present value of the liabilities. Current service cost and any unrecognised past service cost are recognised immediately. The discount rate is set with reference to the yield curve on high-quality corporate bonds at the valuation date.

Advice is taken from independent actuaries relating to the appropriateness of the key assumptions applied, including life expectancy, expected salary and pension increases, and inflation. Comparatively small changes in the assumptions used may have a significant effect on the amounts recognised in the consolidated income statement, the consolidated statement of other comprehensive income and the net asset or liability recognised in the consolidated statement of financial position.

Remeasurements of pension assets and post-retirement benefit obligations are recognised in full in the period in which they occur in the consolidated statement of other comprehensive income.

The COVID-19 pandemic

The COVID-19 pandemic has had a global impact on economies, including on equity and bond markets. This directly affects the value of assets held in our pension schemes, as well as the value of National Grid’s DB obligations. Our UK DB plans operate low-risk investment strategies with limited exposure to equities and other return-seeking assets, reducing the impact of investment volatility. Additionally, the large allocation to bonds leads to significant hedging against changes in the value of DB obligations that result from falling bond yields. Our US plans also hedge much of this market risk, however they do have larger asset allocations in return-seeking assets such as equities. Following the start of the pandemic, US equity markets have performed strongly and therefore our US DB plans have remained in a relatively strong funding position. The markets for unquoted investments are illiquid and therefore given the market volatility at 31 March 2020, there was a risk that the valuations provided by fund managers as at 31 March 2020 were based on valuation models that had unobservable inputs, making them subject to additional estimation uncertainty. Such uncertainty has reduced as at 31 March 2021.

UK pensions plans

The principal UK DB pensions plans are the National Grid UK Pension Scheme (NGUKPS) and the National Grid Electricity Group of the Electricity Supply Pension Scheme (NGEG of ESPS). In the US, we have four principal plans and various healthcare and life insurance plans.

National Grid UK Pension Scheme (NGUKPS)

NGUKPS consists of two legally and actuarially separate sections: Section A and Section B. This follows the transfer of Section C, a section supported by an unrelated third party, out of NGUKPS in September 2020. The plan closed to new hires on 1 April 2002.

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25. Pensions and other post-retirement benefits continued

Scheme funding

The arrangements are subject to independent actuarial funding valuations at least every three years, and following consultation and agreement with us, the qualified actuary certifies the employers’ contributions, which, together with the specified contributions payable by the employees and proceeds from the plans’ assets, are expected to be sufficient to fund the benefits payable.

The results of the most recent actuarial valuations are shown below. See page 176 for the assumptions used for IAS 19 (revised) purposes.


	Section A of NGUKPS	Section B of NGUKPS	NGEG of ESPS
Latest full actuarial valuation	31 March 2019	31 March 2019	31 March 2019
Actuary	Willis Towers Watson	Willis Towers Watson	Aon Hewitt
Market value of plan assets at latest valuation	£6,551 million	£5,765 million	£3,144 million
Actuarial value of benefits due to members	£6,502 million	£5,831 million	£3,381 million
Market value as percentage of benefits	101%	99%	93%
Funding surplus/(deficit)	£49 million	(£66 million)	(£237 million)

Section A

Following the latest actuarial valuation at 31 March 2019, Section A remains in surplus, and so no deficit funding contributions are required. National Grid and the Trustees have agreed a schedule of contributions whereby the employers will continue to contribute 51.8% of pensionable salary, less member contributions, in respect of future benefit accrual.

Section B

The latest full actuarial valuation at 31 March 2019 determined that Section B was in deficit. To recover the deficit, National Grid paid recovery plan payments of approximately £34 million per annum over two years to September 2020. In addition, the employers contribute 51.4% of pensionable salary, less member contributions, in respect of future benefit accrual.

Investment de-risking transactions

In December 2020, the Trustees of the NGUKPS exchanged £0.8 billion of gilts from Section A for a buy-in transaction with Rothesay Life. This follows two similar arrangements entered into in the previous year. In Section A, £2.8 billion of gilts were exchanged for a buy-in policy with Rothesay Life, and in Section B, £1.6 billion of gilts were exchanged for a buy-in policy with Legal & General.

These policies provide bulk annuities in respect of some pensioner and dependant members of NGUKPS and were funded by existing assets. All policies are held by the Trustee. For each transaction, the pricing of the policies was highly competitive; however, under IAS 19 the methodology for calculating the value of the buy-ins (as an asset held by the pension plan) differs from the price paid. This resulted in the recognition of actuarial losses on purchase of £0.1 billion (2020: £0.7 billion), recorded within the consolidated statement of other comprehensive income.

National Grid Electricity Group of the Electricity Supply Pension Scheme

The last full actuarial valuation for the NGEG of the ESPS determined that the plan was in deficit. To recover the deficit, National Grid agreed to a payment plan of £54 million per annum over three years to 2022, and a final payment of £26 million in 2023, all adjusted for changes in the Retail Price Index (RPI). In addition, National Grid contributes 44% of pensionable salary, less member contributions, in respect of the ongoing service cost. The plan closed to new hires from 1 April 2006.

The plan holds a longevity insurance contract which covers improvements in longevity, providing long-term protection to the scheme, should some pensioner and dependant members live longer than currently expected.

Administration costs

National Grid pays additional contributions to Section B of NGUKPS and NGEG of ESPS in respect of the costs of plan administration and the Pension Protection Fund (PPF) levies. Section A of NGUKPS will fund these costs from the Section’s assets. Up to 31 March 2020, National Grid was responsible for the costs of plan administration and the Pension Protection Fund (PPF) levies for both Sections A and B of NGUKPS and NGEG of ESPS.

Security arrangements

National Grid has also established security arrangements with charges in favour of the Trustees.


	Section A of NGUKPS	Section B of NGUKPS	NGEG of ESPS
Value of security arrangements at 31 March 2021	£186 million	£nil	£100 million
Principal supporting employers	National Grid plc and National Grid UK Limited	National Grid Gas plc (NGG)	National Grid Electricity Transmission plc (NGET)
Additional amounts payable1 at 31 March 2021	n/a	A maximum of £175 million	A maximum of £500 million

1. These amounts are payable if certain trigger events occur which have been individually agreed between the plans and their relevant supporting employers.

All of the security is currently provided in the form of surety bonds, but may also be provided as letters of credit or cash. The assets held as security will be paid to the respective section or plan in the event that the relevant supporting employer is subject to an insolvency event or fails to make the required contributions; and applicable to NGEG of ESPS only, if NGET loses its licence to operate under relevant legislation. Counter indemnities have also been taken out to ensure the obligations will be fulfilled.

In addition, a guarantee of £1 billion has been provided to Section A of NGUKPS, with the payment contingent on insolvency or on failure to pay pension obligations to Section A and can be claimed against National Grid plc, National Grid Holdings One plc or Lattice Group Limited (up to £1 billion in total).

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Notes to the consolidated financial statements

continued

25. Pensions and other post-retirement benefits continued

US pension plans

National Grid has multiple DC pension plans which allow employee as well as Company contributions. Non-union employees hired after 1 January 2011, as well as new hire represented union employees, receive a core contribution into the DC plan, irrespective of the employee’s contribution into the plan.

National Grid sponsors four non-contributory qualified DB pension plans, which provide vested union employees, and vested non-union employees hired before 1 January 2011 with retirement benefits within prescribed limits as defined by the US Internal Revenue Service. National Grid also provides non-qualified DB pension arrangements for a section of current and former employees, which are closed to new entrants. Benefits under the DB plans generally reflect age, years of service and compensation and are paid in the form of an annuity or lump sum. An independent actuary performs valuations annually. The Company funds the DB plans by contributing no less than the minimum amount required, but no more than the maximum tax-deductible amount allowed under US Internal Revenue Service regulations. The range of contributions determined under these regulations can vary significantly depending upon the funded status of the plans. At present, there is some flexibility in the amount that is contributed on an annual basis. In general, the Company’s policy for funding the US pension plans is to contribute the amounts collected in rates and capitalised in the rate base during the year, to the extent that the funding is no less than the minimum amount required. For the current financial year, these contributions amounted to approximately £110 million (2020: £153 million).

US retiree healthcare and life insurance plans

National Grid provides healthcare and life insurance benefits to eligible employees, post-retirement. Eligibility is based on certain age and length of service requirements, and in most cases, retirees contribute to the cost of their healthcare coverage. In the US, there is no governmental requirement to pre-fund post-retirement healthcare and life insurance plans. However, in general, the Company’s policy for funding the US retiree healthcare and life insurance plans is to contribute amounts collected in rates and capitalised in the rate base during the year. For the current financial year, these contributions amounted to £26 million (2020: £18 million).

For the last few years, it has been the Company’s policy to primarily direct contributions to the DB pension plans due to concerns over tax deductible limitations relating to the retiree and healthcare and life insurance plans.

Actuarial assumptions

The Company has applied the following financial assumptions in assessing DB liabilities:


	UK pensions
	2021	2020	2019
	%	%	%
Discount rate – past service	2.00	2.35	2.40
Discount rate – future service	2.15	2.35	2.45
Salary increases	3.40	2.90	3.50
Rate of increase in RPI – past service	3.15	2.65	3.25
Rate of increase in RPI – future service	3.00	2.45	3.20

At 31 March 2021 and 31 March 2020, single equivalent financial assumptions are shown above for presentational purposes, although full yield curves have been used in our calculations. In 2019, single equivalent financial assumptions were set which reflected the average duration for the aggregate past and future service obligations.

The discount rate is determined by reference to high-quality UK corporate bonds at the reporting date. The rate of increase in salaries has been set using a promotional scale where appropriate. The rates of increases stated are not indicative of historical increases awarded or a guarantee of future increase, but merely an appropriate assumption used in assessing DB liabilities. RPI is the key assumption that determines assumed increases in pensions in payment and deferment in the UK only.


	US pensions			US other post-retirement benefits
	2021	2020	2019	2021	2020	2019
	%	%	%	%	%	%
Discount rate	3.25	3.30	3.95	3.25	3.30	3.95
Salary increases	4.30	3.50	3.50	4.30	3.50	3.50
Initial healthcare cost trend rate	n/a	n/a	n/a	7.10	7.00	7.25
Ultimate healthcare cost trend rate	n/a	n/a	n/a	4.50	4.50	4.50

Discount rates for US pension liabilities have been determined by reference to appropriate yields on high-quality US corporate bonds at the reporting date based on the duration of plan liabilities. The healthcare cost trend rate is expected to reach the ultimate trend rate by 2030 (2020: 2030). The table below sets out the projected life expectancies adopted for the UK and US pension arrangements:


	2021		2020		2019
	UK years	US years	UK years	US years	UK years	US years

Assumed life expectations for a retiree age 65
Males	21.8	21.6	22.1	20.9	22.0	22.1
Females	23.7	24.0	23.8	23.4	23.6	24.2
In 20 years:
Males	23.1	23.2	23.3	22.5	23.3	23.7
Females	25.2	25.5	25.3	25.1	25.2	25.9

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25. Pensions and other post-retirement benefits continued

Maturity profile of DB obligations

The weighted average duration of the DB obligation for each category of plan is 14 years for UK pension plans; 14 years for US pension plans and 17 years for US other post-retirement benefit plans.

As at the reporting date, the present value of the funded obligations split according to member status was approximately:

• UK pensions: 8% active members (2020: 8%; 2019: 10%); 14% deferred members (2020: 14%; 2019: 16%); 78% pensioner members (2020: 78%; 2019: 74%);

• US pensions: 35% active members (2020: 36%; 2019: 37%); 9% deferred members (2020: 9%; 2019: 9%); 56% pensioner members (2020: 55%; 2019: 54%); and

• US other post-retirement benefits: 34% active members (2020: 35%; 2019: 39%); 66% pensioner members (2020: 65%; 2019: 61%).

For sensitivity analysis see note 35.

Amounts recognised in the consolidated statement of financial position


	2021	2020	2019
	£m	£m	£m
Present value of funded obligations	(23,283)	(24,281)	(24,609)
Fair value of plan assets	24,388	23,748	24,793
	1,105	(533)	184
Present value of unfunded obligations	(324)	(345)	(330)
Other post-employment liabilities	(66)	(75)	(72)
Net defined benefit asset/(liability)	715	(953)	(218)
Represented by:
Liabilities	(1,032)	(2,802)	(1,785)
Assets	1,747	1,849	1,567
	715	(953)	(218)

The geographical split of pensions and other post-retirement benefits is as shown below:


	UK Pensions			US Pensions			US other post-retirement benefits
	2021	2020	2019	2021	2020	2019	2021	2020	2019
	£m	£m	£m	£m	£m	£m	£m	£m	£m
Present value of funded obligations	(13,571)	(12,775)	(14,200)	(6,681)	(7,809)	(6,901)	(3,031)	(3,697)	(3,508)
Fair value of plan assets	14,680	14,364	15,507	6,909	6,972	6,646	2,799	2,412	2,640
	1,109	1,589	1,307	228	(837)	(255)	(232)	(1,285)	(868)
Present value of unfunded obligations	(74)	(69)	(76)	(250)	(276)	(254)	—	—	—
Other post-employment liabilities	—	—	—	—	—	—	(66)	(75)	(72)
Net defined benefit asset/(liability)	1,035	1,520	1,231	(22)	(1,113)	(509)	(298)	(1,360)	(940)
Represented by:
Liabilities	(74)	(69)	(76)	(393)	(1,373)	(769)	(565)	(1,360)	(940)
Assets	1,109	1,589	1,307	371	260	260	267	—	—
	1,035	1,520	1,231	(22)	(1,113)	(509)	(298)	(1,360)	(940)

The recognition of the pension assets in both the UK in relation to the NGUKPS, the NGEG of ESPS and the US in relation to the Niagara Mohawk Plan and the KeySpan Retirement Plan reflects legal and actuarial advice that we have taken regarding recognition of surpluses under IFRIC 14. Similarly on the recognition of US other post-retirement assets in relation to: the Long Island Union Life Insurance plan; the New York Union Health Insurance Plan; the Long Island Union Health Insurance plan; and Retirees Health and Welfare Plan II.

We have concluded that the Group has an unconditional right to a refund from the individual plans, including from each Section of the NGUKPS and the NGEG of ESPS, in the event of a winding up. In the UK, the Trustees must seek the agreement of the Company to any benefit augmentation beyond the provisions set out in the Scheme Rules. In the US, surplus assets may be used to pay benefits under other plans, thereby allowing the Company to settle other liabilities under other Plans.

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Notes to the consolidated financial statements

continued

25. Pensions and other post-retirement benefits continued

Amounts recognised in the income statement and statement of other comprehensive income


	2021	2020	2019
	£m	£m	£m
Included within operating costs
Administration costs	18	16	14
Included within payroll costs
Defined benefit plan costs:
Current service cost	175	178	193
Past service cost – augmentations	—	—	5
Past service credit – redundancies	(1)	—	(7)
Special termination benefit cost – redundancies	5	2	55
Past service cost – plan amendments¹	—	—	34
	179	180	280
Included within finance income and costs
Net interest cost	38	23	22
Total included in income statement	235	219	316
Remeasurement gains/(losses) of pension assets and post-retirement benefit obligations²	1,408	(724)	68
Exchange adjustments	186	(97)	(101)
Total included in the statement of other comprehensive income	1,594	(821)	(33)

1. For the year ended 31 March 2019, the estimated cost of equalising for the impact of GMP under the most cost-effective permissible methodology (Section A of NGUKPS – £17 million; Section B of NGUKPS – £12 million; NGEG of ESPS – £5 million).

2. This includes actuarial losses from the purchase of buy-in policies of £0.1 billion (2020: £0.7 billion).

The geographical split of pensions and other post-retirement benefits is as shown below:


	UK Pensions			US Pensions			US other post-retirement benefits
	2021	2020	2019	2021	2020	2019	2021	2020	2019
	£m	£m	£m	£m	£m	£m	£m	£m	£m
Included within operating costs
Administration costs	9	9	6	7	6	7	2	1	1
Included within payroll costs
Defined benefit plan costs:
Current service cost	28	33	41	104	100	104	43	45	48
Past service cost – augmentations	—	—	5	—	—	—	—	—	—
Past service credit – redundancies	(1)	—	(7)	—	—	—	—	—	—
Special termination benefit cost – redundancies	5	2	55	—	—	—	—	—	—
Past service cost – plan amendments	—	—	34	—	—	—	—	—	—
	32	35	128	104	100	104	43	45	48
Included within finance income and costs
Net interest (income)/cost	(38)	(31)	(31)	35	21	21	41	33	32
Total included in income statement	3	13	103	146	127	132	86	79	81
Remeasurement (losses)/gains of pension assets and post-retirement benefit obligations¹	(622)	143	57	1,017	(588)	(14)	1,013	(279)	25
Exchange adjustments	—	—	—	83	(42)	(42)	103	(55)	(59)
Total included in the statement of other comprehensive income	(622)	143	57	1,100	(630)	(56)	1,116	(334)	(34)

1. UK pensions is stated after actuarial losses from the purchase of buy-in policies of £0.1 billion (2020: £0.7 billion).

Following a High Court ruling in October 2018, UK pension schemes were required to equalise Guaranteed Minimum Pensions (GMPs). As a result, a past service cost of £34 million was recognised in the year ended 31 March 2019 for the UK DB pension schemes. This reflected the estimated cost of equalising GMPs for current pension scheme members using the most cost-effective permissible methodology. Following the further High Court ruling in December 2020, an additional allowance of £0.4 million, was included for the year ended 31 March 2021, reflecting the associated cost for members who had transferred out of the pension scheme and were therefore not previously in scope.

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25. Pensions and other post-retirement benefits continued

Reconciliation of the net defined benefit liability


	2021	2020	2019
	£m	£m	£m
Opening net defined benefit liability	(953)	(218)	(263)
Cost recognised in the income statement	(235)	(219)	(316)
Remeasurement and foreign exchange effects recognised in the statement of other comprehensive income	1,594	(821)	(33)
Employer contributions	274	327	419
Other movements	(14)	(22)	(25)
Reclassification to held for sale (note 10)	49	—	—
Closing net defined benefit asset/(liability)	715	(953)	(218)

The geographical split of pensions and other post-retirement benefits is as shown below:


	UK pensions			US pensions			US other post-retirement benefits
	2021	2020	2019	2021	2020	2019	2021	2020	2019
	£m	£m	£m	£m	£m	£m	£m	£m	£m
Opening net defined benefit asset/(liability)	1,520	1,231	1,104	(1,113)	(509)	(552)	(1,360)	(940)	(815)
Cost recognised in the income statement	(3)	(13)	(103)	(146)	(127)	(132)	(86)	(79)	(81)
Remeasurement and foreign exchange effects recognised in the statement of other comprehensive income	(622)	143	57	1,100	(630)	(56)	1,116	(334)	(34)
Employer contributions	138	156	174	110	153	231	26	18	14
Other movements	2	3	(1)	—	—	—	(16)	(25)	(24)
Reclassification to held for sale (note 10)	—	—	—	27	—	—	22	—	—
Closing net defined benefit asset/(liability)	1,035	1,520	1,231	(22)	(1,113)	(509)	(298)	(1,360)	(940)

Changes in the present value of defined benefit obligations (including unfunded obligations)


	2021	2020	2019
	£m	£m	£m
Opening defined benefit obligations	(24,626)	(24,939)	(24,054)
Current service cost	(175)	(178)	(193)
Interest cost	(651)	(751)	(771)
Actuarial gains/(losses) – experience	123	148	(69)
Actuarial (losses)/gains – demographic assumptions	(1)	452	266
Actuarial losses – financial assumptions	(1,268)	(84)	(619)
Past service credit – redundancies	1	—	7
Special termination benefit cost – redundancies	(5)	(2)	(55)
Past service cost – augmentations	—	—	(5)
Past service cost – plan amendments	—	—	(34)
Medicare subsidy received	(25)	(22)	(19)
Employee contributions	(1)	(1)	(1)
Benefits paid	1,246	1,282	1,376
Exchange adjustments	1,166	(531)	(768)
Reclassification to held for sale (note 10)	609	—	—
Closing defined benefit obligations	(23,607)	(24,626)	(24,939)

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Notes to the consolidated financial statements

continued

25. Pensions and other post-retirement benefits continued

The geographical split of pensions and other post-retirement benefits is as shown below:


	UK pensions			US pensions			US other post-retirement benefits
	2021	2020	2019	2021	2020	2019	2021	2020	2019
	£m	£m	£m	£m	£m	£m	£m	£m	£m
Opening defined benefit obligations	(12,844)	(14,276)	(14,226)	(8,085)	(7,155)	(6,582)	(3,697)	(3,508)	(3,246)
Current service cost	(28)	(33)	(41)	(104)	(100)	(104)	(43)	(45)	(48)
Interest cost	(296)	(335)	(358)	(243)	(280)	(277)	(112)	(136)	(136)
Actuarial (losses)/gains – experience	(21)	113	(56)	(72)	(45)	(52)	216	80	39
Actuarial (losses)/gains – demographic assumptions	(1)	140	224	—	78	—	—	234	42
Actuarial (losses)/gains – financial assumptions	(1,181)	798	(568)	(62)	(595)	(24)	(25)	(287)	(27)
Past service credit – redundancies	1	—	7	—	—	—	—	—	—
Special termination benefit cost – redundancies	(5)	(2)	(55)	—	—	—	—	—	—
Past service cost – augmentations	—	—	(5)	—	—	—	—	—	—
Past service cost – plan amendments	—	—	(34)	—	—	—	—	—	—
Medicare subsidy received	—	—	—	—	—	—	(25)	(22)	(19)
Employee contributions	(1)	(1)	(1)	—	—	—	—	—	—
Benefits paid	731	752	837	371	374	398	144	156	141
Exchange adjustments	—	—	—	804	(362)	(514)	362	(169)	(254)
Reclassification to held for sale (note 10)	—	—	—	460	—	—	149	—	—
Closing defined benefit obligations	(13,645)	(12,844)	(14,276)	(6,931)	(8,085)	(7,155)	(3,031)	(3,697)	(3,508)

Changes in the value of plan assets


	2021	2020	2019
	£m	£m	£m
Opening fair value of plan assets	23,748	24,793	23,858
Interest income	613	728	749
Return on plan assets in excess of/(less than) interest¹	2,554	(1,240)	490
Administration costs	(18)	(16)	(14)
Employer contributions	274	327	419
Employee contributions	1	1	1
Benefits paid	(1,244)	(1,279)	(1,377)
Exchange adjustments	(980)	434	667
Reclassification to held for sale (note 10)	(560)	—	—
Closing fair value of plan assets	24,388	23,748	24,793
Actual return on plan assets	3,167	(512)	1,239
Expected contributions to plans in the following year	212	269	307

1. This includes actuarial losses from the purchase of buy-in policies of £0.1 billion (2020: £0.7 billion).

The geographical split of pensions and other post-retirement benefits is as shown below:


	UK pensions			US pensions			US other post-retirement benefits
	2021	2020	2019	2021	2020	2019	2021	2020	2019
	£m	£m	£m	£m	£m	£m	£m	£m	£m
Opening fair value of plan assets	14,364	15,507	15,330	6,972	6,646	6,030	2,412	2,640	2,498
Interest income	334	366	389	208	259	256	71	103	104
Return on plan assets in excess of/ (less than) interest¹	581	(908)	457	1,151	(26)	62	822	(306)	(29)
Administration costs	(9)	(9)	(6)	(7)	(6)	(7)	(2)	(1)	(1)
Employer contributions	138	156	174	110	153	231	26	18	14
Employee contributions	1	1	1	—	—	—	—	—	—
Benefits paid	(729)	(749)	(838)	(371)	(374)	(398)	(144)	(156)	(141)
Exchange adjustments	—	—	—	(721)	320	472	(259)	114	195
Reclassification to held for sale (note 10)	—	—	—	(433)	—	—	(127)	—	—
Closing fair value of plan assets	14,680	14,364	15,507	6,909	6,972	6,646	2,799	2,412	2,640
Actual return on plan assets	915	(542)	846	1,359	233	318	893	(203)	75
Expected contributions to plans in the following year	93	137	148	113	125	150	6	7	9

1. This includes actuarial losses from the purchase of buy-in policies of £0.1 billion (2020: £0.7 billion).

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25. Pensions and other post-retirement benefits continued

Main defined benefit risks

DB pension plans can pose a significant risk to future cash flows, as National Grid underwrites the financial and demographic risks associated with these plans. Although the governing bodies have sole responsibility for setting investment strategies and managing risks, National Grid closely works with and supports the governing bodies of each plan, to assist them in mitigating the risks associated with their plans and to ensure that the plans are funded to meet their obligations.

The most significant risks associated with the DB plans are:

•investment risk – the plans invest in a variety of asset classes, with actual returns likely to differ from the underlying discount rate adopted, impacting the funding position of the plan through the net balance sheet asset or liability. Each plan seeks to balance the level of investment return required with the risk that it can afford to take, to design the most appropriate investment portfolio. Volatility will be controlled through using liability-matching asset strategies including bulk annuities, as well as interest rate hedging and management of foreign exchange exposure, and diversification of the return-seeking assets;

•changes in bond yields – liabilities are calculated using discount rates set with reference to the yields on high-quality corporate bonds prevailing in the UK and US debt markets and will fluctuate as yields change;

•member longevity – longevity is a key driver of liabilities and changes in life expectancy have a direct impact on liabilities. Improvements in life expectancy will lead to pension payments being paid for longer than expected and benefits ultimately being more expensive. This risk has been partly mitigated by recent scheme investment transactions including a longevity insurance contract (longevity swap) for NGEG of ESPS and three separate buy-in policies for NGUKPS Section A and B;

•counterparty risk – is managed by having a diverse range of counterparties and through having a strong collateralisation process (including for the longevity swap held by NGEG of ESPS). Measurement and management of counterparty risk is delegated to the relevant investment managers. For our bulk annuity policies, various termination provisions were introduced in the contracts, managing our exposure to counterparty risk. The insurers’ operational performance and financial strength are monitored on a regular basis;

•currency risk – fluctuations in the value of foreign denominated assets due to exposure to currency exchange rates is managed through a combination of segregated currency hedging overlay and currency hedging carried out by some of the investment managers; and

•inflation risk – changes in inflation will affect the current and future pensions but are partially mitigated through investing in inflation-matching assets and hedging instruments as well as bulk annuity buy-in policies.

Defined benefit investment strategies

In the UK, each plan has a Trustee that is the governing body. The Trustees’ responsibilities are set out in the Trust Deed and Rules. In the US, the fiduciary committee for all the retirement plans is the Retirement Plan Committee (RPC). The RPC is structured in accordance with US laws governing retirement plans under the Employee Retirement Income Security Act (ERISA). The Trustees and RPC, after taking advice from professional investment advisors and in consultation with National Grid, set the key principles, including expected returns, risk and liquidity requirements. In setting these they take into account expected contributions, maturity of the pension liabilities, and in the UK, the strength of the covenant. The Trustees and RPC formulate an investment strategy to manage risk through diversification. Where appropriate, the strategies may include interest rate and inflation hedging instruments, and currency hedging to hedge specific risks.

Investments are usually grouped into:

• return-seeking assets – equities, property and diversified funds where the objective is to achieve growth within the constraints of the plans’ risk profiles. These assets should produce returns greater than the liability increase, so improving the funding position, and are assessed by reference to benchmarks and performance targets agreed with the investment managers; and

• liability-matching assets – liability-driven investment (LDI) funds, buy-ins, government securities, corporate bonds and swaps, where the objective is to secure fixed or inflation-adjusted cash flows in future. These investments are generally expected to match the change in liability valuation, so protecting the funding position. Bonds and securities are also measured against certain market benchmarks.

The approximate investment allocations for our plans is as follows:


	2021			2020			2019
	UK pensions	US pensions	US other post-retirement benefits	UK pensions	US pensions	US other post-retirement benefits	UK pensions	US pensions	US other post-retirement benefits
	%	%	%	%	%	%	%	%	%
Return-seeking assets	18	55	74	21	49	71	23	56	73
Liability-matching assets	82	45	26	79	51	29	77	44	27

Investments are predominantly made in assets considered to be of investment grade. Where investments are made in non-investment grade assets, the higher volatility involved is carefully judged and balanced against the expected higher returns. Similarly, investments are made predominantly in regulated markets. Where investments are made either in non-investment grade assets or outside of regulated markets, investment levels are kept to prudent levels and subject to agreed control ranges, to control the risk. Should these investments fall outside the pre-agreed ranges, corrective actions and timescales are agreed with the investment manager to remedy the position.

The governing bodies ensure that the performance of investment managers is regularly reviewed against measurable objectives, consistent with each pension plan’s long-term objectives and accepted risk levels. Where required, the portfolios are amended, or investment managers changed.

The Trustees and RPC can generally delegate responsibility for the selection of specific bonds, securities and other investments to appointed investment managers. Investment managers are selected based on the required skills, expertise of those markets, process and financial security to manage the investments. The investment managers use their skill and expertise to manage the investments competently. In some cases, they may further delegate this responsibility, through appointing sub-managers.

The pension plans hold sufficient cash to meet benefit requirements, with other investments being held in liquid or realisable assets to meet unexpected cash flow requirements. The plans do not borrow money, or act as guarantor, to provide liquidity to other parties (unless it is temporary).

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Notes to the consolidated financial statements

continued

25. Pensions and other post-retirement benefits continued

Defined benefit investment strategies continued

In the UK, both NGUKPS and NGEG of ESPS have Responsible Investment (RI) Policies, which take into account Environmental, Social and Governance (ESG) factors. The NGUKPS RI also incorporates the six UN-backed Principles for Responsible Investment (UNPRI). The Trustees believe that ESG factors can be material to financial outcomes and therefore these should and will be considered alongside other factors. The Trustees recognise that their primary responsibility remains a fiduciary one, i.e. their first duty is to ensure the best possible return on investments with the appropriate level of risk. However, the Trustees also recognise the increasing materiality of ESG factors and that they have a fiduciary and regulatory duty to consider RI, including ESG factors and the potential impact on the quality and sustainability of long-term investment returns and therefore on the Trustees’ primary fiduciary duty.

In the US, the regulatory and political landscape is evolving with respect to ESG investments within retirement plans. The prior administration had restrictive policies around ESG investments in retirement plans. The current administration is more supportive of ESG investments which will allow fiduciaries more opportunities to incorporate ESG principles into their investment strategy and still remain compliant with ERISA, the federal law governing US retirement plans. Currently, many of the active investment managers for the National Grid US plans utilise ESG factors as part of their investment screening process.

Asset allocations

Within the asset allocations below, there is significant diversification across regions, asset managers, currencies and bond categories.

UK pensions


	2021					2020					2019
	Quoted		Unquoted		Total	Quoted		Unquoted		Total	Quoted		Unquoted	Total
	£m		£m		£m	£m		£m		£m	£m		£m	£m
Equities	555		801		1,356	732		732		1,464	1,181		784	1,965
Corporate bonds	3,730		37		3,767	3,837		—		3,837	3,625		—	3,625
Government securities	1,836		—		1,836	2,051		—		2,051	6,114		—	6,114
Property	104		565		669	103		585		688	108		749	857
Diversified alternatives	—		712		712	—		893		893	—		771	771
Liability-matching assets	1,731	¹	4,133	²	5,864	1,704	¹	3,278	²	4,982	1,751	¹	—	1,751
Longevity swap	—		(64)		(64)	—		(51)		(51)	—		(35)	(35)
Cash and cash equivalents	34		250		284	29		222		251	40		259	299
Other (including net current assets and liabilities)	—		256		256	—		249		249	—		160	160
	7,990		6,690		14,680	8,456		5,908		14,364	12,819		2,688	15,507

1. Consists of pooled funds which invests mainly in fixed interest securities.

2. Comprises the buy-in policies held by NGUKPS.

US pensions


	2021			2020			2019
	Quoted	Unquoted	Total	Quoted	Unquoted	Total	Quoted	Unquoted	Total
	£m	£m	£m	£m	£m	£m	£m	£m	£m
Equities	560	2,359	2,919	467	2,043	2,510	533	2,178	2,711
Corporate bonds	1,547	507	2,054	1,640	518	2,158	1,329	425	1,754
Government securities	354	527	881	535	732	1,267	422	640	1,062
Property	—	264	264	—	307	307	—	316	316
Diversified alternatives	167	458	625	162	464	626	183	487	670
Infrastructure	—	130	130	—	121	121	—	99	99
Cash and cash equivalents	24	—	24	24	—	24	21	—	21
Other (including net current assets and liabilities)	12	—	12	(44)	3	(41)	(8)	21	13
	2,664	4,245	6,909	2,784	4,188	6,972	2,480	4,166	6,646

US other post-retirement benefits


	2021			2020			2019
	Quoted	Unquoted	Total	Quoted	Unquoted	Total	Quoted	Unquoted	Total
	£m	£m	£m	£m	£m	£m	£m	£m	£m
Equities	419	1,303	1,722	353	1,037	1,390	404	1,184	1,588
Corporate bonds	13	—	13	15	—	15	19	—	19
Government securities	533	3	536	551	1	552	540	3	543
Diversified alternatives	185	172	357	162	161	323	175	166	341
Other¹	—	171	171	—	132	132	—	149	149
	1,150	1,649	2,799	1,081	1,331	2,412	1,138	1,502	2,640

1. Other primarily comprises insurance contracts.

182

National Grid plc Annual Report and Accounts 2020/21 Financial Statements | Notes to the consolidated financial statements

26. Provisions


Provisions are recognised when an obligation exists resulting from a past event, and it is probable that cash will be paid to settle it, but the exact amount of cash required can only be estimated. The majority of our provisions relate to environmental remediation, specifically in relation to certain Superfund sites in the US, being sites we own or have owned in the past where hazardous substances are present as a result of the historic operations of manufactured gas plants in Brooklyn, New York. We also recognise provisions for decommissioning costs for various assets we would be required to remove at the end of their lives, the costs associated with restructuring plans and for lease contracts we have entered into that are now loss-making. In determining the quantum of the provision we recognise, we make estimates in relation to management’s best judgement of the evaluation of the likelihood and the probability of exposure to potential loss, and the costs that would be incurred. Should circumstances change following unforeseeable developments, the likelihood or quantum could alter.

Provisions are recognised where a legal or constructive obligation exists at the reporting date, as a result of a past event, where the amount of the obligation can be reliably estimated and where the outflow of economic benefit is probable.

The quantum of the provision recognised for decommissioning, environmental, restructuring and other costs is based on estimated future expenditure, discounted to present values. An initial estimate of decommissioning and environmental costs attributable to property, plant and equipment is recorded as part of the original cost of the related property, plant and equipment. Provisions to decommission significant portions of our regulated transmission and distribution assets are not recognised where no legal obligations exist, and a realistic alternative exists to incurring costs to decommission assets at the end of their life. In any case, even if a legal or constructive obligation did exist, it is not currently determinable when remediation work would take place and therefore no provision would be recorded at this point.

Changes in the provision arising from revised estimates, discount rates or changes in the expected timing of expenditure that relates to property, plant and equipment are recorded as adjustments to their carrying value and depreciated prospectively over their remaining estimated useful economic lives; otherwise such changes are recognised in the income statement.

The unwinding of the discount is included within the income statement within finance costs.


	Environmental £m	Decommissioning £m	Restructuring £m	Other £m	Total provisions £m
At 1 April 2019	1,639	188	83	289	2,199
Exchange adjustments	82	5	—	10	97
Additions¹	437	93	7	52	589
Unused amounts reversed	(29)	(16)	(16)	(9)	(70)
Unwinding of discount	65	5	—	7	77
Utilised	(123)	(21)	(39)	(55)	(238)

At 31 March 2020	2,071	254	35	294	2,654
Exchange adjustments	(185)	(9)	(1)	(21)	(216)
Additions	26	42	11	67	146
Unused amounts reversed	(38)	(27)	—	(16)	(81)
Unwinding of discount	66	7	—	5	78
Utilised	(161)	(16)	(19)	(62)	(258)
Reclassification to held for sale (note 10)	(79)	(7)	—	(10)	(96)

At 31 March 2021	1,700	244	26	257	2,227


	2021	2020
	£m	£m
Current	260	348
Non-current	1,967	2,306
	2,227	2,654

1. For the year ended 31 March 2020, £402 million of additions related to exceptional environmental provisions, of which £76 million related to the impact of the change in the real discount rate from 1% to 0.5% during the year (see note 5 for details).

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Notes to the consolidated financial statements

continued

26. Provisions continued

Environmental provisions

The environmental provision represents the estimated restoration and remediation costs relating to a number of sites owned and managed by subsidiary undertakings, together with certain US sites that National Grid no longer owns. The environmental provision is as follows:


	2021				2020
	Discounted £m	Undiscounted £m	Real discount rate		Discounted £m	Undiscounted £m	Real discount rate
UK sites	167	171	0.5	%	175	184	0.5	%
US sites	1,533	1,583	0.5	%	1,896	1,955	0.5	%
	1,700	1,754			2,071	2,139

The remediation expenditure in the UK relates to old gas manufacturing sites and also to electricity transmission sites. Cash flows are expected to be incurred until 2075, although the weighted average duration of the cash flows is 15 years. A number of estimation uncertainties affect the calculation of the provision, including the impact of regulation, the accuracy of site surveys, unexpected contaminants, transportation costs, the impact of alternative technologies and changes in the real discount rate. This provision incorporates our best estimate of the financial effect of these uncertainties, but future changes in any of the assumptions could materially impact the calculation of the provision. The undiscounted amount is the undiscounted best estimate of the liability having regard to these uncertainties.

The remediation expenditure in the US is expected to be incurred until 2069, of which the majority relates to three Superfund sites (being sites where hazardous substances are present as a result of the historic operations of manufactured gas plants in Brooklyn, New York). The weighted average duration of the cash flows is 10 years. The uncertainties regarding the calculation of this provision are similar to those considered in respect of UK sites. Under the terms of our rate plans, we are entitled to recovery of environmental clean-up costs from rate payers.

Decommissioning provisions

The decommissioning provisions primarily include £160 million (2020: £174 million) of expenditure relating to asset retirement obligations estimated to be incurred until 2104 and £60 million (2020: £74 million) of expenditure relating to the demolition of gas holders, which is estimated to be incurred until 2026.

Restructuring provisions

In 2021, we are undertaking the design and implementation of our new operating model in both our UK and US businesses, which resulted in the recognition of a £11 million provision in the year. The income statement expense relating to the provision has been treated as an exceptional item, and details are provided in note 5.

Other provisions

Included within other provisions at 31 March 2021 are the following amounts:

• £166 million (2020: £164 million) of estimated liabilities in respect of past events insured by insurance subsidiary undertakings, including employer liability claims. In accordance with insurance industry practice, these estimates are based on experience from previous years, but we currently expect that cash flows will be incurred until 2049;

• £21 million (2020: £37 million) in respect of legacy provisions recognised following the sale of UK Gas Distribution;

• £27 million (2020: £31 million) in respect of onerous lease commitments and rates payable on surplus properties with expenditure expected to be incurred until ###; and

• £13 million (2020: £17 million) in respect of emissions provisions.

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National Grid plc Annual Report and Accounts 2020/21 Financial Statements | Notes to the consolidated financial statements

27. Share capital


Ordinary share capital represents the total number of shares issued which are publicly traded. We also disclose the number of treasury shares the Company holds, which are shares that the Company has bought itself, predominantly to actively manage scrip issuances and settle employee share option and reward plan liabilities.

Share capital is accounted for as an equity instrument. An equity instrument is any contract that includes a residual interest in the consolidated assets of the Company after deducting all its liabilities and is recorded at the proceeds received, net of direct issue costs, with an amount equal to the nominal amount of the shares issued included in the share capital account and the balance recorded in the share premium account.


	Allotted, called-up and fully paid
	million	£m
At 1 April 2019	3,687	458
Issued during the year in lieu of dividends¹	93	12
At 31 March 2020	3,780	470
Issued during the year in lieu of dividends¹	35	4
At 31 March 2021	3,815	474

1. The issue of shares under the scrip dividend programme is considered to be a bonus issue under the terms of the Companies Act 2006, and the nominal value of the shares is charged to the share premium account.

The share capital of the Company consists of ordinary shares of 12204⁄473 pence nominal value each including ADSs. The ordinary shares and ADSs allow holders to receive dividends and vote at general meetings of the Company. The Company holds treasury shares but may not exercise any rights over these shares including the entitlement to vote or receive dividends. There are no restrictions on the transfer or sale of ordinary shares.

In line with the provisions of the Companies Act 2006, the Company has amended its Articles of Association and ceased to have authorised share capital.

Treasury shares

At 31 March 2021, the Company held 266 million (2020: 272 million) of its own shares. The market value of these shares as at 31 March 2021 was £2,296 million (2020: £2,574 million).

For the benefit of employees and in connection with the operation of the Company’s various share plans, the Company made the following transactions in respect of its own shares during the year ended 31 March 2021:

i. During the year, 4 million (2020: 3 million) treasury shares were gifted to National Grid Employee Share Trusts and 2 million (2020: 2 million) treasury shares were re-issued in relation to employee share schemes, in total representing approximately 0.2% (2020: 0.1%) of the ordinary shares in issue as at 31 March 2021. The nominal value of these shares was £1 million (2020: £1 million) and the total proceeds received were £17 million (2020: £17 million). National Grid settles share awards under its Long Term Incentive Plan and the Save As You Earn scheme, by the transfer of treasury shares to its employee share trusts.

ii. During the year, the Company made payments totalling £2 million (2020: £6 million) to National Grid Employee Share Trusts to enable the trustees to make purchases of National Grid plc shares to settle share awards in relation to all employee share plans and discretionary reward plans. The cost of such purchases is deducted from retained earnings in the period that the transaction occurs.

The maximum number of ordinary shares held in treasury during the year was 272 million (2020: 277 million) representing approximately 7.1% (2020: 7.3%) of the ordinary shares in issue as at 31 March 2021 and having a nominal value of £34 million (2020: £34 million).

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Notes to the consolidated financial statements

continued

28. Other equity reserves


Other equity reserves are different categories of equity as required by accounting standards and represent the impact of a number of our historical transactions or fair value movements on certain financial instruments that the Company holds.

Other equity reserves comprise the translation reserve (see accounting policy C in note 1), cash flow hedge reserve and the cost of hedging reserve (see note 32), debt instruments at fair value through other comprehensive income reserve (FVOCI debt) and equity investments at fair value through other comprehensive income reserve (FVOCI equity) (see note 15), the capital redemption reserve and the merger reserve.

The merger reserve arose as a result of the application of merger accounting principles under the then prevailing UK GAAP, which under IFRS 1 was retained for mergers that occurred prior to the IFRS transition date. Under merger accounting principles, the difference between the carrying amount of the capital structure of the acquiring vehicle and that of the acquired business was treated as a merger difference and included within reserves. The merger reserve represents the difference between the carrying value of subsidiary undertaking investments and their respective capital structures following the Lattice demerger from BG Group plc and the 1999 Lattice refinancing.

The cash flow hedge reserve will amortise as the committed future cash flows from borrowings are paid or capitalised in fixed assets (as described in note 32). Cost of hedging, FVOCI debt, and FVOCI equity reserves arose as a result of the adoption of IFRS 9 on 1 April 2018. See note 15 for further detail on FVOCI debt and FVOCI equity reserves and note 32 in respect of cost of hedging reserve.

As the amounts included in other equity reserves are not attributable to any of the other classes of equity presented, they have been disclosed as a separate classification of equity.


	Translation £m	Cash flow hedge £m	Cost of hedging £m	Available-for-sale £m	FVOCI equity £m	FVOCI debt £m	Own credit £m	Capital redemption £m	Merger £m	Total £m
At 1 April 2018 (as previously reported)	390	128	—	88	—	—	—	19	(5,165)	(4,540)
Transfer on transition to IFRS 9	—	(3)	76	(88)	34	46	7	—	—	72
At 1 April 2018 (as restated)	390	125	76	—	34	46	7	19	(5,165)	(4,468)
Exchange adjustments1,2	360	—	—	—	—	—	—	—	—	360
Net (losses)/gains taken to equity	—	(206)	(107)	—	—	2	7	—	—	(304)
Share of net gains of associates taken to equity	—	1	—	—	—	—	—	—	—	1
Transferred to profit or loss	—	166	41	—	—	—	—	—	—	207
Net losses in respect of cash flow hedging of capital expenditure	—	(13)	—	—	—	—	—	—	—	(13)
Tax	—	6	7	—	—	—	(1)	—	—	12
Cash flow hedges transferred to the statement of financial position, net of tax	—	(18)	—	—	—	—	—	—	—	(18)
At 1 April 2019	750	61	17	—	34	48	13	19	(5,165)	(4,223)
Exchange adjustments1,2	560	—	—	—	—	—	—	—	—	560
Net losses taken to equity	—	(142)	(33)	—	(13)	(15)	(3)	—	—	(206)
Share of net losses of associates taken to equity	—	(5)	—	—	—	—	—	—	—	(5)
Transferred to profit or loss	—	14	(45)	—	—	—	—	—	—	(31)
Net losses in respect of cash flow hedging of capital expenditure	—	(17)	—	—	—	—	—	—	—	(17)
Tax	—	29	11	—	4	(2)	—	—	—	42
Cash flow hedges transferred to the statement of financial position, net of tax	—	(15)	—	—	—	—	—	—	—	(15)
At 1 April 2020	1,310	(75)	(50)	—	25	31	10	19	(5,165)	(3,895)
Exchange adjustments¹	(1,345)	—	—	—	—	—	—	—	—	(1,345)
Net gains/(losses) taken to equity	—	14	11	—	36	80	(11)	—	—	130
Share of net gains of associates taken to equity	—	1	—	—	—	—	—	—	—	1
Transferred to profit or loss	—	56	3	—	—	—	—	—	—	59
Net losses in respect of cash flow hedging of capital expenditure	—	(14)	—	—	—	—	—	—	—	(14)
Tax	—	(13)	8	—	(10)	—	2	—	—	(13)
Cash flow hedges transferred to the statement of financial position, net of tax	—	(17)	—	—	—	—	—	—	—	(17)
At 31 March 2021	(35)	(48)	(28)	—	51	111	1	19	(5,165)	(5,094)

1. The exchange adjustments recorded in the translation reserve comprise a loss of £1,507 million (2020: gain of £545 million; 2019: gain of £896 million) relating to the translation of foreign operations offset by a gain of £183 million (2020: gain of £5 million; 2019: loss of £550 million) relating to borrowings, cross-currency swaps and foreign exchange forward contracts used to hedge the net investment in non-sterling denominated subsidiaries.

2. Comparative amounts have been revised as described in note 1F.

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National Grid plc Annual Report and Accounts 2020/21 Financial Statements | Notes to the consolidated financial statements

29. Net debt


We define net debt as the amount of borrowings and overdrafts less cash, current financial investments and related financing derivatives.

(a) Composition of net debt

Net debt is comprised as follows:


	2021	2020	2019
	£m	£m	£m
Cash and cash equivalents	157	73	252
Current financial investments	2,342	1,998	1,981
Borrowings	(31,220)	(30,794)	(28,730)
Financing derivatives¹	175	133	(32)
	(28,546)	(28,590)	(26,529)

1. The financing derivatives balance included in net debt excludes the commodity derivatives (see note 17).

(b) Analysis of changes in net debt


	Notes	Cash and cash equivalents £m	Financial investments £m	Borrowings £m	Financing derivatives £m	Total1 £m
At 1 April 2018		329	2,694	(26,625)	600	(23,002)
Impact of transition to IFRS 9	37	—	—	(32)	—	(32)
Cash flow	29(c)	(80)	(846)	(240)	422	(744)
Fair value gains and losses		—	14	(9)	(1,011)	(1,006)
Foreign exchange movements		3	79	(724)	—	(642)
Interest income/(charges)	6	—	29	(1,062)	(43)	(1,076)
Other non-cash movements		—	11	(38)	—	(27)
At 1 April 2019		252	1,981	(28,730)	(32)	(26,529)
Impact of transition to IFRS 16	37	—	—	(474)	—	(474)
Cash flow	29(c)	(183)	(42)	450	450	675
Fair value gains and losses		—	1	(57)	(246)	(302)
Foreign exchange movements		4	24	(807)	—	(779)
Interest income/(charges)	6	—	34	(1,092)	(39)	(1,097)
Other non-cash movements		—	—	(84)	—	(84)
At 1 April 2020		73	1,998	(30,794)	133	(28,590)
Cash flow	29(c)	95	429	(2,336)	4	(1,808)
Fair value gains and losses		—	14	159	31	204
Foreign exchange movements		(7)	(106)	1,710	—	1,597
Interest income/(charges)	6	—	7	(946)	7	(932)
Other non-cash movements		—	—	(136)	—	(136)
Reclassification to held for sale	10	(4)	—	1,123	—	1,119

At 31 March 2021		157	2,342	(31,220)	175	(28,546)
Balances at 31 March 2021 comprise:
Non-current assets		—	—	—	514	514
Current assets		157	2,342	—	428	2,927
Current liabilities		—	—	(3,737)	(70)	(3,807)
Non-current liabilities		—	—	(27,483)	(697)	(28,180)
		157	2,342	(31,220)	175	(28,546)

1. Includes accrued interest at 31 March 2021 of £263 million (2020: £246 million; 2019: £223 million).

2. Cash flows on current financial investments are comprised of £7 million (2020: £35 million; 2019: £24 million) of interest received and £436 million of cash inflows (2020: £7 million outflows; 2019: £822 million outflows) of net cash flow movements in short-term financial investments, as presented in the consolidated cash flow statement.

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Notes to the consolidated financial statements

continued

29. Net debt continued


	2021		2020		2019
	Borrowings and other £m	Financing derivatives £m	Borrowings and other £m	Financing derivatives £m	Borrowings and other £m	Financing derivatives £m
Cash flows per financing activities section of cash flow statement:
Proceeds received from loans	5,645	—	4,218	—	2,932	—
Repayment of loans	(1,663)	—	(3,253)	—	(1,969)	—
Payments of lease liabilities	(112)	—	(121)	—	(70)	—
Net movements in short-term borrowings	(759)	—	(424)	—	179	—
Cash inflows on derivatives	—	58	—	62	—	221
Cash outflows on derivatives	—	(185)	—	(249)	—	(186)
Interest paid	(804)	(31)	(904)	(53)	(856)	(58)
Cash flows per financing activities section of cash flow statement	2,307	(158)	(484)	(240)	216	(23)
Adjustments:
Non-net debt-related items	29	—	34	—	24	—
Derivative cash inflow in relation to capital expenditure	—	10	—	13	—	13
Derivative cash inflows per investing section of cash flow statement	—	225	—	58	—	17
Derivative cash outflows per investing section of cash flow statement	—	(81)	—	(281)	—	(429)

Cash flows relating to financing liabilities within net debt	2,336	(4)	(450)	(450)	240	(422)

Analysis of changes in net debt:
Borrowings	2,336	—	(450)	—	240	—
Financing derivatives	—	(4)	—	(450)	—	(422)
Cash flow movements relating to financing liabilities within net debt	2,336	(4)	(450)	(450)	240	(422)

(d) Reconciliation of changes in liabilities arising from financing activities

The table below reconciles changes in liabilities arising from financing activities, including both changes arising from cash flows and non-cash changes. For the purposes of this table, the liabilities arising from financing activities are those for which cash flows were, or future cash flows will be, classified in the consolidated cash flow statement within financing activities. As a result we have separately disclosed the reconciliation below, excluding derivatives associated with our net investment hedges and derivatives associated with the hedging of capital expenditure, given that they are both classified in the consolidated cash flow statement within investing activities.


	Notes	Borrowings £m	Financing derivatives £m	Total £m
At 1 April 2018		(26,625)	553	(26,072)
Impact of transition to IFRS 9	37	(32)	—	(32)
Cash flow	29(c)	(240)	23	(217)
Fair value gains and losses		(9)	(334)	(343)
Foreign exchange movements		(724)	—	(724)
Interest charges	6	(1,062)	(14)	(1,076)
Other non-cash movements		(38)	—	(38)
At 1 April 2019		(28,730)	228	(28,502)
Impact of transition to IFRS 16	37	(474)	—	(474)
Cash flow	29(c)	450	240	690
Fair value gains and losses		(57)	(231)	(288)
Foreign exchange movements		(807)	—	(807)
Interest charges	6	(1,092)	(9)	(1,101)
Other non-cash movements		(84)	—	(84)
At 1 April 2020		(30,794)	228	(30,566)
Cash flow	29(c)	(2,336)	158	(2,178)
Fair value gains and losses		159	(301)	(142)
Foreign exchange movements		1,710	—	1,710
Interest charges	6	(946)	11	(935)
Other non-cash movements		(136)	—	(136)
Reclassification to held for sale	10	1,123	—	1,123
At 31 March 2021		(31,220)	96	(31,124)

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30. Commitments and contingencies


Commitments are those amounts that we are contractually required to pay in the future as long as the other party meets its obligations. These commitments primarily relate to energy purchase agreements and contracts for the purchase of assets which, in many cases, extend over a long period of time. We also disclose any contingencies, which include guarantees that companies have given, where we pledge assets against current obligations that will remain for a specific period.


	2021	2020
	£m	£m
Future capital expenditure
Contracted for but not provided	2,716	2,629
Energy purchase commitments¹
Less than 1 year	1,255	1,365
In 1 to 2 years	894	890
In 2 to 3 years	975	973
In 3 to 4 years	959	955
In 4 to 5 years	896	861
More than 5 years	10,805	11,314
	15,784	16,358
Guarantees²
Guarantee of sublease for US property (expires 2040)	149	173
Guarantees of certain obligations of Grain LNG (expire up to 2025)	33	34
Guarantees of certain obligations for construction of HVDC West Coast Link (expected expiry 2059)	85	92

Guarantees of certain obligations of National Grid North Sea Link Limited (various expiry dates)²	584	683
Guarantees of certain obligations of St William Homes LLP (various expiry dates)³	53	30
Guarantees of certain obligations of National Grid IFA 2 Limited (expected expiry 2022)²	170	564
Guarantees of certain obligations of National Grid Viking Link Limited (expected expiry 2024)	1,276	1,096
Other guarantees and letters of credit (various expiry dates)	486	150
	2,836	2,822

1. Energy purchase commitments relate to contractual commitments to purchase electricity or gas that are used to satisfy physical delivery requirements to our customers or for energy that we use ourselves (i.e. normal purchase, sale or usage) and hence are accounted for as ordinary purchase contracts (see note 32(f)). Details of commodity contract derivatives that do not meet the normal purchase, sale or usage criteria, and hence are accounted for as derivative contracts, are shown in note 17(b).

2. Included within total guarantees are guarantees to both joint ventures and Engineering, Procurement and Construction contractors regarding the construction of interconnectors of £136 million (2020: £358 million).

3. Includes guarantees to related parties.

Through the ordinary course of our operations, we are party to various litigation, claims and investigations. We do not expect the ultimate resolution of any of these proceedings to have a material adverse effect on our results of operations, cash flows or financial position.

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Notes to the consolidated financial statements

continued

31. Related party transactions


Related parties include joint ventures, associates, investments and key management personnel.

The following significant transactions with related parties were in the normal course of business. Amounts receivable from and payable to related parties are due on normal commercial terms:


	2021	2020	2019
	£m	£m	£m
Sales: Goods and services supplied to a pension plan	3	5	5
Sales: Goods and services supplied to joint ventures¹	79	101	151
Sales: Goods and services supplied to associates²	1	33	192
Purchases: Goods and services received from joint ventures³	35	61	26
Purchases: Goods and services received from associates³	43	56	141

Receivable from joint ventures4	263	255	584
Receivable from associates4	—	1	368
Payable to joint ventures	17	—	8
Payable to associates	3	4	12
Interest income from joint ventures	—	2	5
Interest income from associates	—	8	23

Dividends received from joint ventures5	49	34	30
Dividends received from associates6	32	41	171

1. During the year, £14 million (2020: £38 million; 2019: £139 million) of property sites were sold to St William Homes LLP, £50 million of sales were made to Emerald Energy Venture LLC (2020: £21 million; 2019: £nil) and a further £6 million (2020: £32 million; 2019; £2 million) of sales were made to NGET/SPT Upgrades Limited.

2. In previous years, sales related to transactions with Quadgas, until the date it ceased to be a related party following the disposal of our 39% stake in June 2019 (see note 10) and included income of £31 million in 2020 and £52 million in 2019 relating to a Transitional Service Agreement following the sale of the UK Gas Distribution business to Quadgas.

3. During the year, the Group received goods and services from a number of US associates, both for the transportation of gas and for pipeline services in the US, most notably, £41 million (2020: £31 million; 2019: £30 million) of purchases from Millennium Pipeline Company LLC. The Group also purchased assets of £5 million (2020: £58 million; 2019: £26 million) from NGET/SPT Upgrades Limited (a joint venture).

4. Amounts receivable from joint ventures include £241 million (2020: £242 million; 2019: £325 million) in relation to St William Homes LLP. There are no longer loans receivable from Quadgas (2020: £nil; 2019: £352 million) and Nemo Link (a joint venture) (2020: £nil; 2019: £258 million).

5. Includes dividends of £18 million (2020: £25 million; 2019: £30 million) received from BritNed Development Limited and £25 million (2020: £8 million; 2019:£ nil) from Nemo Link Limited.

6. Includes dividends of £31 million (2020: £32 million; 2019: £24 million) received from Millennium Pipeline Company LLC. Dividends of £133 million were received from Quadgas in 2019.

Details of investments in principal subsidiary undertakings, joint ventures and associates are disclosed in note 34, and information relating to pension fund arrangements is disclosed in note 25. For details of Directors’ and key management remuneration, refer to note 4(c).

32. Financial risk management


Our activities expose us to a variety of financial risks including credit risk, liquidity risk, capital risk, currency risk, interest rate risk, inflation risk and commodity price risk. Our risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential volatility of financial performance from these risks. We use financial instruments, including derivative financial instruments, to manage these risks.

Risk management related to financing activities is carried out by a central treasury department under policies approved by the Finance Committee of the Board. The objective of the treasury department is to manage funding and liquidity requirements, including managing associated financial risks, to within acceptable boundaries. The Finance Committee provides written principles for overall risk management, and written policies covering the following specific areas: foreign exchange risk, interest rate risk, credit risk, liquidity risk, use of derivative financial instruments and non-derivative financial instruments, and investment of excess liquidity. The Finance Committee has delegated authority to administer the commodity price risk policy and credit policy for US-based commodity transactions to the Energy Procurement Risk Management Committee and the National Grid USA Board of Directors.

We have exposure to the following risks, which are described in more detail below:

• credit risk;

• liquidity risk;

• currency risk;

• interest rate risk;

• commodity price risk; and

• capital risk.

Where appropriate, derivatives and other financial instruments used for hedging currency and interest rate risk exposures are formally designated as fair value, cash flow or net investment hedges as defined in IFRS 9. Hedge accounting allows the timing of the profit or loss impact of qualifying hedging instruments to be recognised in the same reporting period as the corresponding impact of hedged exposures. To qualify for hedge accounting, documentation is prepared specifying the risk management objective and strategy, the component transactions and methodology used for measurement of effectiveness.

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32. Financial risk management continued

Hedge accounting relationships are designated in line with risk management activities further described below. The categories of hedging entered into are as follows:

• currency risk arising from our forecasted foreign currency transactions (capital expenditure or revenues) is designated in cash flow hedges;

• currency risk arising from our net investments in foreign operations is designated in net investment hedges; and

• currency and interest rate risk arising from borrowings are designated in cash flow or fair value hedges.

Critical terms of hedging instruments and hedged items are transacted to match on a 1:1 ratio by notional values. Hedge ineffectiveness can nonetheless arise from inherent differences between derivatives and non-derivative instruments and other market factors including credit, correlations, supply and demand, and market volatilities. Ineffectiveness is recognised in the remeasurements component of finance income and costs (see note 6). Hedge accounting is discontinued when a hedging relationship no longer qualifies for hedge accounting.

Certain hedging instrument components are treated separately as costs of hedging with the gains and losses deferred in a component of other equity reserves and released systematically into profit or loss to correspond with the timing and impact of hedged exposures, or released in full to finance costs upon an early discontinuation of a hedging relationship.

Refer to sections (c) currency risk and (d) interest rate risk below for further details on hedge accounting.

(a) Credit risk

We are exposed to the risk of loss resulting from counterparties’ default on their commitments including failure to pay or make a delivery on a contract. This risk is inherent in our commercial business activities. Exposure arises from derivative financial instruments, deposits with banks and financial institutions, trade receivables and committed transactions with wholesale and retail customers.

Treasury credit risk

Counterparty risk arises from the investment of surplus funds and from the use of derivative financial instruments. As at 31 March 2021, the following limits were in place for investments and derivative financial instruments held with banks and financial institutions:


	Maximum limit £m	Long-term limit £m
Triple ‘A’ G7 sovereign entities (AAA)	2,259	1,129
Triple ‘A’ vehicles (AAA)	500	—
Triple ‘A’ range institutions and non-G7 sovereign entities (AAA)	1,232	616
Double ‘A+’ G7 sovereign entities (AA+)	2,054	1,027
Double ‘A’ range institutions (AA)	822 to 1,027	411 to 513
Single ‘A’ range institutions (A)	288 to 411	144 to 205

The maximum limit applies to all transactions, including long-term transactions. The long-term limit applies to transactions which mature in more than 12 months’ time.

As at 31 March 2021 and 2020, we had a number of exposures to individual counterparties. In accordance with our treasury policies, counterparty credit exposure utilisations are monitored daily against the counterparty credit limits. Counterparty credit ratings and market conditions are reviewed continually with limits being revised and utilisation adjusted, if appropriate. Management does not expect any significant losses from non-performance by these counterparties. Further information on financial investments subject to impairment provisioning is included in note 15.

Commodity credit risk

The credit policy for US-based commodity transactions is owned by the Finance Committee to the Board, which establishes controls and procedures to determine, monitor and minimise the credit exposure to counterparties.

Wholesale and retail credit risk

Our principal commercial exposure in the UK is governed by the credit rules within the regulated codes: Uniform Network Code and Connection and Use of System Code. These set out the level of credit relative to the RAV for each credit rating. In the US, we are required to supply electricity and gas under state regulations. Our policies and practices are designed to limit credit exposure by collecting security deposits prior to providing utility services, or after utility services have commenced if certain applicable regulatory requirements are met. Collection activities are managed on a daily basis. Sales to retail customers are usually settled in cash, cheques, electronic bank payments or by using major credit cards. We are committed to measuring, monitoring, minimising and recording counterparty credit risk in our wholesale business. The utilisation of credit limits is regularly monitored, and collateral is collected against these accounts when necessary.

Since March 2020, the Group’s US distribution business ceased certain cash collection and termination activities in response to regulatory instructions following the COVID-19 pandemic. This has resulted in the recognition of expected credit losses (see note 19 for further details).

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Notes to the consolidated financial statements

continued

32. Financial risk management continued

(a) Credit risk continued

Offsetting financial assets and liabilities

The following tables set out our financial assets and liabilities which are subject to offset and to enforceable master netting arrangements or similar agreements. The tables show the amounts which are offset and reported net in the statement of financial position. Amounts which cannot be offset under IFRS, but which could be settled net under terms of master netting arrangements if certain conditions arise, and with collateral received or pledged, are shown to present National Grid’s net exposure.

Financial assets and liabilities on different transactions would only be reported net in the balance sheet if the transactions were with the same counterparty, a currently enforceable legal right of offset exists, and the cash flows were intended to be settled on a net basis.

Amounts which do not meet the criteria for offsetting on the statement of financial position, but could be settled net in certain circumstances, principally relate to derivative transactions under ISDA agreements, where each party has the option to settle amounts on a net basis in the event of default of the other party.

Commodity contract derivatives that have not been offset on the balance sheet may be settled net in certain circumstances under ISDA or North American Energy Standards Board (NAESB) agreements.

For bank account balances and bank overdrafts, there are no ‘Gross amounts offset’ under cash pooling arrangements (2020: £23 million). Our UK bank accounts for National Grid subsidiaries previously participated in GBP, EUR and USD Composite Accounting System overdraft facilities subject to offsetting gross and net overdraft limits. EUR and USD offsetting arrangements have been discontinued in the year and GBP offsetting arrangements have no impact as at 31 March 2021. In the US, no offsetting arrangements exist, and cash transactions are settled through Service Company bank accounts with subsequent intercompany payables and receivables reported by subsidiaries with the Service Company.

The gross amounts offset for trade payables and receivables, which are subject to general terms and conditions, are insignificant.


				Related amounts available to be offset but not offset in statement of financial position
At 31 March 2021	Gross carrying amounts £m	Gross amounts offset £m	Net amount presented in statement of financial position £m	Financial instruments £m	Cash collateral received/ pledged £m	Net amount £m
Assets
Financing derivatives	942	—	942	(234)	(561)	147
Commodity contract derivatives	57	—	57	(8)	—	49
	999	—	999	(242)	(561)	196
Liabilities
Financing derivatives	(767)	—	(767)	234	467	(66)
Commodity contract derivatives	(132)	—	(132)	8	4	(120)
	(899)	—	(899)	242	471	(186)

	100	—	100	—	(90)	10


				Related amounts available to be offset but not offset in statement of financial position
At 31 March 2020	Gross carrying amounts £m	Gross amounts offset £m	Net amount presented in statement of financial position £m	Financial instruments £m	Cash collateral received/ pledged £m	Net amount £m
Assets
Financing derivatives	1,267	—	1,267	(351)	(694)	222
Commodity contract derivatives	75	—	75	(5)	(3)	67
	1,342	—	1,342	(356)	(697)	289
Liabilities
Financing derivatives	(1,134)	—	(1,134)	351	646	(137)
Commodity contract derivatives	(200)	—	(200)	5	8	(187)
	(1,334)	—	(1,334)	356	654	(324)

	8	—	8	—	(43)	(35)

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National Grid plc Annual Report and Accounts 2020/21 Financial Statements | Notes to the consolidated financial statements

32. Financial risk management continued

(b) Liquidity risk

Our policy is to determine our liquidity requirements by the use of both short-term and long-term cash flow forecasts. These forecasts are supplemented by a financial headroom analysis which is used to assess funding requirements for at least a 24-month period and maintain adequate liquidity for a continuous 12-month period.

We believe our contractual obligations, including those shown in commitments and contingencies in note 30, can be met from existing cash and investments, operating cash flows and other financing that we reasonably expect to be able to secure in the future, together with the use of committed facilities if required.

Our debt agreements and banking facilities contain covenants, including those relating to the periodic and timely provision of financial information by the issuing entity, restrictions on disposals and financial covenants, such as restrictions on the level of subsidiary indebtedness. Failure to comply with these covenants, or to obtain waivers of those requirements, could in some cases trigger a right, at the lender’s discretion, to require repayment of some of our debt and may restrict our ability to draw upon our facilities or access the capital markets.

The following is a payment profile of our financial liabilities and derivatives:


At 31 March 2021	Less than 1 year £m	1 to 2 years £m	2 to 3 years £m	More than 3 years £m	Total £m
Non-derivative financial liabilities
Borrowings, excluding lease liabilities	(3,350)	(1,690)	(806)	(25,562)	(31,408)
Interest payments on borrowings¹	(810)	(755)	(731)	(12,018)	(14,314)
Lease liabilities	(118)	(108)	(90)	(599)	(915)
Other non-interest-bearing liabilities	(3,207)	(350)	—	—	(3,557)
Contingent consideration	(40)	(24)	—	—	(64)
Derivative financial liabilities
Financing derivatives – receipts²	3,773	749	451	4,326	9,299
Financing derivatives – payments²	(3,899)	(877)	(533)	(5,153)	(10,462)
Commodity contract derivatives – receipts²	12	—	—	—	12
Commodity contract derivatives – payments²	(83)	(23)	(14)	(12)	(132)
Derivative financial assets
Financing derivatives – receipts²	2,162	926	833	1,789	5,710
Financing derivatives – payments²	(1,700)	(834)	(780)	(1,536)	(4,850)
Commodity contract derivatives – receipts²	21	4	1	1	27
Commodity contract derivatives – payments²	(21)	(4)	(2)	—	(27)
	(7,260)	(2,986)	(1,671)	(38,764)	(50,681)


At 31 March 2020	Less than 1 year £m	1 to 2 years £m	2 to 3 years £m	More than 3 years £m	Total £m
Non-derivative financial liabilities
Borrowings, excluding lease liabilities	(3,672)	(2,150)	(1,611)	(22,214)	(29,647)
Interest payments on borrowings¹	(765)	(750)	(714)	(12,002)	(14,231)
Lease liabilities	(132)	(114)	(99)	(629)	(974)
Other non-interest-bearing liabilities	(3,149)	(318)	—	—	(3,467)
Contingent consideration	(32)	(16)	(32)	(16)	(96)
Derivative financial liabilities
Financing derivatives – receipts²	2,249	986	1,208	3,510	7,953
Financing derivatives – payments²	(2,582)	(1,136)	(1,463)	(4,067)	(9,248)
Commodity contract derivatives – receipts²	4	2	—	—	6
Commodity contract derivatives – payments²	(116)	(50)	(24)	(12)	(202)
Derivative financial assets
Financing derivatives – receipts²	2,469	1,063	570	1,775	5,877
Financing derivatives – payments²	(2,271)	(527)	(375)	(1,478)	(4,651)
Commodity contract derivatives – receipts²	20	1	1	—	22
Commodity contract derivatives – payments²	(21)	—	—	—	(21)
	(7,998)	(3,009)	(2,539)	(35,133)	(48,679)

1. The interest on borrowings is calculated based on borrowings held at 31 March without taking account of future issues. Floating rate interest is estimated using a forward interest rate curve as at 31 March. Payments are included on the basis of the earliest date on which the Company can be required to settle.

2. The receipts and payments line items for derivatives comprise gross undiscounted future cash flows, after considering any contractual netting that applies within individual contracts. Where cash receipts and payments within a derivative contract are settled net, and the amount to be received/(paid) exceeds the amount to be paid/(received), the net amount is presented within derivative receipts/(payments).

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Notes to the consolidated financial statements

continued

32. Financial risk management continued

National Grid operates internationally with mainly the pound sterling as the functional currency for the UK companies and the US dollar for the US businesses. Currency risk arises from three major areas: funding activities, capital investment and related revenues, and holdings in foreign operations. This risk is managed using financial instruments including derivatives as approved by policy, typically cross-currency interest rate swaps, foreign exchange swaps and forwards.

Funding activities – our policy is to borrow in the most advantageous market available. Foreign currency funding gives rise to risk of volatility in the amount of functional currency cash to be repaid. This risk is reduced by swapping principal and interest back into the functional currency of the issuer. All foreign currency debt and transactions are hedged except where they provide a natural offset to assets elsewhere in the Group.

Capital investment and related revenues – capital projects often incur costs or generate revenues in a foreign currency, most often euro transactions done by the UK business. Our policy for managing foreign exchange transaction risk is to hedge contractually committed foreign currency cash flows over a prescribed minimum size, typically by buying euro forwards to hedge future expenditure, and selling euro forwards to hedge future revenues. For hedges of forecast cash flows our policy is to hedge a proportion of highly probable cash flows.

Holdings in foreign operations – we are exposed to fluctuations on the translation into pounds sterling of our foreign operations. The policy for managing this translation risk is to issue foreign currency debt or to replicate foreign debt using derivatives that pay cash flows in the currency of the foreign operation. The primary managed exposure arises from dollar denominated assets and liabilities held by our US operations, with a smaller euro exposure in respect of joint venture investments.

Derivative financial instruments were used to manage foreign currency risk as follows:


	2021					2020
	Sterling £m	Euro £m	Dollar £m	Other £m	Total £m	Sterling £m	Euro £m	Dollar £m	Other £m	Total £m
Cash and cash equivalents	63	—	94	—	157	18	—	55	—	73
Financial investments	1,215	—	1,127	—	2,342	813	—	1,185	—	1,998
Borrowings	(12,210)	(5,351)	(12,660)	(999)	(31,220)	(12,407)	(4,150)	(13,217)	(1,020)	(30,794)
Pre-derivative position	(10,932)	(5,351)	(11,439)	(999)	(28,721)	(11,576)	(4,150)	(11,977)	(1,020)	(28,723)
Derivative effect	(826)	5,459	(5,494)	1,036	175	(1,169)	4,341	(4,214)	1,175	133
Net debt position	(11,758)	108	(16,933)	37	(28,546)	(12,745)	191	(16,191)	155	(28,590)

The exposure to dollars largely relates to our net investment hedge activities; exposure to euros largely relates to hedges for our future non-sterling capital expenditure.

The currency exposure on other financial instruments is as follows:


	2021					2020
	Sterling £m	Euro £m	Dollar £m	Other £m	Total £m	Sterling £m	Euro £m	Dollar £m	Other £m	Total £m
Trade and other receivables	282	—	1,387	—	1,669	306	—	1,403	—	1,709
Trade and other payables	(1,207)	—	(1,878)	—	(3,085)	(1,177)	—	(2,002)	—	(3,179)
Other non-current liabilities	(77)	—	(288)	—	(365)	(85)	—	(277)	—	(362)

The carrying amounts of other financial instruments are denominated in the above currencies, which in most instances are the functional currency of the respective subsidiaries. Our exposure to dollars is due to activities in our US subsidiaries. We do not have any other significant exposure to currency risk on these balances.

Hedge accounting for currency risk

Where available, derivatives transacted for hedging are designated for hedge accounting. Economic offset is qualitatively determined because the critical terms (currency and volume) of the hedging instrument match the hedged exposure. If a forecast transaction was no longer expected to occur, the cumulative gain or loss previously reported in equity would be transferred to the income statement. This has not occurred in the current or comparative years.

Cash flow hedging of currency risk of capital expenditure and revenues is designated as hedging the exposure to movements in the spot translation rates only; the timing of forecasted transactions is not designated as a hedged risk. Gains and losses on hedging instruments arising from forward points and foreign currency basis spreads are excluded from designation and are recognised immediately in profit or loss, along with any hedge ineffectiveness. On recognition of the hedged purchase or sale in the financial statements, the associated hedge gains and losses, deferred in the cash flow hedge reserve in other equity reserves, are transferred out of reserves and included with the recognition of the underlying transaction. Where a non-financial asset or a non-financial liability results from a forecast transaction or firm commitment being hedged, the amounts deferred in reserves are included directly in the initial measurement of that asset or liability.

Net investment hedging is also designated as hedging the exposure to movements in spot translation rates only: spot-related gains and losses on hedging instruments are presented in the cumulative translation reserve within other equity reserves to offset gains or losses on translation of the hedged balance sheet exposure. Any ineffectiveness is recognised immediately in the income statement. Amounts deferred in the cumulative translation reserve with respect to net investment hedges are subsequently recognised in the income statement in the event of disposal of the overseas operations concerned. Any remaining amounts deferred in the cost of hedging reserve are also released to the income statement.

Hedges of foreign currency funding are designated as cash flow hedges or fair value hedges of forward exchange risk (hedging both currency and interest rate risk together, where applicable). Gains and losses arising from foreign currency basis spreads are excluded from designation and are treated as a cost of hedging, deferred initially in other equity reserves and released into profit or loss over the life of the hedging relationship. Hedge accounting for funding is described further in the interest rate risk section below.

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32. Financial risk management continued

(d) Interest rate risk

National Grid’s interest rate risk arises from our long-term borrowings. Our interest rate risk management policy is to seek to minimise total financing costs (being interest costs and changes in the market value of debt). Hedging instruments principally consist of interest rate and cross-currency swaps that are used to translate foreign currency debt into functional currency and to adjust the proportion of fixed-rate and floating-rate in the borrowings portfolio to within a range set by the Finance Committee of the Board. The benchmark interest rates hedged are currently based on LIBOR.

LIBOR is being replaced as an interest rate benchmark by alternative reference rates in certain currencies including our functional currencies, USD and GBP, and foreign currencies in which we operate. This impacts contracts including financial liabilities that pay LIBOR-based cash flows, and derivatives that receive or pay LIBOR-based cash flows. The change in benchmark also affects discount rates which will impact the valuations of certain liabilities. We have disclosed our exposure to LIBOR on our derivative portfolio in note 17, on our borrowings in note 21 and on our hedging arrangements in note 32(e). We are managing the risk by planning to replace LIBOR cash flows with alternative reference rates on our affected contracts. The migration project is underway, with all affected contracts expected to be amended by 31 December 2021. As at 31 March 2021 no contracts had yet been amended. The Finance Committee of the Board have delegated to the treasury department the authority to determine which benchmarks are the most appropriate. A combination of LIBOR and the successor benchmarks, primarily GBP Sterling Overnight Index Average (SONIA) and USD Secured Overnight Financing Rate (SOFR) will be used in the portfolio during the migration period.

We also consider inflation risk and hold some inflation-linked borrowings. We believe that these provide a partial economic offset to the inflation risk associated with our UK inflation-linked revenues.

The table in note 21 sets out the carrying amount, by contractual maturity, of borrowings that are exposed to interest rate risk before taking into account interest rate swaps.

Net debt was managed using derivative financial instruments to hedge interest rate risk as follows:


	2021					2020
	Fixed rate £m	Floating rate £m	Inflation linked £m	Other1 £m	Total £m	Fixed rate £m	Floating rate £m	Inflation linked £m	Other1 £m	Total £m
Cash and cash equivalents	64	67	—	26	157	71	10	—	(8)	73
Financial investments	—	2,309	—	33	2,342	—	1,966	—	32	1,998
Borrowings	(23,163)	(1,762)	(6,295)	—	(31,220)	(20,969)	(3,085)	(6,740)	—	(30,794)
Pre-derivative position	(23,099)	614	(6,295)	59	(28,721)	(20,898)	(1,109)	(6,740)	24	(28,723)
Derivative effect	2,869	(2,511)	(183)	—	175	2,259	(1,892)	(234)	—	133
Net debt position	(20,230)	(1,897)	(6,478)	59	(28,546)	(18,639)	(3,001)	(6,974)	24	(28,590)

1. Represents financial instruments which are not directly affected by interest rate risk, such as investments in equity or other similar financial instruments.

Hedge accounting for interest rate risk

Borrowings paying variable or floating-rates expose National Grid to cash flow interest rate risk, partially offset by cash held at variable rates. Where a hedging instrument results in paying a fixed-rate, it is designated as a cash flow hedge because it has reduced the cash flow volatility of the hedged borrowing. Changes in the fair value of the derivative are initially recognised in other comprehensive income as gains or losses in the cash flow hedge reserve, with any ineffective portion recognised immediately in the income statement.

Borrowings paying fixed-rates expose National Grid to fair value interest rate risk. Where the hedging instrument pays a floating-rate, it is designated as a fair value hedge because it has reduced the fair value volatility of the borrowing. Changes in the fair value of the derivative and changes in the fair value of the hedged item in relation to the risk being hedged are both adjusted on the balance sheet and offset in the income statement to the extent the fair value hedge is effective, with the residual difference remaining as ineffectiveness.

Both types of hedges are designated as hedging the currency and interest rate risk arising from changes in forward points. Amounts accumulated in the cash flow hedge reserve (cash flow hedges only) and the deferred cost of hedging reserve (both cash flow and fair value hedges) are reclassified from reserves to the income statement on a systematic basis as hedged interest expense is recognised. Adjustments made to the carrying value of hedged items in fair value hedges are similarly released to the income statement to match the timing of the hedged interest expense.

When hedge accounting is discontinued, any remaining cumulative hedge accounting balances continue to be released to the income statement to match the impact of outstanding hedged items. Any remaining amounts deferred in the cost of hedging reserve are released immediately to the income statement as finance costs.

The Group early-adopted Phase I of IFRS Interest Rate Benchmark Reform amendments related to hedge accounting with effect from 1 April 2019, and Phase II with effect from 1 April 2020. The amendments impact our fair value hedging relationships where derivative cash flows will be transitioned from paying LIBOR to paying an alternative reference rate. The hedged risk must be re-documented to reflect this, and allow existing hedge designations to continue unchanged during the period of uncertainty relating to the timing and method of benchmark migrations.

The amendments will be applied until the earliest point in time of the Group’s contracts that reference LIBOR being amended, the hedging relationship being formally discontinued or formal market conventions ending uncertainty being published and widely adopted. If amended cash flows do not cause a hedging relationship to be discontinued, then the amendments will cease to be applied only when that relationship is discontinued under IFRS 9.

The IFRS amendments impact fair value and cash flow hedges of interest rate risk and related hedging instruments, and certain net investment hedges that use cross-currency interest rate swaps to pay a foreign currency floating rate and receive a functional currency floating rate. The notional values of hedging instruments, for each type of hedging relationship impacted, are shown in the hedge accounting tables in note 32(e). These amounts also correspond to the exposures designated as hedged.

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National Grid plc Annual Report and Accounts 2020/21 Financial Statements

Notes to the consolidated financial statements

continued

32. Financial risk management continued

(e) Hedge accounting

In accordance with the requirements of IFRS 7, certain additional information about hedge accounting is disaggregated by risk type and hedge designation type in the tables below:

Year ended 31 March 2021

Fair value hedges of foreign currency and interest rate risk

Cash flow hedges of foreign currency and interest rate risk

Cash flow hedges of foreign currency risk

Net investment hedges

£m

Consolidated statement of comprehensive income

Net gains/(losses) in respect of:

Cash flow hedges

—

(14)

—

Cost of hedging

(15)

(24)

—

Transferred to profit or loss in respect of:

Cash flow hedges

—

Cost of hedging

—

Consolidated statement of changes in equity

Other equity reserves – cost of hedging balances

(11)

(30)

—

Consolidated statement of financial position

Derivatives – carrying value of hedging instruments¹

Assets – current

—

Assets – non-current

187

140

Liabilities – current

—

(12)

(24)

(17)

Liabilities – non-current

(113)

(255)

(22)

—

Profiles of the significant timing, price and rate information of hedging instruments

Maturity range

Jan 2023 – Jan 2043

Sep 2021 – Nov 2040

Apr 2021 – Feb 2027

Mar 2022 – Sep 2027

Spot foreign exchange range:

GBP:USD

1.64

1.30 – 1.66

1.31 – 1.41

1.22 – 1.40

GBP:EUR

1.11 – 1.24

1.08 – 1.24

1.04 – 1.29

1.15 – 1.16

EUR:USD

1.13 – 1.17

1.13 – 1.14

n/a

Interest rate range:

GBP

LIBOR +30bps/+408bps

0.976% – 5.845%

n/a

USD

LIBOR +68bps/+115bps

2.513% – 3.864%

n/a

1. The use of derivatives may entail a derivative transaction qualifying for more than one hedge type designation under IFRS 9. Therefore, the derivative amounts in the table above are grossed up by hedge type, whereas they are presented net at an instrument level in the statement of financial position.

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National Grid plc Annual Report and Accounts 2020/21 Financial Statements | Notes to the consolidated financial statements

32. Financial risk management continued

(e) Hedge accounting continued


Year ended 31 March 2020	Fair value hedges of foreign currency and interest rate risk	Cash flow hedges of foreign currency and interest rate risk	Cash flow hedges of foreign currency risk	Net investment hedges
	£m	£m	£m	£m
Consolidated statement of comprehensive income
Net losses in respect of:
Cash flow hedges	—	(143)	(17)	—
Cost of hedging	5	(7)	—	(30)

Transferred to profit or loss in respect of:
Cash flow hedges	—	14	—	—
Cost of hedging	1	(1)	—	(45)

Consolidated statement of changes in equity
Other equity reserves – cost of hedging balances	2	(8)	—	(43)

Consolidated statement of financial position
Derivatives – carrying value of hedging instruments¹
Assets – current	1	—	4	9
Assets – non-current	247	106	8	—
Liabilities – current	(1)	(105)	(8)	(82)
Liabilities – non-current	(39)	(264)	(12)	(19)

Profiles of the significant timing, price and rate information of hedging instruments
Maturity range	May 2020 – Feb 2040	Jul 2020 – Dec 2039	Apr 2020 – Dec 2024	Jun 2020 – Sep 2027
Spot foreign exchange range:
GBP:USD	1.64	1.30 – 1.66	1.24 – 1.41	1.21 – 1.49
GBP:EUR	1.19 – 1.24	1.10 – 1.24	1.04 – 1.30	1.14
EUR:USD	1.13 – 1.17	1.13 – 1.14	n/a	n/a
Interest rate range:
GBP	LIBOR +30bps/+408bps	1.331% – 5.850%	n/a	n/a
USD	LIBOR –44bps/+115bps	1.103% – 3.864%	n/a	n/a

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National Grid plc Annual Report and Accounts 2020/21 Financial Statements

Notes to the consolidated financial statements

continued

32. Financial risk management continued

(e) Hedge accounting continued

The following tables show the effects of hedge accounting on financial position and year-to-date performance for each type of hedge. These tables also present notional values of hedging instruments (and equal hedged exposures) impacted by IFRS 9 Interest Rate Benchmark Reform amendments.

(i) Fair value hedges of foreign currency and interest rate risk on recognised borrowings:

As at 31 March 2021

Balance of fair value hedge adjustments in borrowings

Change in value used for calculating ineffectiveness

Hedging instrument notional

Continuing hedges

Discontinued hedges

Hedged item

Hedging instrument

Hedge ineffectiveness

Hedge type

£m

Foreign currency and interest rate risk on borrowings1,2

(2,755)

121

(85)

153

(127)

1. The carrying value of the hedged borrowings is £2,714 million, of which £nil is current and £2,714 million is non-current.

2. Included within the hedging instrument notional balance is £2,679 million impacted by Interest Rate Benchmark Reform amendments.

As at 31 March 2020

Balance of fair value hedge adjustments in borrowings

Change in value used for calculating ineffectiveness

Hedging instrument notional

Continuing hedges

Discontinued hedges

Hedged item

Hedging instrument

Hedge ineffectiveness

Hedge type

£m

Foreign currency and interest rate risk on borrowings1,2

(1,751)

(31)

(95)

(42)

1. The carrying value of the hedged borrowings was £1,883 million, of which £72 million was current and £1,811 million was non-current.

2. Included within the hedging instrument notional balance was £1,675 million impacted by Interest Rate Benchmark Reform amendments.

(ii) Cash flow hedges of foreign currency and interest rate risk:


As at 31 March 2021		Balance in cash flow hedge reserve		Change in value used for calculating ineffectiveness
	Hedging instrument notional	Continuing hedges	Discontinued hedges	Hedged item	Hedging instrument	Hedge ineffectiveness
Hedge type	£m	£m	£m	£m	£m	£m
Foreign currency and interest rate risk on borrowings¹	(4,884)	(11)	(6)	(16)	16	—
Foreign currency risk on forecasted cash flows	(988)	(31)	3	17	(17)	—

1. Included within the hedging instrument notional balance is £176 million impacted by Interest Rate Benchmark Reform amendments.


As at 31 March 2020		Balance in cash flow hedge reserve		Change in value used for calculating ineffectiveness
	Hedging instrument notional	Continuing hedges	Discontinued hedges	Hedged item	Hedging instrument	Hedge ineffectiveness
Hedge type	£m	£m	£m	£m	£m	£m
Foreign currency and interest rate risk on borrowings¹	(4,127)	(69)	(22)	142	(143)	(1)
Foreign currency risk on forecasted cash flows	(794)	8	—	17	(17)	—

1. Included within the hedging instrument notional balance was £176 million impacted by Interest Rate Benchmark Reform amendments.

(iii) Net investment hedges of foreign currency risk:

As at 31 March 2021

Balance in translation reserve

Change in value used for calculating ineffectiveness

Hedging instrument notional

Continuing hedges

Discontinued hedges

Hedged item

Hedging instrument

Hedge ineffectiveness

Hedge type

£m

Currency risk on foreign operations¹

(2,786)

183

(2,826)

(183)

183

—

1. Included within the hedging instrument notional balance is £nil impacted by Interest Rate Benchmark Reform amendments.

As at 31 March 2020

Balance in translation reserve

Change in value used for calculating ineffectiveness

Hedging instrument notional

Continuing hedges

Discontinued hedges

Hedged item

Hedging instrument

Hedge ineffectiveness

Hedge type

£m

Currency risk on foreign operations¹

(3,064)

(2,871)

(6)

—

1. Included within the hedging instrument notional balance was £nil impacted by Interest Rate Benchmark Reform amendments.

198

National Grid plc Annual Report and Accounts 2020/21 Financial Statements | Notes to the consolidated financial statements

32. Financial risk management continued

(f) Commodity price risk

We purchase electricity and gas to supply our customers in the US and to meet our own energy needs. Substantially all our costs of purchasing electricity and gas for supply to customers are recoverable at an amount equal to cost. The timing of recovery of these costs can vary between financial periods leading to an under- or over-recovery within any particular year that can lead to large fluctuations in the income statement. We follow approved policies to manage price and supply risks for our commodity activities.

Our energy procurement risk management policy and delegations of authority govern our US commodity trading activities for energy transactions. The purpose of this policy is to ensure we transact within pre-defined risk parameters and only in the physical and financial markets where we or our customers have a physical market requirement. In addition, state regulators require National Grid to manage commodity risk and cost volatility prudently through diversified pricing strategies. In some jurisdictions we are required to file a plan outlining our strategy to be approved by regulators. In certain cases, we might receive guidance with regard to specific hedging limits.

Energy purchase contracts for the forward purchase of electricity or gas that are used to satisfy physical delivery requirements to customers, or for energy that the Group uses itself, meet the expected purchase or usage requirements of IFRS 9. They are, therefore, not recognised in the financial statements until they are realised. Disclosure of commitments under such contracts is made in note 30.

US states have introduced a variety of legislative requirements with the aim of increasing the proportion of our electricity that is derived from renewable or other forms of clean energy. Annual compliance filings regarding the level of Renewable Energy Certificates (and other similar environmental certificates) are required by the relevant department of utilities. In response to the legislative requirements, National Grid has entered into long-term, typically fixed-price, energy supply contracts to purchase both renewable energy and environmental certificates. We are entitled to recover all costs incurred under these contracts through customer billing.

Under IFRS, where these supply contracts are not accounted for as leases, they are considered to comprise two components, being a forward purchase of power at spot prices, and a forward purchase of environmental certificates at a variable price (being the contract price less the spot power price). With respect to our current contracts, neither of these components meets the requirement to be accounted for as a derivative. The environmental certificates are currently required for compliance purposes, and at present there are no liquid markets for these attributes. Accordingly, this component meets the expected purchase or usage exemption of IFRS 9. We expect to enter into an increasing number of these contracts, in order to meet our compliance requirements in the short to medium term. In future, if and when liquid markets develop, and to the extent that we are in receipt of environmental certificates in excess of our required levels, this exemption may cease to apply, and we may be required to account for forward purchase commitments for environmental certificates as derivatives at fair value through profit and loss.

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Notes to the consolidated financial statements

continued

32. Financial risk management continued

(g) Fair value analysis

Included in the statement of financial position are financial instruments which are measured at fair value. These fair values can be categorised into hierarchy levels that are representative of the inputs used in measuring the fair value. The best evidence of fair value is a quoted price in an actively traded market. In the event that the market for a financial instrument is not active, a valuation technique is used.


	2021				2020
	Level 1 £m	Level 2 £m	Level 3 £m	Total £m	Level 1 £m	Level 2 £m	Level 3 £m	Total £m
Assets
Investments held at FVTPL	1,768	—	240	2,008	1,278	—	108	1,386
Investments held at FVOCI	99	416	—	515	83	352	—	435
Investments in associates	—	—	—	—	—	—	103	103
Financing derivatives	—	942	—	942	—	1,257	10	1,267
Commodity contract derivatives	—	12	45	57	—	9	66	75
	1,867	1,370	285	3,522	1,361	1,618	287	3,266
Liabilities
Financing derivatives	—	(584)	(183)	(767)	—	(889)	(245)	(1,134)
Commodity contract derivatives	—	(75)	(57)	(132)	—	(136)	(64)	(200)
Liabilities held at fair value	(682)	—	—	(682)	(741)	—	—	(741)
Contingent consideration1	—	—	(57)	(57)	—	—	(74)	(74)
	(682)	(659)	(297)	(1,638)	(741)	(1,025)	(383)	(2,149)
	1,185	711	(12)	1,884	620	593	(96)	1,117

1. Contingent consideration relates to the acquisition of National Grid Renewables (see note 38).


Level 1:			Financial instruments with quoted prices for identical instruments in active markets.

Level 2:			Financial instruments with quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in inactive markets, and financial instruments valued using models where all significant inputs are based directly or indirectly on observable market data.

Level 3:			Financial instruments valued using valuation techniques where one or more significant inputs are based on unobservable market data.

Our Level 1 financial investments and liabilities held at fair value are valued using quoted prices from liquid markets.

Our Level 2 financial investments held at fair value are valued using quoted prices for similar instruments in active markets, or quoted prices for identical or similar instruments in inactive markets. Alternatively, they are valued using models where all significant inputs are based directly or indirectly on observable market data.

Our Level 2 financing derivatives include cross-currency, interest rate and foreign exchange derivatives. We value these by discounting all future cash flows by externally sourced market yield curves at the reporting date, taking into account the credit quality of both parties. These derivatives can be priced using liquidly traded interest rate curves and foreign exchange rates, and therefore we classify our vanilla trades as Level 2 under the IFRS 13 framework. One FX forward transacted in the year contains deal-contingent terms linked to the sale of NECO. As at the reporting date, these terms have no material impact on the valuation. This will be re-assessed at each relevant reporting date.

Our Level 2 commodity contract derivatives include over-the-counter gas and power swaps as well as forward physical gas deals. We value our contracts based on market data obtained from the New York Mercantile Exchange (NYMEX) and the Intercontinental Exchange (ICE) where monthly prices are available. We discount based on externally sourced market yield curves at the reporting date, taking into account the credit quality of both parties and liquidity in the market. Our commodity contracts can be priced using liquidly traded swaps. Therefore, we classify our vanilla trades as Level 2 under the IFRS 13 framework.

Our Level 3 financing derivatives include cross-currency swaps, inflation-linked swaps and equity options, where the market is illiquid. In valuing these instruments, we use in-house valuation models and obtain external valuations to support each reported fair value.

Our Level 3 commodity contract derivatives primarily consist of our forward purchases of electricity and gas that we value using proprietary models. Derivatives are classified as Level 3 where significant inputs into the valuation technique are neither directly nor indirectly observable (including our own data, which are adjusted, if necessary, to reflect the assumptions market participants would use in the circumstances).

Our Level 3 investments include equity instruments accounted for at fair value through profit and loss. These equity holdings are part of our corporate venture capital portfolio held by National Grid Partners and comprise a series of small unquoted investments where prices or valuation inputs are unobservable. These investments are either recently acquired or there have been recent funding rounds with third parties and therefore the valuation is based on the latest transaction price and any subsequent investment-specific adjustments.

Our Level 3 investments also include our investment in Sunrun Neptune 2016 LLC, which is accounted for at fair value through profit and loss. The investment is fair valued by discounting expected cash flows using a weighted average cost of capital specific to Sunrun Neptune 2016 LLC.

In light of the current ongoing impact of the COVID-19 pandemic, the valuations of certain assets and liabilities can be more subjective. While there have been significant movements in market indices, we are satisfied that there has been no significant impact on the fair values of our financial instruments measured at fair value, and that any impact is reflected in the fair values in the table above.

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National Grid plc Annual Report and Accounts 2020/21 Financial Statements | Notes to the consolidated financial statements

32. Financial risk management continued

(g) Fair value analysis continued

The changes in value of our Level 3 financial instruments are as follows:


	Financing derivatives		Commodity contract derivatives		Other3		Total
	2021	2020	2021	2020	2021	2020	2021	2020
	£m	£m	£m	£m	£m	£m	£m	£m
At 1 April	(235)	(214)	2	1	137	152	(96)	(61)
Net gains/(losses) for the year1,2	51	(20)	(16)	6	(2)	26	33	12
Purchases	—	—	(1)	26	32	51	31	77
Acquisition of National Grid Renewables	—	—	—	—	—	(74)	—	(74)
Settlements	1	(1)	(1)	(31)	16	(18)	16	(50)
Reclassification to held for sale (note 10)	—	—	4	—	—	—	4	—
At 31 March	(183)	(235)	(12)	2	183	137	(12)	(96)

1. Gain of £51 million (2020: £20 million loss) is attributable to derivative financial instruments held at the end of the reporting period and has been recognised in finance costs in the income statement.

2. Loss of £46 million (2020: £17 million loss) is attributable to commodity contract derivative financial instruments held at the end of the reporting period.

3. Other comprises our investments in Sunrun Neptune 2016 LLC and the investments made by National Grid Partners, which are accounted for at fair value through profit and loss as well as the contingent consideration arising from the acquisition of National Grid Renewables (see note 38).

The impacts on a post-tax basis of reasonably possible changes in significant Level 3 assumptions are as follows:


	Financing derivatives		Commodity contract derivatives		Other3
	2021	2020	2021	2020	2021	2020
	£m	£m	£m	£m	£m	£m
10% increase in commodity prices¹	—	—	3	2	—	—
10% decrease in commodity prices¹	—	—	(1)	—	—	—
+10% market area price change	—	—	(4)	(4)	—	—
-10% market area price change	—	—	7	4	—	—
+20 basis points change in Limited Price Inflation (LPI) market curve²	(83)	(95)	—	—	—	—
-20 basis points change in LPI market curve²	83	90	—	—	—	—
+50 basis points change in discount rate	—	—	—	—	(5)	(3)
-50 basis points change in discount rate	—	—	—	—	5	4

1. Level 3 commodity price sensitivity is included within the sensitivity analysis disclosed in note 35.

2. A reasonably possible change in assumption of other Level 3 derivative financial instruments is unlikely to result in a material change in fair values.

3. The investments acquired in the period were on market terms, and sensitivity is considered insignificant at 31 March 2021.

The impacts disclosed above were considered on a contract-by-contract basis with the most significant unobservable inputs identified.

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Notes to the consolidated financial statements

continued

32. Financial risk management continued

(h) Capital risk management

The capital structure of the Group consists of shareholders’ equity, as disclosed in the consolidated statement of changes in equity, and net debt (note 29). National Grid’s objectives when managing capital are: to safeguard our ability to continue as a going concern; to remain within regulatory constraints of our regulated operating companies; and to maintain an efficient mix of debt and equity funding thus achieving an optimal capital structure and cost of capital. We regularly review and manage the capital structure as appropriate in order to achieve these objectives.

Maintaining appropriate credit ratings for our operating and holding companies is an important aspect of our capital risk management strategy and balance sheet efficiency. We monitor our balance sheet efficiency using several metrics including retained cash flow/net debt (RCF), regulatory gearing and interest cover. For the year ended 31 March 2021, these metrics for the Group were 6.6% (2020: 9.2%), 65% (2020: 63%) and 4.5x (2020: 4.1x), respectively. We believe these are consistent with the current credit ratings for National Grid plc in respect of the main companies of the Group, based on guidance from the rating agencies.

We monitor the RAV gearing within NGET and the regulated transmission businesses within NGG. This is calculated as net debt expressed as a percentage of RAV, and indicates the level of debt employed to fund our UK regulated businesses. It is compared with the level of RAV gearing indicated by Ofgem as being appropriate for these businesses, at around 60% to 62.5%. We also monitor net debt as a percentage of rate base for our US operating companies, comparing this with the allowed rate base gearing inherent within each of our agreed rate plans, typically around 50%.

The majority of our regulated operating companies in the US and the UK are subject to certain restrictions on the payment of dividends by administrative order, contract and/or licence. The types of restrictions that a company may have that would prevent a dividend being declared or paid unless they are met include:

• dividends must be approved in advance by the relevant US state regulatory commission;

• the subsidiary must have at least two recognised rating agency credit ratings of at least investment grade;

• dividends must be limited to cumulative retained earnings, including pre-acquisition retained earnings;

• the securities of National Grid plc must maintain an investment grade credit rating, and if that rating is the lowest investment grade bond rating it cannot have a negative watch/review for downgrade notice by a credit rating agency;

• the subsidiary must not carry on any activities other than those permitted by the licences;

• the subsidiary must not create any cross-default obligations or give or receive any intra-group cross-subsidies; and

• the percentage of equity compared with total capital of the subsidiary must remain above certain levels.

There is a further restriction relating only to NECO, which is required to maintain its consolidated net worth above certain levels.

These restrictions are subject to alteration in the US as and when a new rate case or rate plan is agreed with the relevant regulatory bodies for each operating company and in the UK through the normal licence review process.

As most of our business is regulated, at 31 March 2021 the majority of our net assets are subject to some of the restrictions noted above. These restrictions are not considered to be significantly onerous, nor do we currently expect they will prevent the planned payment of dividends in future in line with our dividend policy.

All the above requirements are monitored on a regular basis in order to ensure compliance. The Group has complied with all externally imposed capital requirements to which it is subject.

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National Grid plc Annual Report and Accounts 2020/21 Financial Statements | Notes to the consolidated financial statements

33. Borrowing facilities


To support our liquidity requirements and provide backup to commercial paper and other borrowings, we agree committed credit facilities with financial institutions over and above the value of borrowings that may be required. These committed credit facilities have never been drawn, and our undrawn amounts are listed below.

At 31 March 2021, we had bilateral committed credit facilities of £5,410 million (2020: £5,495 million). In addition, we had committed credit facilities from syndicates of banks of £115 million at 31 March 2021 (2020: £277 million). All committed credit facilities were undrawn in 2021 and 2020. An analysis of the maturity of these undrawn committed facilities is shown below:


	2021	2020
	£m	£m
Undrawn committed borrowing facilities expiring:
Less than 1 year	—	—
In 1 to 2 years	1,668	1,940
In 2 to 3 years	534	1,668
In 3 to 4 years	1,718	277
In 4 to 5 years	1,605	1,887
More than 5 years	—	—
	5,525	5,772

Of the unused facilities at 31 March 2021, £5,410 million (2020: £5,495 million) is available for liquidity purposes, while £115 million (2020: £277 million) is available as backup to specific US borrowings. £1,668 million of the undrawn bilateral facilities due to mature in one to two years, were renegotiated between 1 April 2021 and 19 May 2021, with an uplift in the amount committed to £1,861 million with new expiry dates to May 2024. Of the £534 million of undrawn committed borrowings facilities due to expire within two to three years, £150 million was renegotiated between 1 April 2021 and 19 May 2021, with the expiry extended by a further year to June 2024. £400 million of additional undrawn bilateral facilities were entered into subsequent to the year end with expiry dates in May 2024.

In addition, we have the following facilities which are not included in the table above:

•for the separately regulated business of National Grid Electricity System Operator Limited, the Group has a facility of £550 million (2020: £550 million). This facility is not available as Group general liquidity support;

•the Group has Export Credit Agency (ECA) facilities totalling £1,345 million (2020: £901 million), of which £446 million (2020: £233 million) is undrawn; and

•the Group has two new loan facilities in place relating to the acquisition of PPL Western Power Distribution Investments Limited (WPD) (see note 38). A facility of £8,250 million (31 March 2020: £nil) to finance the consideration and a facility of £1,105 million (31 March 2020: £nil) to back up acquired debt which contains change of control provisions, of which £8,250 million and £1,105 million is undrawn. Subsequent to the year end the £1,105 million facility has been cancelled as waivers have been obtained by WPD in relation to the change of control clauses.

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National Grid plc Annual Report and Accounts 2020/21 Financial Statements

Notes to the consolidated financial statements

continued

34. Subsidiary undertakings, joint ventures and associates


While we present consolidated results in these financial statements as if we were one company, our legal structure is such that there are a number of different operating and holding companies that contribute to the overall result. This structure has evolved through acquisitions as well as regulatory requirements to have certain activities within separate legal entities.

Subsidiary undertakings

A list of the Group’s subsidiaries as at 31 March 2021 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.

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 United States are taxed in the United States 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).

Beegas Nominees Limited

Birch Sites Limited

Carbon Sentinel Limited

Droylsden Metering Services Limited

Gridcom Limited

Icelink Interconnector Limited

Landranch Limited

Lattice Group Employee Benefit Trust Limited

Lattice Group Limited

Lattice Group Trustees Limited

Natgrid Limited

NatGrid One Limited1

NatgridTW1 Limited1

National Grid Belgium Limited2*

National Grid Blue Power Limited2*

National Grid Carbon Limited

National Grid Commercial Holdings Limited

National Grid Distributed Energy Limited

National Grid Electricity Group Trustee Limited

National Grid Electricity System Operator Limited

National Grid Electricity Transmission plc

National Grid Energy Metering Limited

National Grid Four Limited2*

National Grid Fourteen Limited2*

National Grid Gas Holdings Limited

National Grid Gas plc

National Grid Grain LNG Limited

National Grid Holdings Limited1

National Grid Holdings One plc

National Grid IFA 2 Limited

National Grid Interconnector Holdings Limited

National Grid Interconnectors Limited

National Grid International Limited1

National Grid Metering 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 Seventeen Limited2*

National Grid Smart Limited

National Grid Ten

National Grid Thirty Five Limited2*

National Grid Thirty Six Limited

National Grid Twelve Limited1

National Grid Twenty Eight Limited

National Grid Twenty-Five Limited2*

National Grid Twenty Seven Limited

National Grid Twenty Three Limited1

National Grid UK Limited

National Grid UK Pension Services Limited

National Grid (US) Holdings Limited1

National Grid (US) Investments 2 Limited1

National Grid (US) Investments 4 Limited1

National Grid (US) Partner 1 Limited1

National Grid Ventures Limited

National Grid Viking Link Limited

National Grid William Limited

NG Nominees Limited

NGC Employee Shares Trustee Limited

NGG Finance plc

Ngrid Intellectual Property Limited

NGT Telecom No. 1 Limited2*

NGT Two Limited

Port Greenwich Limited

Stargas Nominees Limited

Supergrid Electricity Limited

Supergrid Energy Transmission Limited

Supergrid Limited

Thamesport Interchange Limited

The National Grid Group Quest Trustee Company Limited

The National Grid YouPlan Trustee Limited

Transco Limited

Warwick Technology Park Management Company (No 2) Limited (60.56%)3

1. Companies where National Grid plc has issued guarantees over the liabilities of the companies as at 31 March 2021 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.

2. Registered office: c/o KPMG, 15 Canada Square, London E14 5GL, UK.

3. Registered office: Shire Hall, PO Box 9, Warwick CV34 4RL, UK.

* In liquidation.

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National Grid plc Annual Report and Accounts 2020/21 Financial Statements | Notes to the consolidated financial statements

34. Subsidiary undertakings, joint ventures and associates continued

Subsidiary undertakings continued

Incorporated in the US

Registered office: National Registered Agents, Inc., 1209 Orange Street, Wilmington, DE 19801, USA (unless stated otherwise in footnotes).

Agave Solar, LLC

Altona Solar, LLC

Apple River Solar, LLC

Apple Solar, LLC

Argenta Solar, LLC

Armenia Solar, LLC

Artemisia Solar, LLC1

Ashland Solar, LLC

Athens Solar, LLC

Audubon Wind Farm, LLC

Autauga Solar, LLC

Baileyville Solar, LLC (previously Ellison Solar, LLC)**

Banner Solar, LLC

Bazile Creek Wind Farm, LLC

Bee Hollow Solar, LLC

Bell Plaine Solar, LLC

Benevolent Solar, LLC

Birdsong Creek Solar, LLC

Black Bear Solar, LLC

Blackhawk Solar, LLC

Blaze Solar, LLC2

Blevins Solar, LLC

Blue Ridge Wind, LLC

Blue Spring Solar, LLC

Blues Solar, LLC

Bluewater Solar, LLC

Boone Solar, LLC

Boston Gas Company3

Braeburn Solar, LLC

Bridges Solar, LLC

Brilliance Solar, LLC

British Transco Capital, Inc.4

British Transco Finance, Inc.4

Brock Solar, LLC

Broken Bridge Corp.5

Brook Trout Solar, LLC

BT Noble Solar, LLC6

Bullsnake Solar, LLC

Burley Solar, LLC

Burlington Solar, LLC

Burr Ridge Wind, LLC

Cage Ranch Solar, LLC

Cage Ranch Solar II, LLC

Cage Ranch Solar III, LLC

Caldwell Solar, LLC

Caldwell Solar II, LLC

Cameo Solar, LLC

Canary Solar, LLC

Canby Solar, LLC

Carriere Solar, LLC

Cass Wind Farm, LLC

Cattle Ridge Wind Farm 2, LLC

Cedar Grove Solar, LLC

Centennial Solar, LLC

Chewelah Solar, LLC

Clear Creek Solar, LLC

Clermont Solar, LLC

Clinton County Solar, LLC

Coles Solar, LLC

Commonwealth Solar, LLC

Compass Prairie Wind, LLC

Coneflower Solar, LLC1

Conestoga Wind, LLC

Copperhead Solar, LLC

Creekview Solar, LLC

Crocker Wind Farm 2, LLC

Dahlia Solar, LLC1

Dakota Hills Wind Farm, LLC

Day Lily Solar, LLC1

Deatsville Solar, LLC

Deer Trail Solar, LLC

Dodson Creek Solar, LLC7

Donnellson Solar, LLC

East Galesburg Solar, LLC

East Macomb Solar, LLC

Eastern Hemlock Solar, LLC

Eatonville Solar, LLC

Elba Solar, LLC

Elburn Solar, LLC

Eldena Solar, LLC

Elk Creek Solar, LLC

Elk Creek Solar 2, LLC

EUA Energy Investment Corporation3

Exie Solar, LLC

Falls City Solar, LLC

Fayette Solar, LLC8

Firstview Wind Farm, LLC

Fish Creek Solar, LLC

Forrest Solar, LLC

Fort Solar, LLC

Fowlkes Solar, LLC

Front Range Wind Farm, LLC

Fulton Solar, LLC

Gala Solar, LLC

Galesburg Solar, LLC

Gardenia Solar, LLC1

Genesee Solar Energy, LLC

Gillis Solar, LLC

Glenwood Solar, LLC

Golden Solar, LLC

Goldendale Solar, LLC

Goldenrod Wind Farm, LLC

Goldfinch Solar, LLC

Grand Junction Solar, LLC

Granite State Power Link LLC4

Grant Solar, LLC

Grant Solar 2, LLC

Grayson Solar, LLC

Greenbrier Creek Solar, LLC

Greensky Solar, LLC

Greenwood Solar, LLC

Grid NY LLC9

Grindstone Wind Farm, LLC10

Hale County Solar, LLC

Hale Solar, LLC

Hampton Solar, LLC

Hansford Energy Storage, LLC

Harmony Solar ND, LLC

Harmony Solar ND 2, LLC

Harrington Solar, LLC

Hartley Solar, LLC

Hearth Solar, LLC

Heyworth Solar, LLC

Hill River Solar, LLC

Honeybee Solar, LLC

Hoosier Solar, LLC

Hoskins Solar, LLC

Illumination Solar, LLC

Innovation Solar, LLC

Irwin Solar, LLC

Itasca Energy Development, LLC1

Itasca Energy Services, LLC

Jackalope Solar, LLC

Jack Rabbit Wind, LLC

Jackson County Solar, LLC

Jantz Solar, LLC

Jonagold Solar, LLC

Junction Solar, LLC

Kankakee Solar, LLC

KeySpan CI Midstream Limited4

KeySpan Energy Corporation9

KeySpan Energy Services Inc.4

KeySpan Gas East Corporation9

KeySpan International Corporation4

KeySpan MHK, Inc.4

KeySpan Midstream Inc.4

KeySpan Plumbing Solutions, Inc.9

Kindle Solar, LLC

Kingsnake Solar, LLC

Knox Solar, LLC

KSI Contracting, LLC4

KSI Electrical, LLC4

KSI Mechanical, LLC4

Lake Charlotte Solar, LLC

Lake Iris Solar, LLC

Lakeside Solar, LLC

Lamdin Solar, LLC

Land Management & Development, Inc.9

Landwest, Inc.9

Lansing Solar, LLC

Lawrence Solar, LLC

Leola Wind Farm, LLC

Liberty Solar, LLC

Lilac Solar, LLC1

Limestone Solar, LLC

Lind Solar, LLC

Livingston County Solar, LLC

Long Mount Solar, LLC

205

National Grid plc Annual Report and Accounts 2020/21 Financial Statements

Notes to the consolidated financial statements

continued

34. Subsidiary undertakings, joint ventures and associates continued

Subsidiary undertakings continued

Incorporated in the US continued

Lordsburg Solar, LLC

Louisa Solar, LLC

Lowlands Solar, LLC

Lydia Solar, LLC

Macedonia Solar, LLC

Madden Creek Solar, LLC

Marion County Solar, LLC

Massachusetts Electric Company3

Maverick Wind Farm, LLC

Mazon Solar, LLC

Mazon Solar 2, LLC

McFadden Solar, LLC

Meadowlands Solar, LLC

Merton Solar, LLC

Metrowest Realty LLC4

Miller Creek Solar, LLC

Millers Ferry Solar, LLC

Moonrise Solar, LLC

Morgan County Solar, LLC

Morning Glory Solar, LLC1

Mountain Laurel Solar, LLC

Muddy Creek Solar, LLC

Mustang Ridge Wind Farm, LLC

Mystic Steamship Corporation7

Nantucket Electric Company3

National Grid Algonquin LLC4

National Grid Connect Inc.4

National Grid Development Holdings Corp.4

National Grid Electric Services LLC9

National Grid Energy Management LLC4

National Grid Energy Services LLC4

National Grid Energy Trading Services LLC9

National Grid Engineering & Survey Inc.9

National Grid Generation LLC9

National Grid Generation Ventures LLC11

National Grid Glenwood Energy Center, LLC4

National Grid IGTS Corp.9

National Grid Insurance USA Ltd12

National Grid Islander East Pipeline LLC4

National Grid LNG GP LLC4

National Grid LNG LLC4

National Grid LNG LP LLC4

National Grid Millennium LLC4

National Grid NE Holdings 2 LLC3

National Grid North America Inc.4

National Grid North East Ventures Inc.4

National Grid Partners Inc.9

National Grid Partners LLC4

National Grid Port Jefferson Energy Center LLC4

National Grid Renewables, LLC (previously NGV Emerald Acquisition Co., LLC)4

National Grid Renewables Development, LLC (previously Geronimo Energy, LLC)

National Grid Renewables E Wind, LLC (previously Geronimo E Wind LLC)1

National Grid Renewables Operations, LLC4

National Grid Renewables Projects, LLC (previously Geronimo Solar Energy, LLC)1

National Grid Renewables Stutsman, LLC (previously Geronimo Stutsman Wind Farm, LLC)

National Grid Services Inc.4

National Grid Transmission Services Corporation3

National Grid US 6 LLC4,†

National Grid US LLC4

National Grid USA4

National Grid USA Service Company, Inc.3

NEES Energy, Inc.3

New England Electric Transmission Corporation5

New England Energy Incorporated3

New England Hydro Finance Company, Inc. (53.704%)3

New England Hydro-Transmission Corporation (53.704%)5

New England Hydro-Transmission Electric Company, Inc. (53.704%)3

New England Power Company3

Newport America Corporation13

Newton Solar, LLC

NG Renewables Energy Marketing, LLC4

NG Renewables Energy Services, LLC

NGNE LLC4

NGV Emerald Energy Venture Holdings, LLC4

NGV OSW Holdings, LLC4

NGV US Distributed Energy Inc.4

NGV US, LLC (previously NGV Emerald Holdings, LLC)4

NGV US Transmission Inc.4

Niagara Mohawk Energy, Inc.4

Niagara Mohawk Holdings, Inc.9

Niagara Mohawk Power Corporation9

Niobrara Wind, LLC

NM Properties, Inc.9

Noble Storage, LLC

Nordic VOS, LLC

North Adair Solar, LLC

Northeast Renewable Link LLC4

North East Transmission Co., Inc.4

North Fork Wind, LLC

North Rock Solar, LLC

Onton Solar, LLC

Opinac North America, Inc.4

Oreana Solar, LLC

Parklawn Solar, LLC

Patriotic Solar, LLC

Pearl River County Solar, LLC

Pennington Solar, LLC

Peony Solar, LLC

Philadelphia Coke Co., Inc.4

Pierce County Solar, LLC

Pike County Solar, LLC

Pinon Pine Solar, LLC

Piper Solar, LLC

Pipestone Solar, LLC

Placedo Solar, LLC

Pleasant Plains Solar, LLC

Plum Creek Wind Farm, LLC

Plum Creek Wind Farm 2, LLC

Portage Solar, LLC

Port of the Islands North, LLC9

Prairie Oasis Solar, LLC

Prairie Rose Wind 2, LLC1

Prosperity Wind Farm, LLC

Prosperity Wind Farm 2, LLC

Radiance Solar, LLC1

Red Rock Solar SD, LLC

Red Wolf Solar, LLC

Regal Solar, LLC

Regal Solar 2, LLC

River North Solar, LLC

Robertson Solar, LLC

Rochester Solar, LLC1

Rock Ridge Wind Farm, LLC

Rocky Meadow Solar, LLC

Rolling Hills Solar, LLC

Ross County Solar, LLC7

Royal Solar, LLC

Royal Solar 2, LLC

Royerton Solar, LLC

Saddle Solar, LLC

Saginaw Bay Solar, LLC

Sandstone Creek Solar, LLC

Sandstone Creek Solar 2, LLC

Sapphire Sky Wind Farm, LLC

Scorpion Solar, LLC

Serenity Solar, LLC1

Shelby Solar, LLC

Sherco Solar, LLC1

Sherco Solar 2, LLC1

Silver City Solar, LLC

Simpson Solar, LLC (previously Geronimo White Pine Solar, LLC)

South Belleville Solar, LLC

South Macomb Solar, LLC

Spotlight Solar, LLC

Spring Brook Solar, LLC

Springfield Solar Farm, LLC

Spring River Solar, LLC

Stockton Solar, LLC

Stony Brook Wind, LLC

Stony Point Solar, LLC

Stove Creek Solar, LLC

Sturgis Solar, LLC

Summit Lake Solar, LLC

Sunbeam Solar, LLC

Sunray Solar, LLC

Sunrise Solar, LLC

Sycamore Creek Solar, LLC

Thacker Solar, LLC

The Brooklyn Union Gas Company9

The Narragansett Electric Company13

Tilton Solar, LLC

Torchlight Solar, LLC1

Transgas Inc.3

Tri-City Solar, LLC

Turquoise Solar, LLC

Uintah Solar, LLC

Unbridled Solar, LLC (previously Henderson Solar, LLC)

Union City Solar, LLC

Upper Hudson Development Inc.9

Valley Appliance and Merchandising Company13

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34. Subsidiary undertakings, joint ventures and associates continued

Subsidiary undertakings continued

Valley Solar, LLC

Vermont Green Line Devco, LLC (90%)4

Vibrant Solar, LLC

Virgo Community Solar Gardens, LLC1

Virtue Solar, LLC

Vivid Solar, LLC

Wallowa Solar, LLC

Wayfinder Group, Inc.3

Wayside Solar, LLC

Western Hemlock Solar, LLC

Wheatfield Solar, LLC

White Elm Wind Farm, LLC

Wild Springs Solar, LLC1

Wildcat Ridge Wind Farm, LLC

Wildhorse Creek Solar, LLC

Willard Solar, LLC

Williams County Solar, LLC

Wiregrass Solar, LLC

Wolf River Solar, LLC

Wonder Lake Solar, LLC

Woodlands Solar, LLC

Worthington Solar, LLC

Yellowbud Solar, LLC

Yellowhammer Solar, LLC

Young County Solar, LLC

Yucca Solar, LLC

Incorporated in Australia

Registered office: Level 7, 330 Collins Street, Melbourne, VIC 3000, Australia

National Grid Australia Pty Limited

Incorporated in Canada

Registered office: Stewart McKelvey LLP, c/o Charles Reagh, Queen’s Marque, 600-1741 Lower Water Street, Halifax, Nova Scotia, B3J 0J2, Canada

KeySpan Energy Development Co.

Incorporated in Hong Kong

Registered office: Level 54, Hopewell Centre, 183 Queen’s Road East, 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

NGT Holding Company (Isle of Man) Limited*†

Incorporated in Jersey

Registered office: 44 Esplanade, St Helier, JE4 9WG, Jersey, UK

National Grid Jersey Investments Limited*†

NG Jersey Limited*†

Incorporated in Luxembourg

Registered office: 412F, Route d’Esch, L-2086, Luxembourg, Grand Duchy of Luxembourg

National Grid Luxembourg SARL

Incorporated in the Netherlands

Registered office: Westblaak 89, 3012 KG Rotterdam, PO Box 21153, 3001 AD, Rotterdam, Netherlands

British Transco International Finance B.V.

Incorporated in the Republic of Ireland

Registered office: c/o Moore Stephens Nathans, Third Floor, Ulysses House, 23/24 Foley Street, Dublin, D01 W2T2, Ireland

National Grid Company (Ireland) Designated Activity Company*

1.Registered office: National Grid Renewables Development, LLC, 8400 Normandale Lake Blvd. Suite 1200, Bloomington, MN 55437, USA.

2.Registered office: National Registered Agents, Inc., 160 Greentree Drive, Suite 101, Dover DE 19904, USA.

3.Registered office: Corporation Service Company, 84 State Street, Boston MA 02109, USA.

4.Registered office: Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, USA.

5.Registered office: Corporation Service Company, 10 Ferry Street, Suite 313, Concord NH 03301, USA.

6.Registered office: National Registered Agents, Inc., 1999 Bryan St, Bryan Street, Dallas, Dallas County TX 75201, USA.

7.Registered office: The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware, 19801, USA.

8.Registered office: 60 Mine Lake Ct, Mine Lake Court, Suite 200, Raleigh, Wake County, NC 27615, USA.

9.Registered office: Corporation Service Company, 80 State Street, Albany NY 12207, USA.

10.Registered office: National Registered Agents, Inc., 30600 Telegraph Road, Suite 2345, Bingham Farms, MI 48025-5720, USA.

11.Registered office: Corporation Service Company, 84 State Street, Albany NY 12207, USA.

12.Registered office: One MetroTech Center, Brooklyn NY 11201, USA.

13.Registered office: Corporation Service Company, 222 Jefferson Boulevard, Suite 200, Warwick RI 02888, USA.

* In liquidation.

** Name change post 31 March 2021.

† Entity is tax resident in the United Kingdom.

207

National Grid plc Annual Report and Accounts 2020/21 Financial Statements

Notes to the consolidated financial statements

continued

34. Subsidiary undertakings, joint ventures and associates continued

Joint ventures

A list of the Group’s joint ventures as at 31 March 2021 is given below. All joint ventures are included in the Group’s financial statements using the equity method of accounting. Principal joint ventures are identified in bold.

Incorporated in England and Wales

Registered office: 1–3 Strand, London WC2N 5EH, UK (unless stated otherwise in footnotes).

BritNed Development Limited (50%)*

Joint Radio Company Limited (50%)1**

National Places LLP (50%)2

Nemo Link Limited (50%)

NGET/SPT Upgrades Limited (50%)†

St William Homes LLP (50%)3

Incorporated in the US

Registered office: Corporation Service Company, 251 Little Falls Drive, Wilmington, DE 19808, USA (unless stated otherwise in footnotes).

Bight Wind Holdings, LLC (30%)4

Clean Energy Generation, LLC (50%)

Emerald Energy Venture LLC (51%)

Island Park Energy Center, LLC (50%)

Islander East Pipeline Company, LLC (50%)4

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 SAS (50%)

Associates

A list of the Group’s associates as at 31 March 2021 is given below. Unless otherwise stated, all associates are included in the Group’s financial statements using the equity method of accounting. Principal associates are identified in bold.

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%)4

Connecticut Yankee Atomic Power Company (19.5%)5

Direct Global Power, Inc. (26%)4

Energy Impact Fund LP (9.41%)6

KHB Venture LLC (33.33%)7

Maine Yankee Atomic Power Company (24%)8

Millennium Pipeline Company, LLC (26.25%)4

New York Transco LLC (28.3%)9

NYSEARCH RMLD, LLC (22.63%)

The Hive IV, LLC (28.2%)4

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 2021 is given below.

Incorporated in England and Wales

Registered office: 1 More London Place, London SE1 2AF, UK

Energis plc (33.06%)‡

1. Registered office: Friars House, Manor House Drive, Coventry CV1 2TE, UK.

2. Registered office: 80 Cheapside, London, EC2V 6EE, UK.

3. Registered office: Berkeley House, 19 Portsmouth Road, Cobham, Surrey KT11 1JG, UK.

4. Registered office: The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington DE 19801, USA.

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, Sussex County, USA.

7. Registered office: De Maximus 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.

* National Grid Interconnector Holdings Limited owns 284,500,000 €0.20 C Ordinary shares and one £1.00 Ordinary A share.

** National Grid Gas plc owns all £1.00 A Ordinary shares.

† 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 for the year ended 31 March 2021:


Company name			Company number
NatGrid One Limited			5521240
Natgrid TW1 Limited			7579324
National Grid Holdings Limited			3096772
National Grid International Limited			2537092
National Grid Twelve Limited			4355616
National Grid Twenty Three Limited			6999009
National Grid (US) Holdings Limited			2630496
National Grid (US) Investments 2 Limited			3784528
National Grid (US) Investments 4 Limited			3867128
National Grid (US) Partner 1 Limited			4314432

208

National Grid plc Annual Report and Accounts 2020/21 Financial Statements | Notes to the consolidated financial statements

35. Sensitivities


In order to give a clearer picture of the impact on our results or financial position of potential changes in significant estimates and assumptions, the following sensitivities are presented. These sensitivities are based on assumptions and conditions prevailing at the year-end and should be used with caution. The effects provided are not necessarily indicative of the actual effects that would be experienced because our actual exposures are constantly changing.

The sensitivities in the tables below show the potential impact in the income statement (and consequential impact on net assets) for a reasonably possible range of different variables each of which have been considered in isolation (i.e. with all other variables remaining constant). There are a number of these sensitivities which are mutually exclusive, and therefore if one were to happen, another would not, meaning a total showing how sensitive our results are to these external factors is not meaningful.

The sensitivities included in the tables below broadly have an equal and opposite effect if the sensitivity increases or decreases by the same amount unless otherwise stated.

(a) Sensitivities on areas of estimation uncertainty

The table below sets out the sensitivity analysis for certain areas of estimation uncertainty set out in note 1E. These estimates are those that have a significant risk of resulting in a material adjustment to the carrying values of assets and liabilities in the next year. Note that the sensitivity analysis for the useful economic lives of our gas network assets is included in note 13.


	2021		2020
	Income statement £m	Net assets £m	Income statement £m	Net assets £m
Pensions and other post-retirement benefit liabilities (pre-tax)¹:
UK discount rate change of 0.5%²	4	952	6	877
US discount rate change of 0.5%²	17	730	10	514
UK RPI rate change of 0.5%³	3	723	4	670
UK long-term rate of increase in salaries change of 0.5%	1	42	1	39
US long-term rate of increase in salaries change of 0.5%	3	42	2	47
UK change of one year to life expectancy at age 654	1	612	1	545
US change of one year to life expectancy at age 65	4	429	4	456
Assumed US healthcare cost trend rates change of 1%	26	437	31	507






Environmental provision:
10% change in estimated future cash flows	170	170	210	210

1. The changes shown are a change in the annual pension or other post-retirement benefit service charge and change in the defined benefit obligations.

2. A change in the discount rate is likely to occur as a result of changes in bond yields and as such would be expected to be offset to a significant degree by a change in the value of the bond assets held by the plans. In the UK, there would also be a £257 million (2020: £205 million) net assets offset from the buy-in policies, where the accounting value of the buy-in asset is set equal to the associated liabilities.

3. The projected impact resulting from a change in RPI reflects the underlying effect on pensions in payment, pensions in deferment and resultant increases in salary assumptions. The buy-in policies would have a £190 million (2020: £152 million) net assets offset to the above.

4. In the UK, the buy-in policies and the longevity swap entered into, would have a £183 million (2020: £223 million) net assets offset to the above.

Pensions and other post-retirement benefits assumptions

Sensitivities have been prepared to show how the defined benefit obligations and annual service costs could potentially be impacted by changes in the relevant actuarial assumption that were reasonably possible as at 31 March 2021. In preparing sensitivities, the potential impact has been calculated by applying the change to each assumption in isolation and assuming all other assumptions remain unchanged. This is with the exception of RPI in the UK where the corresponding change to increases to pensions in payment, increases to pensions in deferment and increases in salary are recognised.

209

National Grid plc Annual Report and Accounts 2020/21 Financial Statements

Notes to the consolidated financial statements

continued

35. Sensitivities continued

(b) Sensitivities on financial instruments

We are further required to show additional sensitivity analysis under IFRS 7 and these are shown separately in the subsequent table due to the additional assumptions that are made in order to produce meaningful sensitivity disclosures.

Our net debt as presented in note 29 is sensitive to changes in market variables, primarily being UK and US interest rates, the UK RPI and the dollar to sterling exchange rate. These impact the valuation of our borrowings, deposits and derivative financial instruments. The analysis illustrates the sensitivity of our financial instruments to reasonably possible changes in these market variables.

The following main assumptions were made in calculating the sensitivity analysis for continuing operations:

• the amount of net debt, the ratio of fixed to floating interest rates of the debt and derivatives portfolio, and the proportion of financial instruments in foreign currencies are all constant and on the basis of the hedge designations in place at 31 March 2021 and 2020 respectively;

• the statement of financial position sensitivity to interest rates relates to items presented at their fair values: derivative financial instruments; our investments measured at fair value through profit and loss (FVTPL) and fair value through other comprehensive income; and our liability measured at FVTPL. Further debt and other deposits are carried at amortised cost and so their carrying value does not change as interest rates move;

• the sensitivity of interest to movements in interest rates is calculated on net floating rate exposures on debt, deposits and derivative instruments;

• changes in the carrying value of derivatives from movements in interest rates of designated cash flow hedges are assumed to be recorded fully within equity; and

• changes in the carrying value of derivative financial instruments designated as net investment hedges from movements in interest rates are presented in equity as costs of hedging, with a one-year release to the income statement. The impact of movements in the dollar to sterling exchange rate are recorded directly in equity.


	2021		2020
	Income statement £m	Other equity reserves £m	Income statement £m	Other equity reserves £m
Financial risk (post-tax):
UK RPI change of 0.5%¹	25	—	27	—
UK interest rates change of 0.5%	12	98	14	47
US interest rates change of 0.5%	6	22	5	27
US dollar exchange rate change of 10%²	44	285	49	216

1. Excludes sensitivities to LPI curve. Further details on sensitivities are provided in note 32(g).

2. The other equity reserves impact does not reflect the exchange translation in our US subsidiaries’ net assets. It is estimated this would change by £1,425 million (2020: £1,319 million) in the opposite direction if the dollar exchange rate changed by 10%.

Our commodity contract derivatives are sensitive to price risk. Additional sensitivities in respect to commodity price risk and to our derivative fair values are as follows:


	2021		2020
	Income statement £m	Net assets £m	Income statement £m	Net assets £m
Commodity price risk (post-tax):
10% increase in commodity prices	20	20	26	26
10% decrease in commodity prices	(21)	(21)	(27)	(27)

Assets and liabilities carried at fair value (post-tax):
10% fair value change in derivative financial instruments¹	14	14	12	12
10% fair value change in commodity contract derivative liabilities	6	6	9	9

1. The effect of a 10% change in fair value assumes no hedge accounting.

210

National Grid plc Annual Report and Accounts 2020/21 Financial Statements | Notes to the consolidated financial statements

36. Additional disclosures in respect of guaranteed securities


We have preferred shares that are listed on a US national securities exchange and are guaranteed by a company in the Group. This guarantor commits to honour any liabilities should the company issuing the debt have any financial difficulties. In order to provide debt holders with information on the financial stability of the company providing the guarantee, we are required to disclose individual financial information for this company. We have chosen to include this information in the Group financial statements rather than submitting separate stand-alone financial statements.

Niagara Mohawk Power Corporation, a wholly owned subsidiary of the Group, has issued preferred shares that are listed on a US national securities exchange and are guaranteed by National Grid plc. In order to provide preferred shareholders with information on the financial stability of the company providing the guarantee, we are required to disclose individual financial information for these companies. We have chosen to include this information in the Group financial statements rather than submitting separate stand-alone financial statements.

The following summarised financial information is given in respect of Niagara Mohawk Power Corporation as a result of National Grid plc’s guarantee, dated 29 October 2007, of Niagara Mohawk Power Corporation’s 3.6% and 3.9% issued preferred shares, which amount to £29 million. National Grid plc’s guarantee of Niagara Mohawk Power Corporation’s preferred shares is full and unconditional. There are no restrictions on the payment of dividends by Niagara Mohawk Power Corporation or limitations on National Grid plc’s guarantee of the preferred shares, and there are no factors that may affect payments to holders of the guaranteed securities.

The following summarised financial information for National Grid plc and Niagara Mohawk Power Corporation is presented on a combined basis and is intended to provide investors with meaningful and comparable financial information, and is provided pursuant to the early adoption of Rule 13-01 of Regulation S-X in lieu of the separate financial statements of Niagara Mohawk Power Corporation.

Summarised financial information is presented, on a combined basis, as at 31 March 2021. The combined amounts are presented under IFRS measurement principles. Inter-company transactions have been eliminated. Investments in other non-issuer and non-guarantor subsidiaries are included at cost, subject to impairment.

Summarised financial information for the year ended 31 March 2021 – IFRS


			National Grid plc and Niagara Mohawk Power Corporation combined £m

Combined statement of financial position
Non-current loans to other subsidiaries			—
Non-current assets			8,940
Current loans to other subsidiaries			20,692
Current assets			1,553
Current loans from other subsidiaries			(17,589)
Current liabilities			(1,342)
Non-current loans from other subsidiaries			(2,059)
Non-current liabilities			(6,363)
Net assets¹			3,832
Equity			3,832

Combined income statement – continuing operations
Revenue			2,462
Operating costs			(4,562)
Operating profit			(2,100)
Other income from other subsidiaries			9,978
Other income and costs, including taxation			(182)
Profit after tax			7,696

1. Excluded from net assets above are investments in other consolidated subsidiaries with a carrying value of £14,415 million.

37. Transition to new accounting standards

(a) Transition to IFRS 16

The Group adopted IFRS 16 ‘Leases’, with effect from 1 April 2019. IFRS 16 introduced a single lease accounting model for lessees (rather than the previous distinction between operating and finance leases). A contract is, or contains, a lease, if it provides the right to control the use of an identified asset for a specific period of time in exchange for consideration. The new standard resulted in our operating leases being accounted for in the consolidated statement of financial position as ‘right-of-use’ assets with corresponding lease liabilities also recognised. It therefore increased both our assets and liabilities (including net debt). It also changed the timing and presentation in the consolidated income statement as it resulted in an increase in finance costs and depreciation largely offset by a reduction in the previously straight-line operating costs.

Transition options

We applied IFRS 16 using the modified retrospective approach. Comparatives were not restated on adoption. Instead, on the opening balance sheet date, right-of-use assets (net of accrued rent or rent-free periods, and reported within property, plant and equipment), additional lease liabilities (reported within borrowings) and any associated deferred tax were recognised, with no cumulative transition adjustment to reflect through retained earnings. For short-term leases (lease term of 12 months or less) and leases of low-value assets (such as computers), the Group continues to recognise a lease expense on a straight-line basis as permitted by IFRS 16.

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Notes to the consolidated financial statements

continued

37. Transition to new accounting standards continued

(a) Transition to IFRS 16 continued

We elected to apply the practical expedient to grandfather our previous assessments of whether contracts were previously accounted for as a lease, as permitted by the standard, instead of reassessing all significant contracts as at the date of initial application to determine whether they met the IFRS 16 definition of a lease.

We elected to apply the practical expedient on transition, which permitted right-of-use assets to be measured at an amount equal to the lease liability on adoption of the standard (adjusted for any prepaid or accrued lease expenses).

In addition, we also elected the option to adjust the carrying amounts of the right-of-use assets as at 1 April 2019 for any onerous lease provisions that had been recognised on the Group consolidated statement of financial position as at 31 March 2019, rather than performing impairment assessments on transition.

Impact of transition

At 31 March 2019, the Group disclosed non-cancellable operating lease commitments of £0.3 billion, of which the majority were in the US. A further £0.4 billion of lease liabilities were recognised due to the requirement in IFRS 16 to recognise lease liabilities for the term that we are reasonably certain to exercise lease extension or lease termination options for, rather than only for the period of the minimum contractual term that was used in determining our lease liability commitments. This was partially offset by the £0.2 billion impact of discounting our lease liabilities at the incremental borrowing rate for each lease. The weighted average discount rate applied to lease liabilities recognised on the transition date was 2.8%. There were some immaterial short-term and low-value leases, which were recognised on a straight-line basis as an expense in the consolidated income statement over the remaining lease term.

As a result, the Group recognised additional right-of-use assets of £0.5 billion and lease liabilities (which are included within net debt) of £0.5 billion at 1 April 2019. No additional net deferred tax was recognised. The transition adjustment was in addition to the £270 million of finance leases already recognised on the consolidated statement of financial position under IAS 17. There was no impact on net assets as shown in the table below, which shows the impacted balances from the Group consolidated statement of financial position.


Impact of transition	31 March 2019 (before the impact of IFRS 16)1 £m	IFRS 16 transition adjustments £m	1 April 2019 As restated £m
Property, plant and equipment – Right-of-use assets
Land and buildings	2,560	381	2,941
Plant and machinery	36,911	67	36,978
Assets in the course of construction	5,049	—	5,049
Motor vehicles and office equipment	339	20	359
Total property, plant and equipment	44,859	468	45,327
Borrowings – Lease liabilities
Current	(65)	(48)	(113)
Non-current	(205)	(426)	(631)
Total lease liabilities	(270)	(474)	(744)
Other liabilities
Trade and other payables	(3,769)	3	(3,766)
Other non-current liabilities	(808)	3	(805)

Net assets	19,568	—	19,568

Equity
Total equity	19,568	—	19,568

1. Comparative amounts have been revised as described in note 1F.

The impact of IFRS 16 on profit after tax as a result of adopting the new standard was not material. However, it resulted in an increase in operating profit due to the operating costs now being replaced with depreciation and interest charges.

The impact on the cash flow statement was also not material, although there was an increase in operating cash flows and decrease in financing cash flows, because repayment of the principal portion of the lease liabilities is now classified as cash flows from financing activities rather than operating cash flows.

Ongoing accounting policy

With effect from 1 April 2019, new lease arrangements entered into are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group. The right-of-use asset and associated lease liability arising from a lease are initially measured at the present value of the lease payments expected over the lease term, plus any other costs. The discount rate applied is the rate implicit in the lease or if that is not available, then the incremental rate of borrowing for a similar term and similar security.

The lease term takes account of exercising any extension options that are at our option if we are reasonably certain to exercise the option and any lease termination options unless we are reasonably certain not to exercise the option.

Each lease payment is allocated between the liability and finance cost. The finance cost is charged to the income statement over the lease period using the effective interest rate method. The right-of-use asset is depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis. For short-term leases (lease term of 12 months or less) and leases of low-value assets (such as computers), the Group continues to recognise a lease expense on a straight-line basis.

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37. Transition to new accounting standards continued

(b) Transition to IFRS 9 and IFRS 15

On 1 April 2018, the Group adopted IFRS 9 and IFRS 15. Both standards were applied using the modified retrospective approach whereby comparative amounts were not restated on transition, but a cumulative adjustment was made to retained earnings in the opening consolidated statement of financial position as at 1 April 2018. The impact of the transition on the opening consolidated statement of financial position is set out in the following table:


Impact of transition	31 March 2018 (Before the impact of transition adjustments)*	Transition adjustments		1 April 2018
		IFRS 9	IFRS 15
	£m	£m	£m	£m
Non-current assets
Goodwill	4,984	—	—	4,984
Other intangible assets	899	—	—	899
Property, plant and equipment	40,730	—	—	40,730
Other non-current assets	115	—	—	115
Pension assets	1,409	—	—	1,409
Financial and other investments	899	—1	—	899
Investments in joint ventures and associates	2,168	—	—	2,168
Derivative financial assets	1,319	—	—	1,319
Total non-current assets	52,523	—	—	52,523
Current assets
Inventories and current intangible assets	341	—	—	341
Trade and other receivables	2,798	—2	(3)	2,795
Current tax assets	114	—	—	114
Financial and other investments	2,694	—1	—	2,694
Derivative financial assets	405	—	—	405
Cash and cash equivalents	329	—	—	329
Total current assets	6,681	—	(3)	6,678
Total assets	59,204	—	(3)	59,201
Current liabilities
Borrowings	(4,447)	—	—	(4,447)
Derivative financial liabilities	(401)	—	—	(401)
Trade and other payables	(3,453)	—	597	(3,394)
Contract liabilities	—	—	(53)7	(53)
Current tax liabilities	(123)	—	—	(123)
Provisions	(273)	—	—	(273)
Total current liabilities	(8,697)	—	6	(8,691)
Non-current liabilities
Borrowings	(22,178)	(32)3	—	(22,210)
Derivative financial liabilities	(660)	—	—	(660)
Other non-current liabilities	(1,317)	—	5677	(750)
Contract liabilities	—	—	(813)7	(813)
Deferred tax liabilities	(3,868)	54	748	(3,789)
Pensions and other post-retirement benefit obligations	(1,672)	—	—	(1,672)
Provisions	(1,779)	—	—	(1,779)
Total non-current liabilities	(31,474)	(27)	(172)	(31,673)
Total liabilities	(40,171)	(27)	(166)	(40,364)
Net assets	19,033	(27)	(169)	18,837
Equity
Share capital	452	—	—	452
Share premium account	1,321	—	—	1,321
Retained earnings	21,784	(99)5	(169)9	21,516
Other equity reserves	(4,540)	726	—	(4,468)
Total shareholders’ equity	19,017	(27)	(169)	18,821
Non-controlling interests	16	—	—	16
Total equity	19,033	(27)	(169)	18,837

*Comparative amounts have been revised as described in note 1F.

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Notes to the consolidated financial statements

continued

37. Transition to new accounting standards continued

(b) Transition to IFRS 9 and IFRS 15 continued

IFRS 9: Financial Instruments

IFRS 9 has changed the rules concerning the classification and measurement of financial instruments, impairment of financial assets, and hedge accounting. Details of the impact of applying IFRS 9 for the year ended 31 March 2019 are set out below.

Adjustments arising in the year ended 31 March 2019 as a result of the transition to IFRS 9:

1.The available-for-sale category for financial assets was replaced with investments held at fair value through profit and loss (FVTPL) and investments held at fair value through other comprehensive income (FVOCI). Changes to the classification and measurement of financial assets did not alter the carrying value of any financial assets held by the Group. The net impact to retained earnings of the reclassification on transition was an £8 million gain.

As described in note 15, all recognised financial assets that are within the scope of IFRS 9 are initially recorded at fair value and subsequently measured at amortised cost or fair value based on the Group’s business model for managing the financial assets and the contractual cash flow characteristics of the financial assets. Therefore on 1 April 2018, the Group reclassified its investments as follows:

•Money market funds and fund investments held by captive insurance companies were classified as financial assets at FVTPL because their contractual cash flows are not solely payments of principal and interest;

•Investments in debt securities that have contractual payments that are solely payments of principal and interest, and which are held as part of the liquidity portfolio or to back employee benefit liabilities, were classified as financial assets at FVOCI because they are held in a business model whose objective is to collect the contractual cash flows and to sell the debt instruments;

•The Group has elected to hold investments in equity securities, which are held to back employee benefit liabilities, as financial assets at FVOCI as the Group does not believe that changes in their fair value is reflective of the financial performance of the Group; and

•Loans to joint ventures and associates, cash at bank, and short-term deposits are classified at amortised cost as they have contractual cash flows which are solely payments of principal and interest and the Group holds them to collect contractual cash flows.

Aside from derivative financial instruments, which remain classified as FVTPL, the Group did not previously have any financial assets or liabilities classified at FVTPL.

The table below illustrates those financial assets and liabilities that were reclassified at 1 April 2018:


Financial asset/liability	Note	Original measurement category under IAS 39	New measurement category under IFRS 9	Original carrying amount under IAS 39 £m	Change to measurement basis under IFRS 9 £m	New carrying amount under IFRS 9 £m
Money market funds and fund investments in equities and bonds	15	Available-for-sale investments	Financial assets at FVTPL	2,294	—	2,294
Cash surrender value of life insurance policies and investments in debt securities	15	Available-for-sale investments	Financial assets at FVOCI	343	—	343
Investments in equity securities	15	Available-for-sale investments	Financial assets at FVOCI (equity instruments)	84	—	84
Loans to joint ventures and associates and restricted balances	15	Loans and receivables	Financial assets at amortised cost	872	—	872
Borrowings	21	Financial liabilities at amortised cost	Financial liabilities at fair value through profit and loss	(570)	(32)	(602)

Note that the table above does not include derivative assets, derivative liabilities, trade receivables, cash at bank and short-term deposits, borrowings measured at amortised cost or trade payables. This is because neither the classification nor the measurement of these items has changed on transition to IFRS 9.

2.The change from the incurred loss impairment model of IAS 39 to the expected loss model in IFRS 9 did not have a material impact on the Group’s credit loss provision. The Group calculates its impairment provision on trade receivables using a sophisticated provisions matrix. The inclusion of forward-looking information did not have a significant impact on the matrix as the relevant short-term future economic conditions affecting our retail customers in the US are expected to be similar to recent experience.

3.The Group elected to reclassify an existing liability with a carrying value of £570 million from amortised cost to fair value through profit and loss to reduce a measurement mismatch. At transition, the resultant impacts included an increase in the carrying value of the liability of £32 million, a reduction in retained earnings of £40 million and the establishment of an own credit reserve (within other equity reserves) of £7 million.

4.Deferred tax was recognised on the adjustments recorded on the transition to IFRS 9. Reserve impacts are stated net of related deferred tax.

5.Retained earnings included the impact from adjustments 1, 3 and 6.

6.The Group adopted the hedge accounting requirements of IFRS 9, which more closely align with the Group’s risk management policies. On transition, it was concluded that all IAS 39 hedge relationships are qualifying IFRS 9 relationships with the treatment of the cost of hedging being the main change. The effect was a reclassification in reserves of a £67 million gain from retained earnings and a £10 million gain from the cash flow hedge reserve, into a new cost of hedging reserve (within other equity reserves). In this reserve, qualifying unrealised gains and losses excluded from hedging relationships are deferred and released systematically into profit or loss to match the timing of hedged items.

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37. Transition to new accounting standards continued

(b) Transition to IFRS 9 and IFRS 15 continued

IFRS 15: Revenue from Contracts with Customers

IFRS 15 primarily changed the accounting for our connection and diversion revenues in our regulated businesses. No practical expedients on transition were applied.

The accounting for revenue under IFRS 15 did not represent a substantive change from the Group’s previous practice under IAS 18 for recognising revenue from sales to customers with the exception of the following items:

• Certain pass-through revenues (principally revenues collected on behalf of the Scottish and Offshore transmission operators) were recorded net of operating costs, whereas previously they were recognised gross of operating costs. Had we not adopted IFRS 15, our revenues and operating costs for the year ended 31 March 2019 would have been £1,197 million higher, with no impact to operating profits;

• Contributions for capital works relating to connections for our customers were deferred as contract liabilities on our consolidated statement of financial position on transition, and released over the life of the connection assets. This was a change for our US Regulated business and our UK Gas Transmission business, where previously revenues were recorded once the work was completed. Had we not adopted IFRS 15, our revenues and operating profit for the year ended 31 March 2019 would have been £57 million higher; and

• In the UK, contributions for capital works relating to diversions were recognised as the works are completed. This was a change for the UK regulated businesses where revenues were previously deferred over the life of the asset. Had we not adopted IFRS 15, our revenues and operating profit for the year ended 31 March 2019 would have been £26 million and £23 million lower, respectively.

Adjustments arising in the year ended 31 March 2019 as a result of the transition to IFRS 15:

7.Deferred income from contributions for capital works were reclassified to contract liabilities. In addition, these liabilities for capital works relating to connections have increased as these capital contributions for connections were cumulatively adjusted for on 1 April 2018 and are now deferred and released over the life of the connection assets. This was a change for our US Regulated business and our UK Gas Transmission business where previously revenues were recorded once the work was completed.

Partially offsetting the increase in contract liabilities for connections was the change in accounting treatment for contributions relating to diversions in our UK businesses. These contributions are recognised as revenue as the works are completed where previously revenue was recognised over the life of the assets.

8. Deferred tax was recorded on the incremental amounts recorded against capital contributions and contract liabilities on the transition to IFRS 15. Deferred tax balances have been calculated at the rate substantively enacted at the balance sheet date.

9. The transition adjustment reflected the net of adjustments 7 and 8 above.

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Notes to the consolidated financial statements

continued

38. Acquisitions


This note outlines the acquisition announced during the year and the acquisition made in the prior year.

Acquisition of PPL Western Power Distribution Investments Limited

On 17 March 2021, National Grid plc entered into an agreement to acquire 100% of the share capital of PPL WPD Investments Limited (WPD), the holding company of Western Power Distribution plc, which is the UK’s largest electricity distribution network operator. The total consideration for the transaction is £7.8 billion. The transaction is expected to complete in July 2021.

Acquisition of Geronimo Energy LLC and Emerald Energy Venture LLC

On 11 July 2019, National Grid Ventures acquired 100% of the share capital of National Grid Renewables (formerly known as Geronimo Energy LLC) and 51% of Emerald Energy Venture LLC (Emerald), which is jointly controlled by National Grid and Washington State Investment Board (WSIB). National Grid Renewables Development LLC is a leading developer of wind and solar generation based in Minneapolis in the US, and the acquisition is a significant step in National Grid’s commitment to the decarbonisation agenda, towards developing and growing a large-scale renewable generation business in the US, and delivering sustainable, reliable and efficient energy. This is National Grid’s first ownership stake in wind generation and an expansion of our activities in solar generation. Whilst National Grid Renewables develops the assets, Emerald has a right of first refusal to buy, build and operate those assets.

The total consideration was £209 million, satisfied by a combination of cash and contingent consideration. The contingent consideration was recorded within trade and other payables for the amount payable within one year, with the remainder recorded within other non-current liabilities. The fair value of contingent consideration recognised was determined as the present value of our best estimate of the value that we will be required to pay, taking into consideration management’s estimates of the volume of successful development activity by National Grid Renewables over the relevant period.The contingent consideration will be payable over a number of years.

The fair values of the assets and liabilities recognised at the acquisition date for both the acquisition of the subsidiary, National Grid Renewables, and the joint venture, Emerald, are set out below.


			£m
Intangible assets			5
Property, plant and equipment			1
Investment in joint venture – Emerald			90
Cash			2
Other identifiable assets and liabilities			30
Total identifiable assets			128
Goodwill			81
Total consideration transferred			209

Satisfied by:
Contingent consideration – National Grid Renewables			70
Cash consideration – National Grid Renewables			49
Cash consideration – Emerald			90
			209

The goodwill arising from the acquisition comprised the value associated with the potential future projects that will be developed by National Grid Renewables as well as the expertise of the management team that was acquired, neither of which qualify for recognition as tangible or intangible assets. At the acquisition date, there were no material contingent liabilities.

Total acquisition-related costs of £3 million were recognised within operating costs within the consolidated income statement, of which £1 million was recognised in the year ended 31 March 2020.

National Grid Renewables earns revenue from selling its development stage assets to Emerald and other third parties. Emerald generates revenue from the assets it purchases from National Grid Renewables once they are operational and has no other business (see note 16). Neither entity has generated significant revenues or profits for the period between the acquisition date and 31 March 2020. Even if the acquisition had completed on 1 April 2019, there would have been no significant revenues or profits for the year ended 31 March 2020.

39. Post balance sheet events

In the period between 1 April 2021 and 19 May 2021, there have been no significant post balance sheet events.

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Company accounting policies


We are required to include the stand-alone balance sheet of our ultimate Parent Company, National Grid plc, under the Companies Act 2006. This is because the publicly traded shares are actually those of National Grid plc (the Company) and the following disclosures provide additional information to shareholders.

A. Basis of preparation

National Grid plc is the Parent Company of the National Grid Group, which is engaged in the transmission and distribution of electricity and gas in Great Britain and northeastern US. The Company is a public limited company, limited by shares. The Company is incorporated and domiciled in England, with its registered office at 1–3 Strand, London, WC2N 5EH.

The financial statements of National Grid plc for the year ended 31 March 2021 were approved by the Board of Directors on 19 May 2021. The Company meets the definition of a qualifying entity under Financial Reporting Standard 100 (FRS 100) issued by the Financial Reporting Council. Accordingly, these individual financial statements of the Company have been prepared in accordance with Financial Reporting Standard 101 ‘Reduced Disclosure Framework’ (FRS 101). In preparing these financial statements the Company applies the recognition and measurement requirements of International Financial Reporting Standards (IFRS) as adopted by the EU, but makes amendments where necessary in order to comply with the provisions of the Companies Act 2006 and sets out below where advantage of the FRS 101 disclosure exemptions has been taken.

These individual financial statements have been prepared on an historical cost basis, except for the revaluation of financial instruments, and are presented in pounds sterling, which is the currency of the primary economic environment in which the Company operates. The comparative financial information has also been prepared on this basis.

These individual financial statements have been prepared on a going concern basis, which presumes that the Company has adequate resources to remain in operation, and that the Directors intend it to do so, for at least one year from the date the financial statements are signed. As the Company is part of a larger group it participates in the Group’s centralised treasury arrangements and so shares banking arrangements with its subsidiaries. The Company is expected to generate positive cash flows or be in a position to obtain finance via intercompany loans to continue to operate for the foreseeable future.

As described further in note 1 to the consolidated financial statements, the Directors have considered the impact of COVID-19 on the Group. Based on this analysis, they have concluded that the Company will have adequate resources to continue in operation for at least 12 months from the signing date of these financial statements. Therefore, they continue to adopt the going concern basis of accounting in preparing the financial statements.

In accordance with the exemption permitted by section 408 of the Companies Act 2006, the Company has not presented its own profit and loss account or statement of comprehensive income.

The following exemptions from the requirements of IFRS have been applied in the preparation of these financial statements of the Company in accordance with FRS 101:

• a cash flow statement and related notes;

• disclosures in respect of transactions with wholly owned subsidiaries;

• disclosures in respect of capital management; and

• the effects of new but not yet effective IFRS standards.

The exemption from disclosing key management personnel compensation has not been taken as there are no costs borne by the Company in respect of employees, and no related costs are recharged to the Company.

As the consolidated financial statements of National Grid plc, which are available from the registered office, include the equivalent disclosures, the Company has also taken the exemptions under FRS 101 in respect of certain disclosures required by IFRS 13 ‘Fair value measurement’ and the disclosures required by IFRS 7 ‘Financial instruments: Disclosures’.

There are no areas of judgement or key sources of estimation uncertainty that are considered to have a significant effect on the amounts recognised in the financial statements.

The balance sheet has been prepared in accordance with the Company’s accounting policies approved by the Board and described below.

B. Fixed asset investments

Investments held as fixed assets are stated at cost less any provisions for impairment. Investments are reviewed for impairment if events or changes in circumstances indicate that the carrying amount may not be recoverable. Impairments are calculated such that the carrying value of the fixed asset investment is the lower of its cost or recoverable amount. Recoverable amount is the higher of its fair value less costs of disposal and its value-in-use. The Company accounts for common control transactions at cost.

C. Tax

Current tax for the current and prior periods is provided at the amount expected to be paid or recovered using the tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is provided in full on temporary differences which result in an obligation at the balance sheet date to pay more tax, or the right to pay less tax, at a future date, at tax rates expected to apply when the temporary differences reverse based on tax rates and tax laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is provided for using the balance sheet liability method and is recognised on temporary differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit.

Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered. Deferred tax assets and liabilities are not discounted.

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Company accounting policies continued

D. Foreign currencies

Transactions in currencies other than the functional currency of the Company are recorded at the rates of exchange prevailing on the dates of the transactions. At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at closing exchange rates. Gains and losses arising on retranslation of monetary assets and liabilities are included in the profit and loss account.

E. Financial instruments

The Company’s accounting policies are the same as the Group’s accounting policies under IFRS, namely IAS 32 ‘Financial Instruments: Presentation’, IFRS 9 ‘Financial Instruments’ and IFRS 7 ‘Financial Instruments: Disclosures’. The Company applies these policies only in respect of the financial instruments that it has, namely investments, derivative financial instruments, debtors, cash at bank and in hand, borrowings and creditors.

The policies are set out in notes 15, 17, 19, 20, 21 and 22 to the consolidated financial statements. The Company is taking the exemption for financial instruments disclosures, because IFRS 7 disclosures are given in notes 32 and 35 to the consolidated financial statements.

F. Hedge accounting

The Company applies the same accounting policy as the Group in respect of fair value hedges and cash flow hedges. This policy is set out in note 32 to the consolidated financial statements.

G. Parent Company guarantees

The Company has guaranteed the repayment of the principal sum, any associated premium and interest on specific loans due by certain subsidiary undertakings primarily to third parties. Such guarantees are accounted for by the Company as insurance contracts. In the event of default or non-performance by the subsidiary, a liability is recorded in accordance with IAS 37.

H. Share awards to employees of subsidiary undertakings

The issuance by the Company to employees of its subsidiaries of a grant over the Company’s options represents additional capital contributions by the Company to its subsidiaries. An additional investment in subsidiaries results in a corresponding increase in shareholders’ equity. The additional capital contribution is based on the fair value of the option at the date of grant, allocated over the underlying grant’s vesting period. Where payments are subsequently received from subsidiaries, these are accounted for as a return of a capital contribution and credited against the Company’s investments in subsidiaries. The Company has no employees.

I. Dividends

Interim dividends are recognised when they are paid to the Company’s shareholders. Final dividends are recognised when they are approved by shareholders.

J. Directors’ remuneration

Full details of Directors’ remuneration are disclosed on pages 92 to 113.

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National Grid plc Annual Report and Accounts 2020/21 Financial Statements

Company balance sheet

as at 31 March


		2021	2020
	Notes	£m	£m
Fixed assets
Investments	1	14,389	14,362

Current assets
Debtors (amounts falling due within one year)	2	20,699	12,427
Debtors (amounts falling due after more than one year)	2	143	398
Investments	5	784	752
Cash at bank and in hand		40	2
Total current assets		21,666	13,579

Creditors (amounts falling due within one year)	3	(18,312)	(16,836)
Net current assets/(liabilities)		3,354	(3,257)
Total assets less current liabilities		17,743	11,105

Creditors (amounts falling due after more than one year)	3	(3,085)	(2,620)
Net assets		14,658	8,485

Equity
Share capital	7	474	470
Share premium account		1,296	1,301
Cash flow hedge reserve		(3)	(28)
Cost of hedging reserve		(15)	(6)
Other equity reserves		426	399
Profit and loss account	8	12,480	6,349
Total shareholders’ equity		14,658	8,485

The Company’s profit after tax for the year was £5,107 million (2020: £3,684 million profit). Profits available for distribution by the Company to shareholders were £9.9 billion at 31 March 2021. The financial statements of the Company on pages 217 to 223 were approved by the Board of Directors on 19 May 2021 and were signed on its behalf by:

Sir Peter Gershon Chairman

Andy Agg Chief Financial Officer

National Grid plc

Registered number: 4031152

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National Grid plc Annual Report and Accounts 2020/21 Financial Statements

Company statement of changes in equity

for the years ended 31 March


	Share capital £m	Share premium account £m	Cash flow hedge reserve £m	Cost of hedging reserve £m	Other equity reserves £m	Profit and loss account £m	Total shareholders’ equity £m
At 1 April 2019	458	1,314	1	—	380	3,546	5,699
Profit for the year¹	—	—	—	—	—	3,684	3,684
Other comprehensive (loss)/profit for the year
Transferred from equity (net of tax)	—	—	(29)	(6)	—	—	(35)
Total comprehensive (loss)/profit for the year	—	—	(29)	(6)	—	3,684	3,649
Other equity movements
Scrip dividend-related share issue²	12	(13)	—	—	—	—	(1)
Issue of treasury shares	—	—	—	—	—	17	17
Purchase of own shares	—	—	—	—	—	(6)	(6)
Share awards to employees of subsidiary undertakings	—	—	—	—	19	—	19
Equity dividends	—	—	—	—	—	(892)	(892)
At 31 March 2020	470	1,301	(28)	(6)	399	6,349	8,485
Profit for the year¹	—	—	—	—	—	5,107	5,107
Other comprehensive profit/(loss) for the year
Transferred to/(from) equity (net of tax)	—	—	25	(9)	—	—	16
Dividends in specie (note 1)	—	—	—	—	—	2,422	2,422
Total comprehensive profit/(loss) for the year	—	—	25	(9)	—	7,529	7,545
Other equity movements
Scrip dividend-related share issue²	4	(5)	—	—	—	—	(1)
Issue of treasury shares	—	—	—	—	—	17	17
Purchase of own shares	—	—	—	—	—	(2)	(2)
Share awards to employees of subsidiary undertakings	—	—	—	—	27	—	27
Equity dividends	—	—	—	—	—	(1,413)	(1,413)
At 31 March 2021	474	1,296	(3)	(15)	426	12,480	14,658

1. Included within profit for the year is dividend income from subsidiaries of £7,556 million (2020: £3,887 million).

2. Included within the share premium account are costs associated with scrip dividends.

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National Grid plc Annual Report and Accounts 2020/21 Financial Statements

Notes to the Company financial statements

1. Fixed asset investments


			Shares in subsidiary undertakings £m
Cost at 1 April 2019			9,923
Additions			7,011
Disposals			(2,572)
Cost at 31 March 2020			14,362
Additions			2,447
Cost at 31 March 2021			16,809
Provision at 1 April 2019 and 1 April 2020			—
Charge for the year			(2,420)
Provision at 31 March 2021			(2,420)
Net book value at 31 March 2021			14,389
Net book value at 31 March 2020			14,362

During the year, there was a capital contribution of £27 million (2020: £19 million) which represents the fair value of equity instruments granted to subsidiaries’ employees arising from equity-settled employee share schemes.

In addition, the Company acquired a 100% investment in National Grid (US) Investments 2 Limited and National Grid Hong Kong Limited from its subsidiary undertaking, National Grid Luxembourg SARL, for a total consideration of £2,420 million in the form of a dividend in specie. Then as part of a wider group restructuring project, National Grid (US) Investments 2 Limited, was identified as a subsidiary no longer required and hence a number of accounting steps were implemented to reduce the net assets of that company to a nominal value. These steps included a capital reduction and the payment of dividends to the Company of £2,422 million. Following the receipt of these dividends the carrying value of the investment was reviewed and an impairment charge was made to the profit and loss account of £2,420 million. It is anticipated that National Grid (US) Investments 2 Limited will be placed into voluntary liquidation in the next financial year.

During the year ended 31 March 2020, the Company made a further investment of £2,000 million in National Grid (US) Holdings Limited, following a rights issue by that company; acquired National Grid (US) Investments 2 Limited from an indirect subsidiary undertaking for £2,420 million; and disposed of its investments in National Grid Holdings One plc and National Grid (US) Investments 2 Limited in exchange for an investment in National Grid Luxembourg SARL at a cost of £2,572 million.

The Company’s direct subsidiary undertakings as at 31 March 2021 were as follows: National Grid (US) Holdings Limited, National Grid (US) Investments 2 Limited, National Grid Hong Kong Limited, National Grid Luxembourg SARL and NGG Finance plc. The names of indirect subsidiary undertakings, joint ventures and associates are included in note 34 to the consolidated financial statements.

The Directors believe that the carrying value of the investments is supported by the fair value of their underlying net assets.

2. Debtors


	2021	2020
	£m	£m
Amounts falling due within one year
Derivative financial instruments (note 4)	86	37
Amounts owed by subsidiary undertakings	20,613	12,390

	20,699	12,427
Amounts falling due after more than one year
Derivative financial instruments (note 4)	139	27
Amounts owed by subsidiary undertakings	—	363
Deferred tax	4	8
	143	398

The carrying values stated above are considered to represent the fair values of the assets. For the purposes of the impairment assessment, loans to subsidiary undertakings are considered low credit risk as the subsidiaries are solvent and are covered by the Group’s liquidity arrangements.

A reconciliation of the movement in deferred tax in the year is shown below:


			Deferred tax £m
At 1 April 2019			—
Charged to equity			8
At 31 March 2020			8
Credited to equity			(4)
At 31 March 2021			4

221

National Grid plc Annual Report and Accounts 2020/21 Financial Statements

Notes to the Company financial statements

continued

3. Creditors


	2021	2020
	£m	£m
Amounts falling due within one year
Borrowings (note 6)	635	666
Derivative financial instruments (note 4)	34	278
Amounts owed to subsidiary undertakings	17,589	15,834
Other creditors	54	58
	18,312	16,836
Amounts falling due after more than one year
Borrowings (note 6)	823	355
Derivative financial instruments (note 4)	203	160
Amounts owed to subsidiary undertakings	2,059	2,105
	3,085	2,620
Amounts owed to subsidiary undertakings falling due after more than one year are repayable as follows:
In 1 to 2 years	—	—
In 2 to 3 years	—	—
In 3 to 4 years	1,061	—
In 4 to 5 years	998	443
More than 5 years	—	1,662
	2,059	2,105

The carrying values stated above are considered to represent the fair values of the liabilities.

4. Derivative financial instruments

The fair values of derivative financial instruments are:


	2021			2020
	Assets £m	Liabilities £m	Total £m	Assets £m	Liabilities £m	Total £m
Amounts falling due within one year	86	(34)	52	37	(278)	(241)
Amounts falling due after more than one year	139	(203)	(64)	27	(160)	(133)
	225	(237)	(12)	64	(438)	(374)

For each class of derivative, the notional contract1 amounts are as follows:


	2021	2020
	£m	£m

Cross-currency interest rate swaps	(3,604)	(3,804)
Foreign exchange forward contracts	(9,517)	(7,886)
	(13,121)	(11,690)

1. The notional contract amounts of derivatives indicate the gross nominal value of transactions outstanding at the balance sheet date.

5. Investments


	2021	2020
	£m	£m
Investments in short-term money funds	697	572
Restricted balances – collateral	87	180
	784	752

222

National Grid plc Annual Report and Accounts 2020/21 Financial Statements | Notes to the Company financial statements

6. Borrowings

The following table analyses the Company’s total borrowings:


	2021	2020
	£m	£m
Amounts falling due within one year
Bank loans	8	46
Bonds	362	2
Commercial paper	265	618
	635	666
Amounts falling due after more than one year
Bonds	823	355
	1,458	1,021

The maturity of total borrowings is as follows:


	2021	2020
	£m	£m
Total borrowings are repayable as follows:
Less than 1 year	635	666
In 1 to 2 years	—	355
In 2 to 3 years	—	—
In 3 to 4 years	—	—
In 4 to 5 years	—	—
More than 5 years	823	—
	1,458	1,021

The notional amount of borrowings outstanding as at 31 March 2021 was £1,480 million (2020: £1,018 million).

7. Share capital

The called-up share capital amounting to £474 million (2020: £470 million) consists of 3,814,951,606 ordinary shares of 12204/473 pence each (2020: 3,780,237,016 ordinary shares of 12204/473 pence each). For further information on share capital, refer to note 27 of the consolidated financial statements.

8. Shareholders’ equity and reserves

At 31 March 2021, the profit and loss account reserve stood at £12,480 million (2020: £6,349 million) of which profits available for distribution by the Company to shareholders were £9.9 billion (2020: £5 billion). The Company bore no employee costs in either the current or prior year.

For further details of dividends paid and payable to shareholders, refer to note 9 of the consolidated financial statements.

9. Parent Company guarantees

The Company has guaranteed the repayment of the principal sum, any associated premium and interest on specific loans due by certain subsidiary undertakings primarily to third parties. At 31 March 2021, the sterling equivalent amounted to £2,108 million (2020: £2,169 million). The guarantees are for varying terms from less than one year to open-ended.

In addition, as part of the sectionalisation of the National Grid UK Pension Scheme on 1 January 2017, a guarantee of £1 billion has been provided to Section A. This payment is contingent on insolvency or on failure to pay pensions obligations to Section A and can be claimed against National Grid plc, National Grid Holdings One plc or Lattice Group Limited (up to £1 billion in total). Refer to note 25 of the consolidated financial statements.

10. Audit fees

The audit fee in respect of the Parent Company was £28,000 (2020: £27,000). Fees payable to Deloitte for non-audit services to the Company are not required to be disclosed as they are included within note 4 to the consolidated financial statements.

223

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Alternative performance measures/non-IFRS reconciliations Within the Annual Report, a number of financial measures are presented. These measures have been categorised as alternative performance measures (APMs), as per the European Securities and Markets Authority (ESMA) guidelines and the Securities and Exchange Commission (SEC) conditions for use of non-GAAP financial measures. An APM is a financial measure of historical or future financial performance, financial position, or cash flows, other than a financial measure defined under IFRS. The Group uses a range of these measures to provide a better understanding of its underlying performance. APMs are reconciled to the most directly comparable IFRS financial measure where practicable. The Group has defined the following financial measures as APMs derived from IFRS: net revenue, the various adjusted operating profit, earnings and earnings per share metrics detailed in the ‘adjusted profit measures’ section below, net debt, capital investment, funds from operations (FFO), FFO interest cover and retained cash flow (RCF)/adjusted net debt. For each of these we present a reconciliation to the most directly comparable IFRS measure. We also have a number of APMs derived from regulatory measures which have no basis under IFRS; we call these Regulatory Performance Measures (RPMs). They comprise: Group Return on Equity (RoE), UK and US regulatory RoE, regulated asset base, regulated financial performance, regulatory gearing, asset growth, Value Added, including Value Added per share and Value Growth. These measures include the inputs used by utility regulators to set the allowed revenues for many of our businesses. We use RPMs to monitor progress against our regulatory agreements and certain aspects of our strategic objectives. Further, targets for certain of these performance measures are included in the Company’s Annual Performance Plan (APP) and Long Term Performance Plan (LTPP) and contribute to how we reward our employees. As such, we believe that they provide close correlation to the economic value we generate for our shareholders and are therefore important supplemental measures for our shareholders to understand the performance of the business and to ensure a complete understanding of Group performance. As the starting point for our RPMs is not IFRS, and these measures are not governed by IFRS, we are unable to provide meaningful reconciliations to any directly comparable IFRS measures, as differences between IFRS and the regulatory recognition rules applied have built up over many years. Instead, for each of these we present an explanation of how the measure has been determined and why it is important, and an overview as to why it would not be meaningful to provide a reconciliation to IFRS. Alternative performance measures Net revenue Net revenue is revenue less pass-through costs, such as UK system balancing costs, gas and electricity commodity costs in the US and, prior to the adoption of IFRS 15, payments to other UK network owners. Pass-through costs are fully recoverable from our customers and are recovered through separate charges that are designed to recover those costs with no profit. Where revenue received or receivable exceeds the maximum amount permitted by our regulatory agreement, adjustments will be made to future prices to reflect this over-recovery. No liability is recognised, as such an adjustment to future prices relates to the provision of future services. Similarly, no asset is recognised where a regulatory agreement permits adjustments to be made to future prices in respect of an under-recovery. 2021 2020 2019 Gross revenue Pass- through costs Net revenue Gross revenue Pass- through costs Net revenue Gross revenue Pass- through costs Net revenue £m £m £m £m £m £m £m £m £m UK Electricity Transmission 3,992 (2,062) 1,930 3,702 (1,528) 2,174 3,351 (1,397) 1,954 UK Gas Transmission 904 (233) 671 927 (242) 685 896 (227) 669 US Regulated 9,195 (3,253) 5,942 9,205 (3,460) 5,745 9,846 (3,978) 5,868 NGV and Other 715 — 715 736 — 736 876 — 876 Sales between segments (27) — (27) (30) — (30) (36) — (36) Total 14,779 (5,548) 9,231 14,540 (5,230) 9,310 14,933 (5,602) 9,331 Adjusted profit measures In considering the financial performance of our business and segments, we use various adjusted profit measures in order to aid comparability of results year- on-year. The various measures are presented on pages 30 – 39 and reconciled below. Adjusted results, also referred to as Headline results – these exclude the impact of exceptional items and remeasurements that are treated as discrete transactions under IFRS and can accordingly be classified as such. This is a measure used by management that is used to derive part of the incentive target set annually for remunerating certain Executive Directors, and further details of these items are included in Note 5 to the financial statements. Underlying results – further adapts our adjusted results to take account of volumetric and other revenue timing differences arising due to the in-year difference between allowed and collected revenues, including revenue incentives, as governed by our rate plans in the US or regulatory price controls in the UK (but excluding totex-related allowances and adjustments). For 2020/21, as highlighted on page 251, our underlying results exclude £207 million (2019/20: £147 million) of timing differences as well as £150 million (2019/20: £nil) of major storm costs (as costs were above our $100 million storm cost timing threshold in the current year). We expect to recover major storm costs incurred through regulatory mechanisms in the US. Constant currency – the adjusted profit measures are also shown on a constant currency basis to show the year-on-year comparisons excluding any impact of foreign currency movements. National Grid plc Annual Report and Accounts 2020/21 Additional Information Other unaudited financial information 250

Reconciliation of statutory, adjusted and underlying profits and earnings – at actual exchange rates – continuing operations Year ended 31 March 2021 Statutory Exceptionals and remeasurements Adjusted Timing Major storm costs Underlying £m £m £m £m £m £m UK Electricity Transmission 1,027 7 1,034 88 — 1,122 UK Gas Transmission 337 5 342 96 — 438 US Regulated 1,344 (31) 1,313 23 150 1,486 NGV and Other 187 50 237 — — 237 Total operating profit 2,895 31 2,926 207 150 3,283 Net finance costs (870) (72) (942) — — (942) Share of post-tax results of joint ventures and associates 58 8 66 — — 66 Profit before tax 2,083 (33) 2,050 207 150 2,407 Tax (442) 26 (416) (41) (39) (496) Profit after tax 1,641 (7) 1,634 166 111 1,911 Year ended 31 March 2020 Statutory Exceptionals and remeasurements Adjusted Timing Major storm costs Underlying £m £m £m £m £m £m UK Electricity Transmission 1,316 4 1,320 (146) — 1,174 UK Gas Transmission 347 1 348 54 — 402 US Regulated 880 517 1,397 239 — 1,636 NGV and Other 237 5 242 — — 242 Total operating profit 2,780 527 3,307 147 — 3,454 Net finance costs (1,113) 64 (1,049) — — (1,049) Share of post-tax results of joint ventures and associates 87 1 88 — — 88 Profit before tax 1,754 592 2,346 147 — 2,493 Tax (480) 47 (433) (45) — (478) Profit after tax 1,274 639 1,913 102 — 2,015 Year ended 31 March 2019 Statutory Exceptionals and remeasurements Adjusted Timing Major storm costs Underlying £m £m £m £m £m £m UK Electricity Transmission 778 237 1,015 77 — 1,092 UK Gas Transmission 267 36 303 38 — 341 US Regulated 1,425 299 1,724 (223) 93 1,594 NGV and Other 400 — 400 — — 400 Total operating profit 2,870 572 3,442 (108) 93 3,427 Net finance costs (1,069) 76 (993) — — (993) Share of post-tax results of joint ventures and associates 40 — 40 — — 40 Profit before tax 1,841 648 2,489 (108) 93 2,474 Tax (339) (149) (488) 36 (24) (476) Profit after tax 1,502 499 2,001 (72) 69 1,998 National Grid plc Annual Report and Accounts 2020/21 Additional Information | Other unaudited financial information 251

Reconciliation of adjusted and underlying profits – at constant currency At constant currency Adjusted at actual exchange rate Constant currency adjustment Adjusted Timing Major storm costs Underlying Year ended 31 March 2020 £m £m £m £m £m £m UK Electricity Transmission 1,320 — 1,320 (146) — 1,174 UK Gas Transmission 348 — 348 54 — 402 US Regulated 1,397 (56) 1,341 229 — 1,570 NGV and Other 242 1 243 — — 243 Total operating profit 3,307 (55) 3,252 137 — 3,389 Net finance costs (1,049) 30 (1,019) — — (1,019) Share of post-tax results of joint ventures and associates 88 (1) 87 — — 87 Profit before tax 2,346 (26) 2,320 137 — 2,457 At constant currency Adjusted at actual exchange rate Constant currency adjustment Adjusted Timing Major storm costs Underlying Year ended 31 March 2019 £m £m £m £m £m £m UK Electricity Transmission 1,015 — 1,015 77 — 1,092 UK Gas Transmission 303 — 303 38 — 341 US Regulated 1,724 (46) 1,678 (217) 91 1,552 NGV and Other 400 (1) 399 — — 399 Total operating profit 3,442 (47) 3,395 (102) 91 3,384 Net finance costs (993) 19 (974) — — (974) Share of post-tax results of joint ventures and associates 40 (1) 39 — — 39 Profit before tax 2,489 (29) 2,460 (102) 91 2,449 Earnings per share calculations from continuing operations – at actual exchange rates The table below reconciles the profit before tax from continuing operations as per the previous tables back to the earnings per share from continuing operations for each of the adjusted profit measures. Earnings per share is only presented for those adjusted profit measures that are at actual exchange rates, and not for those at constant currency. Profit after tax Non- controlling interest Profit after tax attributable to shareholders Weighted average number of shares Earnings per share Year ended 31 March 2021 £m £m £m millions pence Statutory 1,641 (1) 1,640 3,523 46.6 Adjusted (also referred to as Headline) 1,634 (1) 1,633 3,523 46.4 Underlying 1,911 (1) 1,910 3,523 54.2 Profit after tax Non- controlling interest Profit after tax attributable to shareholders Weighted average number of shares Earnings per share Year ended 31 March 2020 £m £m £m millions pence Statutory 1,274 (1) 1,273 3,461 36.8 Adjusted (also referred to as Headline) 1,913 (1) 1,912 3,461 55.2 Underlying 2,015 (1) 2,014 3,461 58.2 Profit after tax Non- controlling interest Profit after tax attributable to shareholders Weighted average number of shares Earnings per share Year ended 31 March 2019 £m £m £m millions pence Statutory 1,502 (3) 1,499 3,386 44.3 Adjusted (also referred to as Headline) 2,001 (3) 1,998 3,386 59.0 Underlying 1,998 (3) 1,995 3,386 58.9 National Grid plc Annual Report and Accounts 2020/21 Additional Information Other unaudited financial information continued 252

Timing and regulated revenue adjustments As described on pages 228 – 235, our allowed revenues are set in accordance with our regulatory price controls or rate plans. We calculate the tariffs we charge our customers based on the estimated volume of energy we expect will be delivered during the coming period. The actual volumes delivered will differ from the estimate. Therefore, our total actual revenue will be different from our total allowed revenue. These differences are commonly referred to as timing differences.  If we collect more than the allowed revenue, adjustments will be made to future prices to reflect this over-recovery, and if we collect less than the allowed level of revenue, adjustments will be made to future prices to reflect the under-recovery. In the US, a substantial portion of our costs are pass-through costs (including commodity and energy-efficiency costs) and are fully recoverable from our customers. Timing differences between costs of this type being incurred and their recovery through revenue are also included in timing. The amounts calculated as timing differences are estimates and subject to change until the variables that determine allowed revenue are final.  Our continuing operating profit for the year includes a total estimated in-year under-collection of £207 million (2019/20: £147 million under-collection). Our closing balance at 31 March 2021 was £54 million over-recovered. In the UK, there was a cumulative under-recovery of £150 million at 31 March 2021 (2020: over-recovery of £24 million). In the US, cumulative timing over-recoveries at 31 March 2021 were £198 million (2020: £240 million over-recovery). The total estimated in-year over- or under-collection excludes opening balance adjustments related to estimates or finalisation of balances as part of regulatory submissions. In addition to the timing adjustments described above, as part of the RIIO price controls in the UK, outperformance against allowances as a result of the totex incentive mechanism, together with changes in output-related allowances included in the original price control, will almost always be adjusted in future revenue recoveries, typically starting in two years’ time. We are also recovering revenues in relation to certain costs incurred (for example pension contributions made) in prior years.  Our current IFRS revenues and earnings include these amounts that relate to certain costs incurred in prior years or that will need to be repaid or recovered in future periods. Such adjustments will form an important part of the continuing difference between reported IFRS results and underlying economic performance based on our regulatory obligations.  For our UK Regulated businesses as a whole, timing and regulated revenue adjustments totalled a return of £184 million in the year (2019/20: £92 million recovery). In the US, accumulated regulatory entitlements cover a range of different areas, with the most significant being environmental remediation and pension assets, as well as deferred storm costs.  All regulatory entitlements are recoverable (or repayable) over different periods, which are agreed with the regulators to match the expected payment profile for the liabilities. UK Electricity Transmission UK Gas Transmission US Regulated Total £m £m £m £m 1 April 2020 opening balance¹ 18 16 227 261 Over/(under) recovery (88) (96) (23) (207) 31 March 2021 closing balance to (recover)/return³ (70) (80) 204 54 UK Electricity Transmission UK Gas Transmission US Regulated Total £m £m £m £m 1 April 2019 opening balance¹ (127) 59 452 384 Over/(under) recovery 146 (54) (229) (137) 31 March 2020 closing balance to (recover)/return2,3 19 5 223 247 UK Electricity Transmission UK Gas Transmission US Regulated Total £m £m £m £m 1 April 2018 opening balance¹ (41) 97 235 291 Over/(under) recovery (77) (38) 217 102 31 March 2019 closing balance to (recover)/return2,3 (118) 59 452 393 1. Opening balances have been restated to reflect the finalisation of calculated over/(under)-recoveries in the UK and the US. 2. US over/(under) recovery and all US Regulated balances have been translated using the average exchange rate for the year ended 31 March 2021. 3. The over-recovered closing balance at 31 March 2021 was £48 million (translated at the closing rate of $1.38:£1). 31 March 2020 was £264 million (translated at the closing rate of $1.24:£1). 31 March 2019 was £407 million (translated at the closing rate of $1.30:£1). National Grid plc Annual Report and Accounts 2020/21 Additional Information | Other unaudited financial information 253

Capital investment ‘Capital investment’ or ‘investment’ refer to additions to property, plant and equipment and intangible assets, and contributions to joint ventures and associates, other than the St William Homes LLP joint venture during the period. We also include the Group’s investments by National Grid Partners during the period, which are classified for IFRS purposes as non-current financial assets in the Group’s consolidated statement of financial position. Investments made to our St William Homes LLP arrangement are excluded based on the nature of this joint venture arrangement. We typically contribute property assets to the joint venture in exchange for cash and accordingly do not consider these transactions to be in the nature of capital investment. Year ended 31 March  At actual exchange rates At constant currency 2021 2020 % change 2021 2020 % change£m £m £m £m UK Electricity Transmission 1,072 1,043 3 1,072 1,043 3 UK Gas Transmission 176 249 (29) 176 249 (29) US Regulated 3,223 3,228 — 3,223 3,098 4 NGV and Other 460 559 (18) 460 559 (18) Group capital expenditure 4,931 5,079 (3) 4,931 4,949 — Equity investment, funding contributions and loans to joint ventures and associates¹ 78 56 39 78 54 44 Acquisition of National Grid Renewables (formerly Geronimo) and Emerald — 209 n/a — 195 n/a Increase in financial assets (National Grid Partners) 38 61 (38) 38 59 (36) Group capital investment 5,047 5,405 (7) 5,047 5,257 (4) 1. Excludes £nil (2020: £15 million) equity contribution to the St William Homes LLP joint venture. Net debt See note 29 on page 187 for the definition and reconciliation of net debt. Cash flow statement used in credit metric calculation The table below re-analyses our IFRS operating cash flows for the purposes of facilitating calculation of certain measures of credit worthiness – being RCF/ adjusted net debt and FFO/adjusted net debt as described further below. The differences between this table and the consolidated cash flow statement relate to the disaggregation of cash flows relating to items considered ‘exceptional’ as described in note 5, as explained within the footnotes below: 2021 2020 2019 Notes £m £m £m Cash flows from operating activities Total operating profit from continuing operations 2(b) 2,895 2,780 2,870 Adjustments for: Exceptional items and remeasurements 5 31 527 572 Other fair value movements (22) — — Depreciation, amortisation and impairment 1,672 1,640 1,588 Share-based payments 27 19 27 Changes in working capital 312 269 40 Changes in provisions (195) (169) (110) Changes in pensions and other post-retirement benefit obligations (55) (92) (123) Cash flows relating to exceptional items (47) (60) (400) Cash generated from operations – continuing operations 4,618 4,914 4,464 Tax paid (157) (199) (75) Net cash inflow from operating activities – continuing operations 4,461 4,715 4,389 National Grid plc Annual Report and Accounts 2020/21 Additional Information Other unaudited financial information continued 254

Funds from operations and interest cover FFO is the cash flows generated by the operations of the Group. Credit rating metrics, including FFO, are used as indicators of balance sheet strength. 2021 2020¹ 2019¹ Year ended 31 March  £m £m £m Interest expense (income statement) 977 1,119 1,066 Hybrid interest reclassified as dividend (38) (39) (51) Capitalised interest 131 122 135 Pensions interest adjustment (16) 16 (4) Interest on lease rentals adjustment — — 11 Unwinding of discount on provisions (78) (77) (74) Other interest adjustments — — 1 Adjusted interest expense 976 1,141 1,084 Net cash inflow from operating activities 4,461 4,715 4,389 Interest received on financial instruments 16 73 68 Interest paid on financial instruments (835) (957) (914) Dividends received 80 75 201 Working capital adjustment (312) (269) (40) Excess employer pension contributions 116 176 260 Hybrid interest reclassified as dividend 38 39 51 Lease rentals — — 34 Difference in net interest expense in income statement to cash flow (138) (187) (186) Difference in current tax in income statement to cash flow (67) 67 (13) Current tax related to prior periods 8 (45) (52) Cash flow from discontinued operations — (97) (71) Other fair value adjustments 22 — — Funds from operations (FFO) 3,389 3,590 3,727 FFO interest cover ((FFO + adjusted interest expense)/adjusted interest expense) 4.5 x 4.1 x 4.4 x 1. Numbers for 2020 and 2019 reflect the calculations for the total Group as based on the published accounts for the respective years.  National Grid plc Annual Report and Accounts 2020/21 Additional Information | Other unaudited financial information 255

Retained cash flow/adjusted net debt RCF/adjusted net debt is one of two credit metrics that we monitor in order to ensure the Group is generating sufficient cash to service its debts, consistent with maintaining a strong investment-grade credit rating. We calculated RCF/adjusted net debt applying the methodology used by Moody’s, as this is one of the most constrained calculations of credit worthiness. The net debt denominator includes adjustments to take account of the equity component of hybrid debt. 2021 2020 2019 Year ended 31 March  £m £m £m Funds from operations (FFO) 3,389 3,590 3,727 Hybrid interest reclassified as dividend (38) (39) (51) Ordinary dividends paid to shareholders (1,413) (892) (1,160) RCF (excluding share buybacks) 1,938 2,659 2,516 Repurchase of shares — — — RCF (net of share buybacks) 1,938 2,659 2,516 Borrowings¹ 32,339 30,794 28,730 Less: 50% hybrid debt (1,032) (1,054) (1,039) Cash and cash equivalents (157) (73) (252) Financial and other investments (1,768) (1,278) (1,311) Underfunded pension obligations 467 1,442 845 Operating leases adjustment² — — 248 Derivative balances removed from debt² — (116) 141 Currency swaps² — 203 38 Nuclear decommissioning liabilities reclassified as debt² — 6 18 Collateral – cash received under collateral agreements (582) (785) (558) Accrued interest removed from short-term debt² — (246) (223) Adjusted net debt (includes pension deficit) 29,267 28,893 26,637 RCF (excluding share buybacks)/adjusted net debt 6.6 % 9.2 % 9.4 % RCF (net of share buybacks)/adjusted net debt 6.6 % 9.2 % 9.4 % 1. Before NECO reclassification. 2. Below agency threshold, prior year not restated. Regulatory Performance Measures Regulated financial performance – UK Regulatory financial performance is a pre-interest and tax measure, starting at segmental operating profit and making adjustments (such as the elimination of all pass-through items included in revenue allowances and timing) to approximate regulatory profit for the UK regulated activities. This measure provides a bridge for investors between a well-understood and comparable IFRS starting point and through the key adjustments required to approximate regulatory profit. This measure also provides the foundation to calculate Group RoE. For the reasons noted above, the table below shows the principal differences between the IFRS operating profit and the regulated financial performance, but is not a formal reconciliation to an equivalent IFRS measure. UK Electricity Transmission 2021 2020 2019 Year ended 31 March  £m £m £m Adjusted operating profit 1,034 1,320 1,015 Movement in regulatory ‘IOUs’ 188 (99) 174 Deferred taxation adjustment 60 63 64 RAV indexation (average 3% long-run inflation) 424 406 391 Regulatory vs IFRS depreciation difference (439) (459) (394) Fast money/other 28 26 72 Pensions (54) (52) (51) Performance RAV created 111 119 90 Regulated financial performance 1,352 1,324 1,361 National Grid plc Annual Report and Accounts 2020/21 Additional Information Other unaudited financial information continued 256

UK Gas Transmission 2021 2020 2019 Year ended 31 March £m £m £m Adjusted operating profit 342 348 303 Movement in regulatory ‘IOUs’ 34 67 68 Deferred taxation adjustment 12 25 8 RAV indexation (average 3% long-run inflation) 189 185 179 Regulatory vs IFRS depreciation difference (88) (77) (42) Fast money/other 25 (17) (10) Pensions (34) (34) (33) Performance RAV created (23) (24) (30) Regulated financial performance 457 473 443 Regulated financial performance – US US Regulated 2021 2020 2019 Year ended 31 March £m £m £m Adjusted operating profit 1,313 1,397 1,724 Provision for bad and doubtful debts (COVID-19), net of recoveries¹ 120 117 — Major storm costs 150 — 93 Timing 23 239 (223) US GAAP pension adjustment 3 (4) (80) Regulated financial performance 1,609 1,749 1,514 1. US Regulated financial performance includes an adjustment reflecting our expectation for future recovery of COVID-19-related provision for bad and doubtful debts. Total regulated financial performance 2021 2020 2019 Year ended 31 March £m £m £m UK Electricity Transmission 1,352 1,324 1,361 UK Gas Transmission 457 473 443 US Regulated 1,609 1,749 1,514 Total regulated financial performance 3,418 3,546 3,318 US timing, major storms and movement in UK regulatory ‘IOUs’ – Revenue related to performance in one year may be recovered in later years. Where revenue received or receivable exceeds the maximum amount permitted by our regulatory agreement, adjustments will be made to future prices to reflect this over-recovery. No liability is recognised under IFRS, as such an adjustment to future prices relates to the provision of future services. Similarly, no asset is recognised under IFRS where a regulatory agreement permits adjustments to be made to future prices in respect of an under-recovery. In the UK, this is calculated as the movement in other regulated assets and liabilities. Performance RAV – UK performance efficiencies are in-part remunerated by the creation of additional RAV which is expected to result in future earnings under regulatory arrangements. This is calculated as in-year totex outperformance multiplied by the appropriate regulatory capitalisation ratio and multiplied by the retained company incentive sharing ratio. Pension adjustment – Cash payments against pension deficits in the UK are recoverable under regulatory contracts. In US Regulated operations, US GAAP pension charges are generally recoverable through rates. Revenue recoveries are recognised under IFRS but payments are not charged against IFRS operating profits in the year. In the UK, this is calculated as cash payments against the regulatory proportion of pension deficits in the UK regulated business, whereas in the US, it is the difference between IFRS and US GAAP pension charges. 3% RAV indexation – Future UK revenues are expected to be set using an asset base adjusted for inflation. This is calculated as UK RAV multiplied by 3% (long-run RPI inflation assumption). UK deferred taxation adjustment – Future UK revenues are expected to recover cash taxation cost including the unwinding of deferred taxation balances created in the current year. This is the difference between: (a) IFRS underlying EBITDA less other regulatory adjustments; and (b) IFRS underlying EBITDA less other regulatory adjustments less current taxation (adjusted for interest tax shield) then grossed up at full UK statutory tax rate. Regulatory depreciation – US and UK regulated revenues include allowance for a return of regulatory capital in accordance with regulatory assumed asset lives. This return does not form part of regulatory profit. Fast/slow money adjustment – The regulatory remuneration of costs incurred is split between in-year revenue allowances and the creation of additional RAV. This does not align with the classification of costs as operating costs and fixed asset additions under IFRS accounting principles. This is calculated as the difference between IFRS classification of costs as operating costs or fixed asset additions and the regulatory classification. National Grid plc Annual Report and Accounts 2020/21 Additional Information | Other unaudited financial information 257

Regulated asset base The regulated asset base is a regulatory construct, based on predetermined principles not based on IFRS. It effectively represents the invested capital on which we are authorised to earn a cash return. By investing efficiently in our networks, we add to our regulated asset base over the long term, and this in turn contributes to delivering shareholder value. Our regulated asset base is comprised of our regulatory asset value in the UK, plus our rate base in the US. Maintaining efficient investment in our regulated asset base ensures we are well positioned to provide consistently high levels of service to our customers and increases our revenue allowances in future years. While we have no specific target, our overall aim is to achieve between 5% and 7% growth in regulated asset base each year through continued investment in our networks in both the UK and US. In the UK, the way in which our transactions impact RAV is driven by principles set out by Ofgem. In a number of key areas these principles differ from the requirements of IFRS, including areas such as additions and the basis for depreciation. Further, our UK RAV is adjusted annually for inflation. RAV in each of our retained UK businesses has evolved over the period since privatisation in 1990, and as a result, historical differences between the initial determination of RAV and balances reported under UK GAAP at that time still persist. Due to the above, substantial differences exist in the measurement bases between RAV and an IFRS balance metric, and therefore, it is not possible to provide a meaningful reconciliation between the two. In the US, rate base is a regulatory measure determined for each of our main US operating companies. It represents the value of property and other assets or liabilities on which we are permitted to earn a rate of return, as set out by the regulatory authorities for each jurisdiction. The calculations are based on the applicable regulatory agreements for each jurisdiction and include the allowable elements of assets and liabilities from our US companies. For this reason, it is not practical to provide a meaningful reconciliation from the US rate base to an equivalent IFRS measure. However, we include the calculation below. ‘Total Regulated and other balances’ includes the under or over-recovery of revenues that National Grid’s UK regulated businesses target to collect in any year, which are based on the regulator’s forecasts for that year. Under the UK price control arrangements, revenues will be adjusted in future years to take account of actual levels of collected revenue, costs and outputs delivered when they differ from those regulatory forecasts. In the US, other regulatory assets and liabilities include regulatory assets and liabilities which are not included in the definition of rate base, including working capital where appropriate. The investment in ‘NGV and other businesses’ includes net assets excluding pensions, tax and items related to the UK Gas Distribution sale. Year ended 31 March (£m at constant currency) RAV, rate base or other business assets Total Regulated and other balances 2021 2020¹ 20212,3 20201,2,3 £m £m £m £m UK Electricity Transmission 14,565 14,133 14,379 13,772 UK Gas Transmission 6,307 6,298 6,333 6,291 US Regulated 20,041 18,598 22,015 20,211 Total regulated 40,913 39,029 42,727 40,274 NGV and other businesses 4,458 3,942 4,122 3,428 Total Group regulated and other balances 45,371 42,971 46,849 43,702 1. Figures relating to prior periods have, where appropriate, been re-presented at constant currency, for opening balance adjustments following the completion of the UK regulatory reporting pack process in 2019, and finalisation of US balances. 2. Includes totex-related regulatory IOUs of £310 million (2020: £411 million), over-recovered timing balances of £150 million (2020: £24 million under-recovered) and under-recovered legacy balances related to previous price controls of £nil (2020: £78 million). 3. Includes assets for construction work-in-progress of £1,639 million (2020: £1,510 million), other regulatory assets related to timing and other cost deferrals of £806 million (2020: £642 million) and net working capital liabilities of £471 million (2020: £361 million). US rate base and other total regulated and other balances for 31 March 2020 have been restated in the table above at constant currency. At actual currency the values were £20.6 billion and £25.5 billion respectively. Group RoE Group RoE provides investors with a view of the performance of the Group as a whole compared with the amounts invested by the Group in assets attributable to equity shareholders. It is the ratio of our regulatory financial performance to our measure of equity investment in assets. It therefore reflects the regulated activities as well as the contribution from our non-regulated businesses together with joint ventures and non-controlling interests. We use Group RoE to measure our performance in generating value for our shareholders, and targets for Group RoE are included in the incentive mechanisms for executive remuneration within both the APP and LTPP schemes. Group RoE is underpinned by our regulated asset base. For the reasons noted above, no reconciliation to IFRS has been presented, as we do not believe it would be practical. However, we do include the calculations below. Calculation: Regulatory financial performance including a long-run assumption of 3% RPI inflation, less adjusted interest and adjusted taxation divided by equity investment in assets: • adjusted interest removes interest on pensions, capitalised interest in regulated operations and unwind of discount rate on provisions; • adjusted taxation adjusts the Group taxation charge for differences between IFRS profit before tax and regulated financial performance less adjusted interest; and • equity investment in assets is calculated as the total opening UK regulatory asset value, the total opening US rate base plus goodwill plus opening net book value of National Grid Ventures and Other activities and our share of joint ventures and associates, minus opening net debt as reported under IFRS restated to the weighted average £/$ exchange rate for the year. National Grid plc Annual Report and Accounts 2020/21 Additional Information Other unaudited financial information continued 258

2021 2020¹ 2019¹ Year ended 31 March £m £m £m Regulated financial performance 3,418 3,546 3,318 Operating profit of other activities 264 269 424 Group financial performance 3,682 3,815 3,742 Share of post-tax results of joint ventures and associates 66 88 40 Non-controlling interests (1) (1) (3) Adjusted Group interest charge (882) (1,069) (1,037) Group tax charge (416) (433) (488) Tax on adjustments (175) (117) (34) Group financial performance after interest and tax 2,274 2,283 2,220 Opening rate base/RAV 39,552 37,459 35,045 Opening other balances 3,984 3,304 2,298 Opening goodwill 5,295 5,435 5,356 Opening capital employed 48,831 46,198 42,699 Opening net debt (27,398) (27,194) (24,345) Opening equity 21,433 19,004 18,354 Return on Equity 10.6 % 12.0 % 12.1 % 1. Group ROE in 2020 and 2019 have been recalculated to reflect the revision to decrease the comparative goodwill balances (see note 1F for details). UK and US regulated RoE Year ended 31 March Regulatory Debt: Equity assumption Achieved Return on Equity Base or Allowed Return on Equity 2021 2020 2021 2020 % % % % UK Electricity Transmission 60/40 13.9 13.5 10.2 10.2 UK Gas Transmission 62.5/37.5 9.6 9.8 10.0 10.0 US Regulated Avg. 50/50 7.2 9.3 9.4 9.4 UK regulated RoE UK regulated RoEs are a measure of how the businesses are performing against the assumptions used by our UK regulator. These returns are calculated using the assumption that the businesses are financed in line with the regulatory adjudicated capital structure, at the cost of debt assumed by the regulator, and that RPI inflation is equal to a long-run assumption of 3%. They are calculated by dividing elements of out/under-performance versus the regulatory contract (i.e., regulated financial performance disclosed above) by the average equity RAV in line with the regulatory assumed capital structure and adding to the base allowed RoE. This is an important measure of UK regulated business performance, and our operational strategy continues to focus on this metric. This measure can be used to determine how we are performing under the RIIO framework and also helps investors to compare our performance with similarly regulated UK entities. Reflecting the importance of this metric, it is also a key component of the APP scheme. The UK RoE is underpinned by the UK RAV. For the reasons noted above, no reconciliation to IFRS has been presented, as we do not believe it would be practical. US regulated RoE US regulated RoE is a measure of how a business is performing against the assumptions used by the US regulators. This US operational return measure is calculated using the assumption that the businesses are financed in line with the regulatory adjudicated capital structure and allowed cost of debt. The returns are divided by the average rate base (or where a reported rate base is not available, an estimate based on rate base calculations used in previous rate filings) multiplied by the adjudicated equity portion in the regulatory adjudicated capital structure. This is an important measure of our US regulated business performance, and our operational strategy continues to focus on this metric. This measure can be used to determine how we are performing and also helps investors compare our performance with similarly regulated US entities. Reflecting the importance of this metric, it is also a key component of the APP scheme. The US return is based on a calculation which gives proportionately more weighting to those jurisdictions which have a greater rate base. For the reasons noted above, no reconciliation to IFRS for the RoE measure has been presented, as we do not believe it would be practical to reconcile our IFRS balance sheet to the equity base. The table below shows the principal differences between the IFRS result of the US Regulated segment, and the ‘return’ used to derive the US RoE. In outlining these differences, we also include the result for the US regulated Operating Companies (OpCo) entities aggregated under US GAAP. In respect of 2019/20 and 2018/19, this measure is the aggregate operating profit of our US OpCo entities’ publicly available financial statements prepared under US GAAP. For 2020/21, this measure represents our current estimate, since local financial statements have yet to be prepared. National Grid plc Annual Report and Accounts 2020/21 Additional Information | Other unaudited financial information 259

2021 2020 2019 £m £m £m Underlying IFRS operating profit for US regulated segment 1,486 1,636 1,594 Weighted average £/$ exchange rate $1.341 $1.287 $1.305 2021 2020 2019 $m $m $m Underlying IFRS operating profit for US regulated segment 1,993 2,105 2,081 Adjustments to convert to US GAAP as applied in our US OpCo entities Adjustment in respect of customer contributions (59) (50) (50) Pension accounting differences¹ — (13) (10) Environmental charges recorded under US GAAP (108) (94) (117) Storm costs and recoveries recorded under US GAAP (113) (9) (112) Other regulatory deferrals, amortisation and other items 100 3 121 Results for US regulated OpCo entities, aggregated under US GAAP² 1,813 1,942 1,913 Adjustments to determine regulatory operating profit used in US RoE Levelisation revenue adjustment — (122) (48) Adjustment for COVID-19-related provision for bad and doubtful debts³ 127 150 — Net other (32) 51 (1) Regulatory operating profit 1,908 2,021 1,864 Pensions¹ (46) 19 (95) Regulatory interest charge (539) (491) (457) Regulatory tax charge (348) (408) (345) Regulatory earnings used to determine US RoE 975 1,141 967 1. Following a change in US GAAP accounting rules, an element of the pensions charge is reported outside operating profit with effect from 2019. 2. Based on US GAAP accounting policies as applied by our US regulated OpCo entities. 3. US RoE includes an adjustment reflecting our expectation for future recovery of COVID-19-related bad and doubtful debt costs. 2021 2020 2019 $m $m $m US equity base (average for the year) 13,621 12,331 11,045 US RoE 7.2 % 9.3 % 8.8 % Value Added and Value Added per share and Value Growth Value Added is a measure that reflects the value to shareholders of our cash dividend and the growth in National Grid’s regulated and non-regulated assets (as measured in our regulated asset base, for regulated entities), and corresponding growth in net debt. It is a key metric used to measure our performance and underpins our approach to sustainable decision-making and long-term management incentive arrangements. Value Added is derived using our regulated asset base and, as such, it is not practical to provide a meaningful reconciliation from this measure to an equivalent IFRS measure due to the reasons set out for our regulated asset base. However, the calculation is set out in the Financial review. Value Added per share is calculated by dividing Value Added by the weighted average number of shares (3,523 million) set out in note 8. Value Growth of 9.4% (2020: 10.7%) is derived from Value Added by adjusting Value Added to normalise for a 3% long-run RPI inflation rate. In 2021, the numerator for Value Growth was £1,995 million (2020: £2,068 million). The denominator is Group equity as used in the Group RoE calculation, adjusted for foreign exchange movements. Value Growth in 2020 has been recalculated from the previously reported 10.4% to reflect the revision to decrease the comparative goodwill balance (see note 1F for details). Asset growth Asset growth is the annual percentage increase in our RAV and rate base and other business balances (including the assets of NGV and NGP) calculated at constant currency. Regulatory gearing Regulatory gearing is a measure of how much of our investment in RAV and rate base and other elements of our invested capital (including our investments in NGV, UK property and other assets and US other assets) is funded through debt. Comparative amounts as at 31 March 2020 are presented at historical exchange rates and have not been restated for opening balance adjustments. 2021 2020 As at 31 March £m £m UK RAV 20,872 20,431 US rate base 20,041 20,644 Other invested capital included in gearing calculation 4,458 4,105 Total assets included in gearing calculation 45,371 45,180 Net debt (including 100% of hybrid debt) (29,665) (28,590) change  Group gearing (based on 100% of net debt) 65 % 63 % 2 % pts Group gearing (excluding 50% of hybrid debt from net debt) 63 % 61 % 2 % pts National Grid plc Annual Report and Accounts 2020/21 Additional Information Other unaudited financial information continued 260

In compliance with SEC rules, we present a summarised analysis of movements in the income statement and an analysis of movements in adjusted operating profit (for the continuing group) by operating segment. This should be read in conjunction with the 31 March 2021 financial review included on pages 30 – 39. Analysis of the income statement for the year ended 31 March 2020  Revenue Revenue for the year ended 31 March 2020 decreased by £393 million to £14,540 million. This decrease was driven by lower revenues in our US Regulated, in our UK Gas Transmission business and in our NGV & Other businesses, partially offset by higher revenues in our UK Electricity Transmission business. US Regulated revenues were £641 million lower year-on-year, principally due to the impact of lower commodity pass-through costs, partly offset by new rates and the benefit of foreign exchange. UK Gas Transmission revenues were £27 million higher, driven by the return of allowances related to Avonmouth in the year ended 31 March 2019, partly offset by timing under-recoveries. UK Electricity Transmission revenues increased by £363 million, mainly as the result of higher BSIS pass-through costs (due to increased levels of renewable generation) and favourable timing over-collections (higher volumes and collection of prior period under- recoveries). Revenue from NGV and Other businesses decreased by £142 million, primarily driven by the significant level of sales in our Commercial Property business in the year ended 31 March 2019 and lower income from other support services.  Operating costs Operating costs for the year ended 31 March 2020 of £11,760 million were £303 million lower than the prior year. This decrease in costs included a £45 million reduction in exceptional items and remeasurements. Lower operating costs were driven by the reduction in US commodity pass-through costs and lower UK BSIS pass-through costs, partially offset by higher workforce costs, increased rates and property taxes, higher depreciation as a result of continued asset investment and the impact of movement in exchange rates. Net finance costs For the year ended 31 March 2020, net finance costs before exceptional items and remeasurements were £56 million higher than the year ended   31 March 2019 at £1,049 million, mainly as a result of swap termination and debt buy-back costs, lower capitalised interest, higher lease interest (as a result of IFRS16) and the impact of the stronger US dollar, partially offset by favourable tax interest and the impact of higher UK RPI inflation. Net finance costs in the year ended 31 March 2020 included remeasurement losses of £64 million on derivative financial instruments used to hedge our borrowings, compared to £76 million of remeasurement losses in the year ended 31 March 2019.  Tax  The tax charge on profits before exceptional items and remeasurements of £433 million was £55 million lower than the year ended 31 March 2019. This was mainly related to a lower level of profit before tax in the year ended 31 March 2020 compared to the year ended 31 March 2019, but was also the result of a benefit from the release of reserves following settlement of tax audits relating to earlier years and gains on chargeable disposals which were offset by previously unrecognised capital losses. In the year ended 31 March 2019, significantly higher gains on property disposals that were offset by previously unrecognised capital losses resulted in a lower underlying effective tax rate.  Exceptional items and remeasurements  In the year ended 31 March 2020, exceptional items included a £402 million charge associated with changes in our environmental provisions and an additional deferred tax charge of £192 million reflecting the impact of the remeasurement of the Group’s deferred tax liabilities as a result of a change in the substantively enacted UK corporation tax rate. Remeasurement losses of £125 million on commodity contracts were recognised in the year ended 31 March 2020. In the previous year, operating costs included £283 million of costs arising from the workforce contingency plan related to the Massachusetts Gas labour dispute, £204 million of restructuring charges in our UK and US businesses and £137 million related to the impairment of nuclear connection development costs following the cancellation of the NuGen and Horizon projects. These were partially offset by a net £52 million gain on remeasurement of commodity contracts. Finance costs for the year ended 31 March 2020 included a net loss of £64 million on financial remeasurements of derivative financial instruments used to hedge our borrowings, compared to a loss of £76 million on financial remeasurements in the year ended 31 March 2019. Share of post-tax results of joint ventures and associates before exceptional items for the year ended 31 March 2020 were £88 million compared to £40 million in the year ended 31 March 2019, principally due to increased profits in St William, our Property joint venture. Adjusted earnings and EPS from continuing operations  Adjusted earnings and EPS, which exclude exceptional items and remeasurements, are provided to reflect the Group’s results on an ‘adjusted profit’ basis, described further in note 5. See page 252 for a reconciliation of adjusted basic EPS to EPS. The above earnings performance translated into adjusted EPS in the year ended 31 March 2020 of 55.2p, compared to 59.0p in the year ended 31 March 2019. Exchange rates  Our financial results are reported in sterling. Transactions for our US operations are denominated in dollars, so the related amounts that are reported in sterling depend on the dollar to sterling exchange rate. The table below shows the average and closing exchange rates of sterling to US dollars. 2019/20 2018/19 % change  Weighted average (income statement) 1.29 1.31 -1.42 % Year-end (statement of financial position) 1.24 1.30 4.79 % The movement in foreign exchange during the year ended 31 March 2020 has resulted in a £143 million increase in revenue, a £25 million increase in adjusted operating profit and a £21 million increase in operating profit. Analysis of the adjusted operating profit by segment for the year ended 31 March 2020 UK Electricity Transmission For the year ended 31 March 2020, revenue in the UK Electricity Transmission segment decreased by £351 million to £3,702 million, and adjusted operating profit increased by £305 million to £1,320 million. Revenue was significantly impacted by higher levels of pass-through costs related to balancing services in ESO, as a result of record levels of renewable generation in the year ended 31 March 2020. Excluding pass-through costs, net revenue was £220 million higher, principally reflecting timing over- recoveries (higher volumes and collection of prior period under-recoveries) along with higher revenues as a result of MOD impact from cyber and data centre allowances, offset by the true-up of totex allowances and RAV indexation from inflation. Regulated controllable costs were £26 million lower, reflecting inflation and higher IT costs more than offset by efficiency savings and the non-recurrence of ESO legal separation costs in the year ended 31 March 2019. Depreciation and amortisation was £24 million lower due to lower levels of asset commissioning and provision releases in the year ended 31 March 2020. Other costs were £34 million lower, principally relating to provision against income recognised on early termination of connections in the prior year.  Capital expenditure increased by £118 million compared with the year ended 31 March 2019 to £1,043 million reflecting increased activity on Hinkley Seabank, London Power Tunnels 2 and higher capex on the Dorset Visual Impact Provision project in the year ended 31 March 2020.  National Grid plc Annual Report and Accounts 2020/21 Additional Information Commentary on consolidated financial statements for the year ended 31 March 2020 261

UK Gas Transmission  Revenue in the UK Gas Transmission segment increased by £31 million to £927 million, and adjusted operating profit increased by £45 million to £348 million.  After deducting pass-through costs, net revenue was £16 million higher than the yeard ended 31 March 2019, reflecting the prior year refund of revenues previously received in respect of the proposed Avonmouth pipeline project that is no longer required. Regulated controllable costs were £17 million lower than the year ended 31 March 2019, with efficiency savings and an environmental provision release offsetting the higher IT run-the-business costs and the impact of inflation. Pension costs were £8 million lower mainly related to the Guaranteed Minimum Pension equalisation ruling in the year ended 31 March 2019. Depreciation and amortisation costs were £10 million lower following a full year impact of asset lives changes made in the year ended 31 March 2019. Other operating costs were £6 million higher than the year ended 31 March 2019, as a result of the release of unused provisions in the prior year.  Capital expenditure decreased by £59 million to £249 million, as a result of lower expenditure on Feeder 9 project (Humber Estuary), lower investment in Peterborough and Huntingdon compressor project and reduced asset health investment.  US Regulated  Revenue in our US Regulated business reduced by £641 million to £9,205 million, and adjusted operating profit decreased by £327 million to £1,397 million.  The stronger US dollar decreased revenue and operating profit in the year ended 31 March 2020. Excluding the impact of foreign exchange rate movements, revenue decreased by £783 million. Of this decrease, £575 million was due to increases in commodity pass-through costs charged on to customers, and £465 million was due to year-on-year timing movements as a result of under-collection of revenues compared to our regulatory allowances in the year ended 31 March 2020 of £239 million (2019: £226 million over-recovery). Excluding pass-through costs and timing swings, net revenue increased by £257 million at constant currency, principally reflecting increased revenue allowances under rate plans in upstate and downstate New York, in Massachusetts and in Rhode Island.  We incurred £76 million of deferrable storm costs in the year ended 31 March 2020 through a number of storms that caused substantial damage to our electricity networks, but this fell below our $100 million threshold to qualify as ‘major’ and be excluded from our underlying results. This compared to £95 million in the year ended 31 March 2019, which as these this did exceed our threshold were stripped out of our underlying results in the previous year. Excluding the impact of foreign exchange movements, regulated controllable costs decreased by £51 million as a result of cost efficiencies (principally from the benefit of restructurings and contract management), partly offset by workload increases and inflation. Bad debt expense increased by £85 million at constant currency, driven by £117 million additional provision for receivables related to the impact of COVID-19. Depreciation and amortisation increased due to ongoing investment in our networks. Other operating costs were £61 million higher at constant currency, as a result of higher storms in underlying in the year ending 31 March 2020 partly offset by lower cost of removal.  Capital expenditure in the US Regulated business increased to £3,228 million in the year ending 31 March 2020, £578 million more than in the year ending 31 March 2019. At constant currency, this represented a £540 million increase in investment driven by higher investment in new and replacement gas mains and gas business enablement investment, the impact of the Massachusetts Gas labour dispute on capex in the year ending 31 March 2019 and increased investment in IT.  NGV and Other Revenue in NGV and Other reduced by £140 million to £736 million, and adjusted operating profit increased by £5 million to £242 million. This reflects lower revenues and profit on disposal of property sites in our UK commercial property business (due to significant sales made in the year ending 31 March 2019) and reduced income from support services supplied to Cadent compared to the prior year.  Capital expenditure in NGV and Other was £121 million higher than the year ending 31 March 2019 at £559 million, including the increased investment in a second French Interconnector, the North Sea Link interconnector to Norway and the Viking interconnector to Denmark. National Grid plc Annual Report and Accounts 2020/21 Additional Information Commentary on consolidated financial statements for the year ended 31 March 2019 continued 262

Financial summary (unaudited)  The financial summary set out below has been derived from the audited consolidated financial statements of National Grid for the five financial years ended 31 March 2021. It should be read in conjunction with the consolidated financial statements and related notes, together with the Strategic Report. The information presented below is adjusted for the matters described in the footnotes below for the years ended 31 March 2021, 2020, 2019, 2018 and 2017 where relevant and has been prepared under IFRS as issued by the IASB and as adopted by the EU.  Summary income statement (£m)  2021 2020 2019 2018¹ 2017 Continuing operations Revenue 14,779 14,540 14,933 15,250 15,035 Operating profit 2,895 2,780 2,870 3,493 3,208 Profit before tax 2,083 1,754 1,841 2,660 2,184 Profit after tax from continuing operations 1,641 1,274 1,502 3,549 1,810 (Loss)/profit after tax from discontinued operations — (9) 12 2 663 Total profit for the year 1,641 1,265 1,514 3,551 7,794 Profit for the year attributable to equity shareholders 1,640 1,264 1,511 3,550 7,795 Earnings per share Basic – continuing operations (pence) 46.6 36.8 44.3 102.5 48.1 Diluted – continuing operations (pence) 46.3 36.6 44.1 102.1 47.9 Basic – total (pence) 46.6 36.5 44.6 102.6 207.1 Diluted – total (pence) 46.3 36.3 44.4 102.1 206.2 Weighted average number of shares – basic (millions) 3,523 3,461 3,386 3,461 3,763 Weighted average number of shares – diluted (millions) 3,540 3,478 3,401 3,476 3,780 Dividends per ordinary share Paid during the year (pence) 49.00 47.83 46.52 128.97 43.51 Approved or proposed during the year (pence)² 49.16 48.57 47.34 45.93 128.65 Paid during the year ($) 0.628 0.615 0.607 1.751 0.555 Approved or proposed during the year ($) 0.682 0.625 0.618 0.624 1.642 1. Items previously reported for 2018 have been re-presented to reflect our investment in Quadgas HoldCo Limited being presented as a discontinued operation in 2019. 2. Following the disposal of UK Gas Distribution, 2017 includes a special interim dividend of 84.375 pence per share that was paid on 2 June 2017. Summary statement of net assets (£m)  2021 2020¹ 2019¹ 2018 2017 Non-current assets 57,278 61,759 55,466 52,106 52,266 Current assets 9,938 5,801 7,946 6,681 13,574 Total assets 67,216 67,560 63,412 58,787 65,840 Current liabilities (9,368) (8,564) (9,129) (8,697) (10,511) Non-current liabilities (37,988) (39,203) (34,715) (31,242) (34,945) Total liabilities (47,356) (47,767) (43,844) (39,939) (45,456) Net assets 19,860 19,793 19,568 18,848 20,384 Total shareholders’ equity 19,839 19,771 19,548 18,832 20,368 1. Items previously reported for 2019 and 2020 have been revised as detailed in note 1F. National Grid plc Annual Report and Accounts 2020/21 Additional Information Five year summary financial information 263

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Further Information

Share ownership

At 3 June 2021, the latest practicable date, none of the directors had an individual beneficial interest amounting to greater than 1% of the Company’s shares.

Material interests in share

The following summarizes the significant changes in the percentage ownership held by our major shareholders during the past three years:

BlackRock, Inc. has held 7.29% of our outstanding share capital as at 31 March 2018, which percentage remained the same as at 31 March 2019 and as at 31 March 2020. As noted on page 242 of the 2020/2021 Annual Report and Accounts, we have been notified that BlackRock, Inc. held 7.21% of our outstanding share capital as at 31 March 2021, and such holdings decreased as at 31 May 2021 to 7.16% and remained the same as at 3 June 2021.

The Capital Group Companies, Inc. held 3.88% of our outstanding share capital as at each of 31 March 2018, 31 March 2019, 31 March 2020 and 31 March 2021, and such holdings remained unchanged as at 3 June 2021.

Competrol International Investments Limited held 3.72% of our outstanding share capital as at 31 March 2018, which percentage decreased to 3.69% of our outstanding share capital as at 31 March 2019 and to 2.97% as at 7 February 2020. Competrol International Investments Limited held 2.97% of our outstanding share capital as at 31 March 2021, and such holdings remained unchanged as at 3 June 2021.

Since 31 March 2021, we have not been notified of any other subsequent significant change in the percentage of shares held by the shareholders listed on page 242 of the 2020/2021 Annual Report and Accounts.

Material interest in American Depositary Shares

As at 3 June 2021, we had 12,103 registered holders of our American Depositary Shares (ADSs) representing ownership of 8.41% of our issued and outstanding share capital, excluding ordinary shares held in treasury. As at 3 June 2021, based on information available to us, we believe that approximately 8.45% of our issued and outstanding share capital (whether in the form of shares or ADSs), excluding shares held in treasury, was held beneficially in the United States.

Subsequent Events

Further to the announcement on 18 March 2021 of the WPD Acquisition, all regulatory approvals have now been received and completion of the transaction is expected to occur by on or about mid-June 2021.

Representations and Warranties in the Exhibits

Pursuant to the rules and regulations of the SEC, National Grid has filed certain agreements as exhibits to this Annual Report on Form 20-F. These agreements may contain representations and warranties by the parties to them. These representations and warranties have been made solely for the benefit of the other party or parties to such agreement and (i) may be intended not as statements of fact, but rather as a way of allocating the risk to one of the parties to such agreements if those statements turn out to be inaccurate, (ii) may have been qualified by disclosures that were made to such other party or parties and that either have been reflected in the company’s filings or are not required to be disclosed in those filings, (iii) may apply materiality standards different from what may be viewed as material to investors and (iv) were made only as of the date of such agreements or such other date or dates as may be specified in such agreements.

In accordance with the instructions to Item 2(b)(i) of the Instructions to Exhibits to the Form 20-F, National Grid agrees to furnish to the SEC, upon request, a copy of any instrument relating to long-term debt that does not exceed 10 percent of the total assets of National Grid and its subsidiaries on a consolidated basis.

Reports of Independent Registered Public Accounting Firms—Audit opinions for Form 20-F

In addition to the financial information set forth on the pages referenced under Item 18 in the Form 20-F Cross Reference Table on page vii, the reports of Deloitte LLP, Independent Registered Public Accounting Firm, are presented below:

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the shareholders and the Board of Directors of National Grid plc.

Opinion on the Financial Statements

We have audited the accompanying consolidated statements of financial position of National Grid plc (the "Company") and subsidiaries (together the “Group”) as at 31 March 2021 and 2020, the related consolidated statements of income, comprehensive income, changes in equity, and cash flows, for each of the three years in the period ended 31 March 2021, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Group as at 31 March 2021 and 2020, and the results of its operations and its cash flows for each of the three years in the period ended 31 March 2021, in conformity with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Group's internal control over financial reporting as at 31 March 2021, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated 19 May 2021, expressed an unqualified opinion on the Group's internal control over financial reporting.

Change in Accounting Principle

As discussed in Note 37 to the financial statements, the Group changed its method of accounting for leases in the year ended 31 March 2020 due to the adoption of IFRS 16, Leases.

Basis for Opinion

These financial statements are the responsibility of the Group’s management. Our responsibility is to express an opinion on the Group's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Group in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

The impact of climate change on property, plant and equipment - Refer to Notes 1E and 13 to the financial statements

Critical Audit Matter Description

The UK government and certain US states in which the Group operates have enacted legislation and established targets in respect of net zero carbon emissions by 2050. Accordingly climate change represents a strategic challenge for the Group, which has also set targets for reducing direct greenhouse gas emissions by the same date.

Natural gas, when burned, emits carbon dioxide and is considered a greenhouse gas. Therefore, the strategic challenge relates to the potential future use of the Group’s assets used to facilitate gas transmission services in the UK and gas distribution services in the US in the period approaching 2050 and beyond. The remaining useful economic life of the Group’s gas assets is up to 50 years in the UK and 80 in the US, extending well beyond the 2050 “net zero” commitment date. As described in note 13 to the financial statements, the impact of changing the useful economic lives of all of the Group’s gas assets, such that they would be fully depreciated by 2050, would be an increase in the annual depreciation expense of £195 million, and such that they would be fully depreciated by 2060, would be an increase in the annual depreciation expense of £82 million.

As the continued use of natural gas as a primary energy source beyond 2050 appears to be in conflict with net zero targets and the impact of shortening the useful lives of the gas assets to 2050 has a material impact on annual depreciation, we identified a ‘higher’ risk related to the financial statement impact of those commitments, specifically pinpointed to management’s judgement in determining the useful lives of gas assets in the context of the net zero commitments.

As described in note 13 to the financial statements management performed a detailed assessment of the potential uses for the Group’s gas assets as part of their consideration around whether developments in the UK and US towards binding carbon reduction targets should trigger any changes to National Grid’s estimates, judgements or disclosures, especially regarding gas

asset lives. Management’s assessment included an overview of the legislative changes in the UK and US, and an evaluation of the possible future use of National Grid’s networks in a net zero carbon energy system.

Management’s best estimate of the useful economic lives of US gas assets, across all states in which it operates, is based on the depreciable life identified through depreciation studies for each asset and are approved by the respective state regulator. Accordingly, in the US, the IFRS asset depreciable lives are identical to those agreed by the Group’s regulators for regulatory purposes. Management concluded it is probable that there will be a role for its US gas networks post 2050 under a range of possible scenarios, and there is nothing at present to suggest that asset lives should be shortened at this point.

In the UK, National Grid Gas Transmission (NGGT) owns and operates the National Transmission System (NTS). Pipelines represent the vast majority of the value that will be undepreciated by 2050. Having analysed the potential decarbonisation pathways, management has identified numerous potential uses for the Group’s UK gas pipeline assets in a net zero energy system including for the continued transmission of natural gas as a back-up fuel or in order for the transmission of hydrogen or other low or zero carbon gases.

Management concluded that the National Transmission System (NTS) pipeline assets in the UK will continue to have an economic use until 2070.

Management operated an entity level control to assess the accounting and disclosure impacts associated with the transitional and reputational risks of climate change to ensure these are considered and reflected appropriately in external reporting.

Management determined that disclosure of a key judgement in relation to the potential future use of the Group’s gas assets post-2050 and disclosure of the gas asset lives as a key estimate (note 1E to the financial statements), with appropriate sensitivity analysis (note 13 to the financial statements), was appropriate.

How the Critical Audit Matter Was Addressed in the Audit

We tested management’s internal control over the accounting for and disclosure of the potential impacts associated with the energy transition and climate change.

We challenged management’s judgement that the useful lives of the Group’s gas assets extend beyond 2050 in light of the different goals, commitments and legislation relating to net zero in the UK and the US states in which the Group operates by:

•assessing potential strategic pathways to achieve net zero targets;

•obtaining and reviewing government plans in the US and UK for achieving net zero which we compared to the potential strategic pathways;

•evaluating information from the Group’s regulators, including price controls in the UK and rate cases in the US, to consider whether they presented any contradictory evidence;

•performing an assessment of the likelihood of occurrence of alternative scenarios for achieving net zero targets;

•considering the potential for re-purposing the Group’s gas networks for alternative uses, and in particular for transporting hydrogen; and

•reading a number of external reports including: The Sixth Carbon Budget, produced by the Committee on Climate Change; the UK’s Climate Change White Paper, produced by the Department for Business, Energy & Industrial Strategy; and searching for contradictory evidence in respect of management’s judgements.

We utilised our sustainability specialists to review management’s key assumptions and to challenge the viability of some of the technological advances presented within the strategic pathways. We also consulted with Deloitte specialists in other countries regarding the suitability of existing gas infrastructure for transporting hydrogen.

We assessed the disclosures set out in note 1 to the financial statements and the sensitivity analysis set out in note 13 to the financial statements regarding the carrying value of the useful economic lives of the Group’s gas assets.

/s/ Deloitte LLP

London, United Kingdom

19 May 2021

The first accounting period we audited was 31 March 2018. In 2017, we began preparing for audit firm transition.

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the shareholders and the Board of Directors of National Grid plc

Opinion on Internal Control over Financial Reporting

We have audited the internal control over financial reporting of National Grid plc (the “Company”) and subsidiaries (the “Group”) as of 31 March 2021, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of 31 March 2021, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended 31 March 2021, of the Group and our report dated 19 May 2021, expressed an unqualified opinion on those financial statements.

Basis for Opinion

The Group’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Internal control over financial reporting section appearing on page 236 of the Additional Information section. Our responsibility is to express an opinion on the Group’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Group in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ Deloitte LLP

London, United Kingdom

19 May 2021


	Description
1.1	Articles of Association of National Grid plc adopted by Special Resolution passed on 30 July 2012. (Exhibit 1.1 to National Grid plc Form 20-F dated 10 June 2013 File No. 1-14958)	Incorporated by reference

2(a)	Amended and restated Deposit Agreement dated as of 23 May 2013 among National Grid plc and The Bank of New York Mellon, as Depository, and all Owners and Holders from time to time of American Depositary Shares issued thereunder. (Exhibit 1 to National Grid plc Form F-6 dated 15 May 2013 File No. 333-178045)	Incorporated by reference

2(b).1	Amended and Restated Trust Deed dated 22 February 2012 among National Grid Gas plc, National Grid Gas Finance (No 1) plc and the Law Debenture Trust Corporation p.l.c. relating to a €10,000,000,000 Euro Medium Term Note Programme. (Exhibit 2(b).3 to National Grid plc Form 20-F dated 12 June 2012 File No. 1-14958)	Incorporated by reference

2(b).2	Amended and Restated Trust Deed dated 2 August 2011 among National Grid plc, National Grid Electricity Transmission plc and the Law Debenture Trust Corporation p.l.c. relating to a €15,000,000,000 Euro Medium Term Note Programme. (Exhibit 2(b).5 to National Grid plc Form 20-F dated 12 June 2012 File No. 1-14958)	Incorporated by reference

2(b).3	Amended and Restated Trust Deed dated 10 September 2012 among National Grid plc, National Grid Electricity Transmission plc and the Law Debenture Trust Corporation p.l.c. relating to a €15,000,000,000 Euro Medium Term Note Programme. (Exhibit 2(b).6 to National Grid plc Form 20-F dated 10 June 2013 File No. 1-14958)	Incorporated by reference

2(b).4	Amended and Restated Trust Deed dated 12 September 2014 among National Grid plc, National Grid Electricity Transmission plc and the Law Debenture Trust Corporation p.l.c. relating to National Grid plc and National Grid Electricity Transmission plc €15,000,000,000 Euro Medium Term Note Programme. (Exhibit 2(b).9 to National Grid plc Form 20-F dated 5 June 2015 File No. 1-14958)	Incorporated by reference

2(b).5	Amended and Restated Trust Deed dated 18 December 2014 among National Grid USA, National Grid North America Inc. and the Law Debenture Trust Corporation p.l.c. relating to National Grid USA €4,000,000,000 Euro Medium Term Note Programme. (Exhibit 2(b).10 to National Grid plc Form 20-F dated 5 June 2015 File No. 1-14958)	Incorporated by reference

2(b).6	Amended and Restated Trust Deed dated 21 September 2015 among National Grid plc, National Grid Electricity Transmission plc and the Law Debenture Trust Corporation p.l.c. relating to National Grid plc and National Grid Electricity Transmission plc €15,000,000,000 Euro Medium Term Note Programme. (Exhibit 2(b).13 to National Grid plc Form 20-F dated 7 June 2016 File No. 1-14958)	Incorporated by reference

2(b).7	Amended and Restated Trust Deed dated 9 December 2015 among National Grid USA, National Grid North America Inc. and the Law Debenture Trust Corporation p.l.c. relating to National Grid USA €4,000,000,000 Euro Medium Term Note Programme. (Exhibit 2(b).14 to National Grid plc Form 20-F dated 7 June 2016 File No. 1-14958)	Incorporated by reference

2(b).8	Amended and Restated Trust Deed dated 30 July 2019 among National Grid plc, National Grid Electricity Transmission plc and the Law Debenture Trust Corporation p.l.c. relating to National Grid plc and National Grid Electricity Transmission plc €15,000,000,000 Euro Medium Term Note Programme. (Exhibit 2(b).8 to National Grid plc Form 20-F dated 25 June 2020 File No. 1-14958)	Incorporated by reference


2(b).9	Amended and Restated Trust Deed dated 30 July 2019 among National Grid Gas plc and the Law Debenture Trust Corporation p.l.c. relating to a €10,000,000,000 Euro Medium Term Note Programme. (Exhibit 2(b).9 to National Grid plc Form 20-F dated 25 June 2020 File No. 1-14958)	Incorporated by reference

2(b).10	Trust Deed dated 5 September 2019 among NGG Finance plc, National Grid plc and the Law Debenture Trust Corporation p.l.c. relating to a €500,000,000 Fixed Rate Resettable Capital Securities due 2079. (Exhibit 2(b).10 to National Grid plc Form 20-F dated 25 June 2020 File No. 1-14958)	Incorporated by reference

2(b).11	Trust Deed dated 5 September 2019 among NGG Finance plc, National Grid plc and the Law Debenture Trust Corporation p.l.c. relating to a €750,000,000 Fixed Rate Resettable Capital Securities due 2082. (Exhibit 2(b).11 to National Grid plc Form 20-F dated 25 June 2020 File No. 1-14958)	Incorporated by reference

2(b).12	Trust Deed dated 7 August 2020 among National Grid plc, National Grid Electricity Transmission plc and the Law Debenture Trust Corporation p.l.c. relating to a €15,000,000,000 Euro Medium Term Note Programme.	Filed herewith

2(b).13	Trust Deed dated 22 October 2020 between National Grid North America and the Law Debenture Trust Corporation p.l.c. relating to a €8,000,000,000 Euro Medium Term Note Programme	Filed herewith

2(c)	Description of Securities Registered Under Section 12 of the Exchange Act. (Exhibit 2(c) to National Grid plc Form 20-F dated 25 June 2020 File No. 1-14958)	Incorporated by reference

4(b).1	Remaining Acquisition Agreement between National Grid Holdings One plc and Quadgas Investments Bidco Limited relating to the acquisition of shares in Gas D HoldCo, dated 30 April 2018. Confidential treatment has been requested. Confidential material has been redacted and separately filed with the SEC. (Exhibit 4(b).3 to National Grid plc Form 20-F dated 4 June 2018 File No. 1-14958)	Incorporated by Reference

4(b).2	Share Purchase Agreement dated as of 17 March 2021, by and among PPL WPD Limited, National Grid Holdings One Plc and National Grid Plc (Schedules have been omitted from this filing pursuant to Item 601 (b) (2) of Regulation S-K. A copy of any omitted schedule will be furnished to the Securities and Exchange Commission upon request,	Filed herewith

4(c).2	Service Agreement among National Grid Electricity Transmission plc and John Mark Pettigrew dated 2 November 2014. (Exhibit 4(c).5 to National Grid plc Form 20-F dated 5 June 2014 File No. 1-14958)	Incorporated by reference

4(c).3	Amendment to Service Agreement among National Grid Electricity Transmission plc and John Mark Pettigrew dated 2 November 2015. (Exhibit 4(c).4 to National Grid plc Form 20-F dated 6 June 201 6 File No. 1-14958)	Incorporated by reference

4(c).4	Service Agreement among National Grid Electricity Transmission plc and Nicola Shaw dated 23 March 2016. (Exhibit 4(c).4 to National Grid plc Form 20-F dated 6 June 2017 File No. 1-14958)	Incorporated by reference

4(c).5	Service Agreement among National Grid plc and Andrew Agg dated 21 December 2018. (Exhibit 4(c).5 to National Grid plc Form 20-F dated 4 June 2019 File No. 1-14958)	Incorporated by reference

4(c).6	Letter of Appointment—Sir Peter Gershon. (Exhibit 4(c).10 to National Grid plc Form 20-F dated 12 June 2012 File No. 1-14958)	Incorporated by reference



4(c).7	Letter of Appointment—Paul Golby. (Exhibit 4(c).11 to National Grid plc Form 20-F dated 12 June 2012 File No. 1-14958)	Incorporated by reference

4(c).8	Letter of Appointment—Nora Mead Brownell. (Exhibit 4(c).13 to National Grid plc Form 20-F dated 10 June 2013 File No. 1-14958)	Incorporated by reference

4(c).9	Letter of Appointment—Mark Williamson. (Exhibit 4(c).14 to National Grid plc Form 20-F dated 10 June 2013 File No. 1-14958)	Incorporated by reference

4(c).10	Letter of Appointment—Jonathan Dawson. (Exhibit 4(c).15 to National Grid plc Form 20-F dated 10 June 2013 File No. 1-14958)	Incorporated by reference

4(c).11	Letter of Appointment—Therese Esperdy. (Exhibit 4(c).14 to National Grid plc Form 20-F dated 10 June 2013 File No. 1-14958)	Incorporated by reference

4(c).12	Letter of Appointment—Amanda Mesler (Exhibit 4(c).13 to National Grid plc Form 20-F dated 4 June 2018 File No. 1-14958)	Incorporated by reference

4(c).13	Letter of Appointment—Earl Shipp. (Exhibit 4(c).15 to National Grid plc Form 20-F dated 4 June 2019 File No. 1-14958)	Incorporated by reference

4(c).14	Employment Agreement among National Grid plc, National Grid USA and Dean Seavers dated 22 October 2014. (Exhibit 4(c).15 to National Grid plc Form 20-F dated 5 June 2015 File No. 1-14958).	Incorporated by reference

4(c).15	Letter of Appointment—Jonathan Silver. (Exhibit 4(c).15 to National Grid plc Form 20-F dated 25 June 2020 File No. 1-14958)	Incorporated by reference

4(c).16	Letter of Appointment—Elizabeth (Liz) Hewitt. (Exhibit 4(c).16 to National Grid plc Form 20-F dated 25 June 2020 File No. 1-14958)	Incorporated by reference

4(c).17	Letter of Appointment—Paula Rosput Reynolds.	Filed herewith

4(c).17	National Grid plc Deferred Share Plan. (Exhibit 4.2 to National Grid plc S-8 dated 28 July 2011 File No. 333-175852)	Incorporated by reference

4(c).18	National Grid Executive Share Option Plan 2002. (Exhibit 4 (c) to National Grid Group Form 20-F dated 21 June 2002 File No. 1-14958)	Incorporated by reference

4(c).19	National Grid Group Share Matching Plan 2002. (Exhibit 4 (c) to National Grid Group Form 20-F dated 21 June 2002 File No. 1-14958)	Incorporated by reference

4(c).20	National Grid Transco Performance Share Plan 2002 (as approved 23 July 2002 by a resolution of the shareholders of National Grid Group plc, adopted 17 October 2002 by a resolution of the Board of National Grid Group plc, amended 26 June 2003 by the Share Schemes Sub-Committee of National Grid Transco plc, and amended 5 May 2004 by the Share Schemes Sub-Committee of National Grid Transco plc). (Exhibit 4.19 to National Grid Transco Form 20-F dated 16 June 2004 File No. 1-14958)	Incorporated by reference

4(c).21	National Grid Executive Share Option Scheme. (Exhibit 4D to National Grid Group S-8 dated 26 July 2001 File No. 333-65968)	Incorporated by reference


4(c).22	Lattice Group Short Term Incentive Scheme (approved by a resolution of the shareholders of BG Group plc effective 23 October 2000; approved by a resolution of the Board of National Grid Transco plc on 30 April 2004; amended by resolutions of the Board of Lattice Group plc effective on 21 October 2002 and 13 May 2004). (Exhibit 4.23 to National Grid Transco Form 20-F dated 16 June 2004 File No. 1-14958)	Incorporated by reference

4(c).23	National Grid USA Companies’ Defined Contribution Supplemental Executive Retirement Plan. (Exhibit 4.2 to National Grid plc S-8 dated 23 October 2012 File No. 333-184558)	Incorporated by reference

8	List of subsidiaries - The list of the Company’s significant subsidiaries as of 31 March 2021 is incorporated by reference to “Financial Statements—Notes to the consolidated financial statements—34. Subsidiary undertakings, joint venture and associates—Subsidiary undertakings” on pages 204-208 included in the Annual Report on Form 20-F for the financial year ended 31 March 2021. This list excludes subsidiaries that do not, in aggregate, constitute a “significant subsidiary” as defined in Rule 1-02(w) of Regulation S-X as at 31 March 2021.	Filed herewith

12.1	Certification of John Pettigrew pursuant to Rule 13a-14(a) of the Exchange Act.	Filed herewith

12.2	Certification of Andrew Agg pursuant to Rule 13a-14(a) of the Exchange Act.	Filed herewith

13.1	Certifications of John Pettigrew and Andrew Agg furnished pursuant to Rule 13a-14(b) of the Exchange Act (such certifications are not deemed filed for purpose of Section18 of the Exchange Act and not incorporated by reference in any filing under the Securities Act).	Filed herewith

15.1	Consent of Deloitte LLP, independent registered public accounting firm to National Grid plc.	Filed herewith
17.1	Subsidiary guarantors and issuers of guaranteed securities	Filed herewith

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorised the undersigned to sign this annual report on its behalf.

NATIONAL GRID PLC

By: /s/ Andrew Agg

Andrew Agg

Chief Financial Officer

London, England

8 June 2021