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National Grid PLC – ‘U5B’ on 7/13/00

On: Thursday, 7/13/00, at 10:23am ET · Accession #: 898080-0-237 · File #: 1-14958

  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 7/13/00  National Grid PLC                 U5B                    1:164K                                   Dewey & Leboeuf LLP

Registration Statement — Form U5B
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: U5B         Registration Statement                                57    292K 

U5B 1st Page of 57 TOC ↑Top Previous Next ↓Bottom Just 1st
 
                                                               File No. 70-_____

SECURITIES AND EXCHANGE COMMISSION
 Washington D.C.

FORM U5B

JOINT REGISTRATION STATEMENT

Filed under Section 5(a) of the Public Utility
 Holding Company Act of 1935

 The National Grid Group plc

 National Grid (US) Holdings Limited

National Grid (US) Investments

 National Grid (Ireland) 1 Limited

 National Grid (Ireland) 2 Limited

 National Grid General Partnership

 ---------------------------------

Name of Registrant

Name, Title and Address of Officer to whom Notices and Correspondence concerning
this Statement should be addressed:                                             

(a)  The National Grid Group plc:                                               
Fiona B Smith                                                         
Group General Counsel and                                             
Company Secretary                                                     
15 Marylebone Road                                                    
London                                                                
NW1 5JD                                                               
United Kingdom                                                        

Cheryl A LaFleur                                                      
National Grid USA                                                     
Senior Vice President, Secretary and General Counsel                  
National Grid USA                                                     
25 Research Drive                                                     
Westborough                                                           
MA 01582                                                              

(b)  National Grid (Ireland) 1 Limited                                          
Guy Marie Albert Ferdinand Harles                                     
6 Avenue Pasteur                                                      
L-2310                                                                
Luxembourg                                                            

Additional copy to:                                                   
Anthony Hill                                                          
25 Research Drive                                                     
Westborough                                                           
MA 01582                                                              

(c)  National Grid (Ireland) 2 Limited                                          
Guy Marie Albert Ferdinand Harles                                     
6 Avenue Pasteur                                                      
L-2310                                                                
Luxembourg                                                            

Additional copy to:                                                   
Anthony Hill                                                          
25 Research Drive                                                     
Westborough                                                           
MA 01582                                                              

(d)  National Grid General Partnership                                          
Anthony Hill                                                          
25 Research Drive                                                     
Westborough                                                           
MA 01582                                                              

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Glossary of Defined Terms                                                       

When used herein, the following terms shall have the meanings set forth below:  

National Grid                    The National Grid Group plc                    

Intermediate Companies           National Grid (US) Holdings Limited            
                National Grid (US) Investments
                   National Grid (Ireland) 1 Limited
                   National Grid (Ireland) 2 Limited
                                 National Grid General Partnership (collectively
               the "Intermediate Companies")

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Explanatory Note and Request for Waiver                                         

National  Grid's  subsidiary  National  Grid USA (the  successor  to New England
Electric System ("NEES")) was subject to the periodic reporting  requirements of
the Securities  Exchange Act of 1934, as amended,  and the rules and regulations
of the Commission  thereunder.  Prior to the merger with National Grid, National
Grid USA filed registration  statements with the Commission under the Securities
Act of 1933, annual reports on Form 10-K,  quarterly reports on Form 10-Q, proxy
statements  and other  reports.  National Grid also reports to the Commission on
Form 20-F annually and on other forms periodically.                             

Under the Public Utility Holding Company Act of 1935 (the "Act"), in particular,
National Grid USA and Eastern Utilities  Associates  ("EUA") have recently filed
Annual  Reports on Form U5S and  extensive  disclosure on Form U-1 in connection
with NEES' merger with  National  Grid and EUA's merger with  National Grid USA.
These filings set forth much of the same information required by Form U5B.      

National Grid also conducts  extensive foreign  businesses through National Grid
Holdings  Limited,  ("National Grid Holdings") an exempt foreign utility company
under the Act.  National  Grid Holdings  filed Form U-57 with the  Commission on
March 17, 2000, SEC File No. 073-00135.                                         

In view of the extensive information on National Grid and National Grid USA made
available  through the numerous filings mentioned above and the exempt status of
National Grid  Holdings,  National Grid requests that the  Commission  waive the
requirements of Form U5B, as specifically  noted herein, and that the Commission
accept the  registration  statement as filed./1/ The  Commission  may grant this
request under Rule 20 (a) (3) under the Act. In addition, National Grid requests
authorisation to incorporate certain information by reference where indicated.  

Unless  otherwise  noted, to the extent  possible,  the information  provided in
response to the Items and Exhibit  requirements of this Form will be as of March
31, 2000.                                                                       

----------                                                                      
/1/  The exceptions to the various  requirements of Form U5B for which waiver is
     sought  have been  addressed  with the  Commission  staff  prior to filing.
     National  Grid's filing notes next to each Item of the form where the staff
has granted permission to omit or substitute information.             
----------                                                                      
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REGISTRATION STATEMENT

The undersigned holding companies hereby submit their registration  statement to
the Commission pursuant to Section 5 of the Act.                                

1    Exact name of registrants:                                                 

(a)  The National Grid Group plc;                                     
(b)  National Grid (US) Holdings Limited;                             
(c)  National Grid (US) Investments;                                  
(d)  National Grid (Ireland) 1 Limited;                               
(e)  National Grid (Ireland) 2 Limited; and                           
(f)  National Grid General Partnership                                

2    Address of principal executive offices:                                    

(a)  The National Grid Group plc                                      
15 Marylebone Road                                          
London, NW1 5JD                                             

(b)  National Grid (US) Holdings Limited                              
15 Marylebone Road                                          
London, NW1 5JD                                             

(c)  National Grid (US) Investments                                   
15 Marylebone Road                                          
London, NW1 5JD                                             

(d)  National Grid (Ireland) 1 Limited                                
6 Avenue Pasteur                                            
L-2310                                                      
Luxembourg                                                  

(e)  National Grid (Ireland) 2 Limited                                
6 Avenue Pasteur                                            
L-2310                                                      
Luxembourg                                                  

(f)  National Grid General Partnership                                
10th Floor                                                  
Oliver Building                                             
2 Oliver Street                                             
Boston, MA 02109                                            

3    Name and address of Chief Accounting Officer:                              

Stephen J Box                                                         
Group Finance Director                                                
The National Grid Group plc                                           
15 Marylebone Road                                                    
London                                                                
NW1 5JD                                                               

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4    Certain  information  as to  the registrant  and  each  subsidiary  company
thereof:                                                              

                                                        [Enlarge/Download Table]

     --------------------------------------------------------------------------------------------------------------      
                 Name of Company                     Organisation       State/Country of     Type of Business            
                                                                          Organisation                                   
     --------------------------------------------------------------------------------------------------------------      
                                                                                                                         
     The National Grid Group plc                    Public limited      England and Wales    Holding company             
                                                    company                                                              
     --------------------------------------------------------------------------------------------------------------      
     National Grid Holdings Limited/2/              Private limited     England and Wales    Holding company             
                                                    company                                                              
     --------------------------------------------------------------------------------------------------------------      
     National Grid (US) Holdings Limited            Private limited     England and Wales    Holding company             
                                                    company                                                              
     --------------------------------------------------------------------------------------------------------------      
     National Grid (US) Investments                 Private unlimited   England and Wales    Holding company             
                                                    company                                                              
     --------------------------------------------------------------------------------------------------------------      
     National Grid (Ireland) 1 Limited              Private limited     Ireland              Holding company             
                                                    company                                                              
     --------------------------------------------------------------------------------------------------------------      
     National Grid (Ireland) 2 Limited              Private limited     Ireland              Holding company             
                                                    company                                                              
     --------------------------------------------------------------------------------------------------------------      
     National Grid General Partnership              Partnership         Delaware             Holding entity              
     --------------------------------------------------------------------------------------------------------------      
     Granite State Electric Company                 Company             New Hampshire        Electric utility            
     --------------------------------------------------------------------------------------------------------------      
     Granite State Energy, Inc./2a/                 Company             New Hampshire        Non-utility subsidiary      
     --------------------------------------------------------------------------------------------------------------      
     Massachusetts Electric Company                 Company             Massachusetts        Electric utility            
     --------------------------------------------------------------------------------------------------------------      
     Metrowest Realty LLC                           Limited Liability   Delaware             Real estate company         
                                                    Company ("LLC")                                                      
     --------------------------------------------------------------------------------------------------------------      
     Nantucket Electric Company                     Company             Massachusetts        Electric utility            
     --------------------------------------------------------------------------------------------------------------      
     The Narragansett Electric Company              Company             Rhode Island         Electric utility            
     --------------------------------------------------------------------------------------------------------------      
     NEES Communications, Inc.                      Company             Massachusetts        Exempt telecommunications   
       NEES Telecommunications Corp./2a/                                                     company                     
     --------------------------------------------------------------------------------------------------------------      
     NEES Energy, Inc.                              Company             Massachusetts        Holding company             
       AllEnergy Marketing Company, LLC                                                                                  
       (Del.)                                       LLC                 Delaware             Fuel companies              
       Texas Liquids L.L.C.                         LLC                 Massachusetts                                    
       AEDR Fuels, L.L.C.                           LLC                 Massachusetts                                    
       Weatherwise USA, L.L.C.                      LLC                 Massachusetts                                    
       Texas - Ohio Gas, Inc.                       Company             Texas                                            
     --------------------------------------------------------------------------------------------------------------      
     New England Electric Transmission Corporation  Company             New Hampshire        Transmission company        
     --------------------------------------------------------------------------------------------------------------      
     New England Energy Incorporated/2a/            Company             Massachusetts        Non-utility subsidiary      
     --------------------------------------------------------------------------------------------------------------      
     New England Hydro Finance Company, Inc.        Company             Massachusetts        Finance company             
     --------------------------------------------------------------------------------------------------------------      
     New England Hydro-Transmission Corporation     Company             New Hampshire        Transmission company        
     --------------------------------------------------------------------------------------------------------------      
     New England Hydro-Transmission Electric        Company             Massachusetts        Transmission company        
     Company, Inc.                                                                                                       
     --------------------------------------------------------------------------------------------------------------      
     National Grid USA Service Company, Inc.        Company             Massachusetts        Service company             
     --------------------------------------------------------------------------------------------------------------      
     New England Power Company                      Company             Massachusetts        Electric utility            
       Connecticut Yankee Atomic Power Company      Company             Connecticut          Nuclear companies           
       Maine Yankee Atomic Power Company            Company             Maine                                            
       Vermont Yankee Nuclear Power Corporation     Company             Vermont                                          
       Yankee Atomic Electric Company               Company             Massachusetts                                    

     --------------------------------------------------------------------------------------------------------------      

----------                                                                                                               
/2/  Details of National Grid Holdings subsidiaries are set out in the response                                          
     to item 5(a)D.                                                                                                      
/2a/ Currently inactive.                                                                                                 
----------                                                                                                               
                                       5                                                                                 

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     --------------------------------------------------------------------------------------------------------------      
     AllEnergy Fuels Corporation/2a/                Company             Delaware             Non-utility subsidiary      
     --------------------------------------------------------------------------------------------------------------      
     New England Wholesale Electric Company/2a/     Company             Massachusetts        Non-utility subsidiary      
     --------------------------------------------------------------------------------------------------------------      
     National Grid Transmission Services            Company             Massachusetts        Transmission services       
     Corporation                                                                             company                     
     --------------------------------------------------------------------------------------------------------------      
     Research Drive LLC                             LLC                 Massachusetts        Non-utility subsidiary      
     --------------------------------------------------------------------------------------------------------------      
     Wayfinder Group, Inc.                          Company             Massachusetts        Consulting company          
       NEWHC, Inc.                                  Company             Massachusetts                                    
     --------------------------------------------------------------------------------------------------------------      
     EUA Cogenex Corporation                        Company             Massachusetts        Energy services company     
       Northeast Energy Management, Inc.            Company             Massachusetts                                    
       APS Cogenex L.L.C.                           LLC                 Delaware                                         
       EUA Cogenex West Corporation                 Company             Massachusetts                                    
       EUA Cogenex-Canada, Inc.                     Company             Canada                                           
       EUA Cogenex-Canada Energy Services, Inc.     Company             Canada                                           
       EUA Westcoast, L.P.                          Partnership                                                          
       EUA FRC II Energy Partners (50%)             Partnership                                                          
       EUA Energy Capital & Services (50%)          Partnership                                                          
         EUA energy Capital & Services II                                                                                
           (50%)                                    Partnership                                                          
         Micro Utility Partners of America                                                                               
           (50%)                                    Partnership                                                          
     --------------------------------------------------------------------------------------------------------------      
     EUA Ocean State Corporation                    Company             Rhode Island         Intermediate holding company
     --------------------------------------------------------------------------------------------------------------      
     EUA Energy Investment Corporation              Company             Massachusetts        Non-utility subsidiary      
     --------------------------------------------------------------------------------------------------------------      
     EUA Energy Investment Corporation              Company             Massachusetts        Non-utility subsidiary      
       EUA Bioten, Inc.                             Company             Massachusetts                                    
       Eastern Unicord Corporation                  Company             Massachusetts                                    
         Bioten GPM                                 Partnership         Mauritius                                        
         Bioten Operations, Inc.                    Company             Tennessee                                        
     --------------------------------------------------------------------------------------------------------------      

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BUSINESS

5(a) The  general  character  of the  business  done by the  registrant  and its
     subsidiaries,  separated as between the holding  companies,  public utility
     subsidiaries   (as  defined  in  the  Act)  and  the  various   non-utility
subsidiaries.                                                         

A. Holding Companies                                                            

     National Grid is the top  registered  holding  company in the National Grid
system.  A chart depicting the overall  structure of the National Grid system is
attached  as Exhibit A.  National  Grid has no  operations  of its own but holds
investments  in both U.S. and foreign  companies.  National  Grid's  investments
outside the U.S. are held through  National  Grid  Holdings,  a private  limited
company  organised  under the laws of England and Wales,  and a foreign  utility
company  ("FUCO")  under the Act.  National  Grid's  U.S.  investments  are held
through a series of intermediate  registered  holding  companies  ("Intermediate
Companies")  which have no operations of their own. The  Intermediate  Companies
are:                                                                            

(a) National Grid (US) Holdings Limited                               
(b) National Grid (US) Investments                                    
(c) National Grid (Ireland) 1 Limited                                 
(d) National Grid (Ireland) 2 Limited                                 
(e) National Grid General Partnership                                 

     National Grid USA is a registered  holding  company  subsidiary of National
Grid General  Partnership.  National Grid USA, successor to NEES, has filed Form
U5S for the calendar  year 1999.  See SEC File No.  001-003446,  filed on May 2,
2000.  National Grid USA succeeds to the  registered  holding  company status of
NEES and, consequently, it is not a registrant on this Form U5B.                

     The  Intermediate  Companies are organised under the laws of a member state
of the European Union with which the U.S. has a  comprehensive  Double  Taxation
Treaty  or a state  of the U.S.  The  Intermediate  Companies  are  directly  or
indirectly  wholly  owned  by  National  Grid  and  have no  public  or  private
institutional equity or debt holders. The Intermediate Companies are capitalised
with  equity  and/or  debt all of which is held by  either  National  Grid or an
Intermediate Company.                                                           

     The  Intermediate  Companies'  function in the  National  Grid system is to
implement a structure  that permits  National Grid to maximise the efficiency of
cross-border  ownership.  It is common  practice  for U.K.  based  multinational
corporations   to  hold  their  non-U.K.   subsidiaries   through  one  or  more
intermediary  companies  incorporated  under the laws of European  Union  member
states.  These types of transaction  structures are  implemented to minimise the
impact of tax on the repatriation of dividends and interest to the U.K./3/      

----------                                                                      
/3/  Exhibit J-2 to Form U-1, SEC File No.  70-9473,  explains the  functions of
     each  Intermediate  Company in more  detail and is  incorporated  herein by
reference.                                                            
----------                                                                      

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B. Public Utility Subsidiaries of National Grid USA                             

     The  public-utility  subsidiaries of National Grid USA were formerly public
utility  subsidiaries of NEES, a registered  holding company.  On April 19, 2000
subsequent to National  Grid's  acquisition of NEES,  National Grid USA acquired
EUA and its public utility and non-utility businesses.  On May 1, 2000 EUA filed
a Form U5S for the calendar  year 1999.  See SEC File No.  001-05366.  On May 1,
2000, EUA's public utility  subsidiary  companies were merged into National Grid
USA's public utility  subsidiaries.  By order dated April 14, 2000,  Holding Co.
Act Release No. 27166, the Commission found the combined National Grid USA / EUA
system to be integrated and the non-utility  businesses of EUA to be retainable.
The public utility subsidiaries of National Grid USA are as follows/4/          

1. Massachusetts Electric Company ("Mass. Electric") is a public utility company
engaged in the delivery of electric energy to approximately  1,000,000 customers
in an area comprising  approximately  43 % of  Massachusetts.  Mass.  Electric's
service area consists of 146 cities and towns,  including the highly diversified
commercial and industrial cities of Worcester, Lowell and Quincy. The population
of the service area is  approximately  2,160,000  (1990  Census),  or 36% of the
total  population of the state. As of March 31, 2000,  Mass.  Electric had total
assets of $2.33 billion,  operating  revenues of $1.34 billion and net income of
$61.1 million for the 12 months to date. For the 12 months ended March 31, 2000,
40% of Mass.  Electric's revenues from the sale of electricity were derived from
residential  customers,  38% from  commercial  customers,  21%  from  industrial
customers and 1% from others.  Mass.  Electric is subject to rate  regulation by
the  Federal  Energy  Regulatory   Commission  ("FERC")  and  the  Massachusetts
Department of  Telecommunications  and Energy ("MDTE").  On May 1, 2000, Eastern
Edison  Company,  a former EUA  subsidiary,  merged into Mass.  Electric.  Mass.
Electric now provides approximately 1.2 million customers with electric delivery
service in 168 cities and towns in Massachusetts.                               

2. The  Narragansett  Electric  Company  ("Narragansett")  is a  public  utility
company  engaged in the  delivery of electric  energy to  approximately  335,000
customers in Rhode Island.  Its service area covers about 839 square  miles,  or
80% of the area of the state,  and  encompasses  27 cities and towns,  including
Providence, East Providence, Cranston and Warwick. The population of the service
area is  approximately  725,000 (1990 Census) or 72% of the total  population of
the state. As of March 31, 2000, Narragansett had total assets of $1.11 billion,
operating  revenues of $427.8 million and net income of $29.5 million for the 12
months to date.  For the 12 months ended March 31, 2000,  42% of  Narragansett's
revenues from the sale of electricity were derived from  residential  customers,
43% from commercial customers, 14% from industrial customers and 1% from others.
Narragansett  is subject to  regulation  by the FERC,  the Rhode  Island  Public
Utility  Commission  ("RIPUC") and the Rhode Island Division of Public Utilities
and Carriers ("RIDIV").  On May 1, 2000,  Blackstone Valley Electric Company and
Newport Electric Corporation,  both former subsidiaries of EUA, were merged into
Narragansett.  Narragansett now provides  approximately  460,000  customers with
electric delivery service in 38 cities and towns in Rhode Island.               

----------                                                                      
/4/  All subsidiaries are wholly-owned unless otherwise noted.                  
----------                                                                      

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3. Granite State Electric Company  ("Granite State") is a public utility company
engaged in the delivery of electric energy to approximately  37,000 customers in
21  New  Hampshire  communities.  The  Granite  State  service  territory  has a
population of approximately  73,000 (1990 Census) and includes the Salem area of
southern New Hampshire and several  communities along the Connecticut  River. As
of March 31, 2000,  Granite State had total assets of $91.6  million,  operating
revenues of $62.1  million  and net income of $3.1  million for the 12 months to
date.  For the 12 months ended March 31, 2000, 33% of Granite  State's  revenues
from the sale of electricity were derived from residential  customers,  50% from
commercial customers,  16% from industrial customers and 1% from others. Granite
State  is  subject  to  regulation  by the  FERC  and the New  Hampshire  Public
Utilities Commission ("NHPUC").                                                 

4. Nantucket Electric Company ("Nantucket") provides electric utility service to
approximately  10,000 customers on Nantucket Island in Massachusetts.  Nantucket
Island's  year-round  population is approximately  6,000,  with a summer peak of
approximately  40,000.  Nantucket's service area covers the entire island. As of
March 31, 2000, Nantucket had total assets of $56.9 million,  operating revenues
of $16.0  million and net income of $0.6 million for the 12 months to date.  For
the 12 months ended March 31, 2000, 64% of Nantucket's revenues from the sale of
electricity  were  derived  from  residential  customers,  35%  from  commercial
customers and 1% from others. Nantucket is subject to regulation by the FERC and
the MDTE.                                                                       

5. New England Power Company ("NEP") is principally  engaged in the transmission
of  electricity  and the sale of electric  energy from its remaining  generating
capacity.  For the 12 months ended March 31, 2000, 59% of NEP's revenues related
to the recovery of the contract  termination  charge (CTC), 22% for transmission
service and 19% from sales of  electricity  for resale.  In September  1998, NEP
completed the sale of substantially all of its non-nuclear  generating  business
and is currently  attempting to sell its minority  interests in three  operating
nuclear power plants and one  fossil-fuelled  generating station in Maine./5/ As
of March 31, 2000, NEP had total assets of $2.59 billion,  operating revenues of
$563.7 million and net income of $65.1 million for the 12 months to date. NEP is
subject,  for certain purposes,  to regulation by the Commission,  the FERC, the
Nuclear  Regulatory  Commission  ("NRC"),  the RIDIV,  the MDTE, the NHPUC,  the
Vermont  Public  Service  Board,  the  Connecticut  Department of Public Utility
Control,  and the Maine Public  Utilities  Commission.  On May 1, 2000,  Montaup
Electric  Company  ("Montaup"),  a former EUA  subsidiary,  was merged into NEP.
Montaup held,  in part,  an ownership  interest of 4% in the Millstone 3 nuclear
unit and an equity interest of 4.5% in Yankee Atomic Electric  Company,  2.5% in
Vermont  Yankee  Nuclear  Power  Corporation,  4% in Maine  Yankee  Atomic Power
Company, and 4.5% in Connecticut Yankee Atomic Power Company.                   

6. New England  Electric  Transmission  Corporation  ("NEET"),  a subsidiary  of
National  Grid  USA,  owns and  operates  a direct  current/alternating  current
converter  terminal  facility  for the first phase of the  Hydro-Quebec  and New
England  interconnection (the  "Interconnection")  and six miles of high voltage
direct current  transmission  line in New Hampshire.  As of March 31, 2000, NEET
had total assets of $29.1 million,  operating revenues of $8.8 million,  and net
income of $0.72 million for the 12 months to date.                              

----------                                                                      
/5/  NEP is also a holding company because it owns 20% of the outstanding voting
     securities  of Vermont  Yankee  Nuclear  Power  Corporation,  the  licensed
     operator of the Vermont  Yankee  nuclear  facility.  NEP also has  minority
     interests in Yankee  Atomic  Electric  Company  (30%),  Maine Yankee Atomic
     Power Company (20%) and Connecticut  Yankee Atomic Power Company (15%), all
     of which  have  permanently  ceased  operations.  NEP is an exempt  holding
     company under the Act.  Yankee  Atomic  Electric  Company,  Holding Co. Act
     Release No. 13048 (Nov. 25, 1955); Connecticut Yankee Atomic Power Company,
Holding Co. Act Release No. 14768 (Nov. 15, 1963).                    
----------                                                                      

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7. New England Hydro-Transmission  Corporation ("N.H. Hydro"), in which National
Grid USA holds  60.51%  (including  Montaup's  interest)  of the  common  stock,
operates  121 miles of  high-voltage  direct  current  transmission  line in New
Hampshire  for  the  second  phase  of  the  Interconnection,  extending  to the
Massachusetts  border.  As of March 31,  2000,  N.H.  Hydro had total  assets of
$124.9  million,  operating  revenues of $29.0  million,  and net income of $4.4
million for the 12 months to date.                                              

8. New England Hydro-Transmission Electric Company, Inc. ("Mass. Hydro"), 60.51%
(including  Montaup's interest) of the voting stock of which is held by National
Grid USA,  operates a direct  current/alternating  current  terminal and related
facilities  for  the  second  phase  of  the  Interconnection  and 12  miles  of
high-voltage direct current transmission line in Massachusetts.  As of March 31,
2000,  Mass.  Hydro had total assets of $150.9  million,  operating  revenues of
$35.2 million, and net income of $7.0 million for the 12 months to date.        

9. New England Hydro  Finance  Company,  Inc.  ("NE Hydro  Finance") is owned in
equal  shares by Mass.  Hydro and N.H.  Hydro and  provides  the debt  financing
required by the owners to fund the capital costs of their  participation  in the
Interconnection.                                                                

C. Non-Utility Subsidiaries of National Grid USA                                

1. NEES Communications, Inc. ("NEESCom") is an exempt telecommunications company
that  presently  focuses on dark fiber leasing.  At March 31, 2000,  NEESCom had
total  assets of $175.4  million  and a net loss of  $0.799  million  for the 12
months to date. NEES Telecommunications  Corp. is wholly owned by NEESCom and is
presently inactive.                                                             

2. Wayfinder Group, Inc.  ("Wayfinder") provides consulting services and product
licenses  to   unaffiliated   utilities   in  the  areas  of  electric   utility
restructuring  and customer  choice.  As of March 31, 2000,  Wayfinder had total
assets of $7.4  million,  operating  revenue of $4.2 million and a net income of
$1.3 million for the 12 months to date.  Monitoring  Technologies,  Inc.,  Nexus
Energy  Software,  Inc. and Separation  Technologies,  Inc. are owned in part by
Wayfinder and are described below.                                              

     2.1. Monitoring Technologies,  Inc. ("MTC") designs, develops, manufactures
     and markets  microprocessor-based  products  that monitor wear and forecast
     failure of components in machinery.  Wayfinder has a 4% ownership  interest
in MTC.                                                               

     2.2.  Nexus  Energy  Software,  Inc.  ("Nexus"),  develops and licenses its
     software to utilities and operates a website which targets energy consumers
     for the purpose of helping them make energy choices.  Wayfinder has a 42.6%
ownership interest in Nexus.                                          

     2.3. Separation Technologies, Inc. ("STI"), is a provider of ash processing
     equipment, project financing,  operations and marketing services related to
     its equipment. Wayfinder has a 5.02% ownership interest with a voting stock
ownership interest of 5.67% in STI.                                   

3. NEES  Energy,  Inc.  ("NEES  Energy") is an energy  marketing  subsidiary  of
National  Grid USA. As of March 31,  2000,  NEES Energy had total assets of $204
million,  operating  revenue of $530  million and a net loss of $8.2 million for
the 12 months to date.                                                          

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     3.1. AllEnergy Marketing Company,  L.L.C.  ("AllEnergy") is a subsidiary of
     NEES Energy. AllEnergy markets energy products and provides a wide range of
     energy-related services including, but not limited to, marketing, brokering
     and  sales  of  energy,   audits,   fuel   supply,   repair,   maintenance,
     construction, operation, design, engineering and consulting to customers in
     the competitive  power markets of New England and New York. As of March 22,
2000, AllEnergy is a business held for sale for accounting purposes.  

          3.1.1.  AllEnergy's  subsidiary  Texas Liquids,  L.L.C.  (owned 99% by
          AllEnergy and 1% by NEES Energy), engages principally in marketing and
sales of propane and energy in the New Jersey area.         

          3.1.2. AEDR Fuels L.L.C., is engaged in the home heating oil business.

          3.1.3.  Weatherwise USA, L.L.C., a company engaged in providing energy
          management, demand side management and technical services, and utility
          hedging services to reduce weather-related financial uncertainties for
utilities and energy users, is 4.2% owned by AllEnergy.     

          3.1.4.  AllEnergy's  subsidiary,  Texas-Ohio Gas, Inc. markets natural
          gas to industrial and  commercial  end users  throughout the northeast
US.                                                         

4.  Granite  State  Energy,  Inc.  ("Granite  State  Energy")  is a  non-utility
marketing subsidiary of National Grid USA. Granite State Energy provided a range
of energy and energy-related  services and is currently  inactive.  At March 31,
2000,  Granite  State Energy had total assets of $32,042  operating  revenues of
$306,748 and a net loss of $51,603 for the 12 months to date.                   

5. New England Power Service  Company  ("Service  Company")  changed its name to
National Grid USA Service  Company Inc. on May 2, 2000 and provides a variety of
administrative and consulting services for the National Grid USA system pursuant
to a  service  agreement  approved  by the  Commission  in  accordance  with the
requirements of Rule 90. As of March 31, 2000,  Service Company had total assets
of $222.7 million,  operating  revenues of $208.2 million and net income of $1.8
million  for the 12 months to date.  On May 1,  2000,  EUA  Service  Corporation
merged into Service Company.                                                    

6. Metro West Realty,  L.L.C.,  a subsidiary  of National Grid USA conducts real
estate investment and management activities.                                    

7.  Research  Drive  L.L.C.,  a subsidiary  of National  Grid USA, was formed to
facilitate the acquisition of EUA.                                              

8. New England Energy,  Inc. ("NEEI"),  is a subsidiary of National Grid USA. It
owned oil and gas  properties  that were sold  during  1998.  NEEI is  currently
inactive.                                                                       

9. UNITIL Company  ("Unitil"),  is a registered  holding  company located in New
England.  National Grid USA holds a 0.8% ownership interest in Unitil.  National
Grid USA acquired the Unitil interest when its predecessor,  NEES, exchanged the
Unitil interest for NEES' interest in Fitchburg Gas and Electric  Company,  when
that company was merged with Unitil.                                            

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10. EUA Cogenex,  is an energy  services  company that employs energy  efficient
technology and equipment  intended to reduce the energy consumption and costs of
its  customers.  Such  technology  and equipment  include:  building  automation
systems,  lighting  modifications,  boiler and chiller  replacements,  and other
mechanical  measures such as motors and drives.  At March 31, 2000,  EUA Cogenex
had total  consolidated  assets of $154.7 million,  operating  revenues of $49.7
million,  and a net loss of $6.4 million for the 12 months to date.  EUA Cogenex
has  entered  into a letter  of  intent  with a third  party for the sale of the
assets of EUA Cogenex.  As of April 19,  2000,  EUA Cogenex is an asset held for
sale for accounting purposes.                                                   

     10.1. EUA Citizens  Conservation  Services,  Inc.  provided  energy related
     services to public and private multi-family  housing. This company was sold
on June 2, 2000.                                                      

     10.2.  EUA Cogenex West (formerly EUA Highland  Corporation),  is an energy
     services  company that provides energy  conservation  services in Colorado,
Texas, Ohio, North Carolina, and certain mid-western states.          

     10.3.  Northeast  Energy  Management,  Inc.,  is a demand  side  management
company.                                                              

10.4. EUA Cogenex-Canada, Inc. is an intermediate holding company.    

          10.4.1. EUA Cogenex-Canada Energy Services,  Inc., is a company formed
          to  participate  in a marketing  and  development  joint  venture with
Monenco Agra, an Ontario-based engineering firm.            

     10.5.  EUA WestCoast  L.P., is a  partnership  which  operates and monitors
     existing  demand  side  management   and/or  energy   management   services
     contractual obligations, but does not develop new business. As of March 31,
     2000,  EUA  Cogenex  held 50% of the voting  control  and acted as managing
general partner.                                                      

     10.6.  EUA Energy  Capital and Services I, is a partnership  which operates
     and monitors  existing  demand side  management  and/or  energy  management
     services contractual obligations,  but does not develop new business. As of
     March 31,  2000,  EUA Cogenex  held 50% of the voting  control and acted as
managing general partner.                                             

     10.7. EUA Energy  Capital and Services II, is a partnership  which operates
     and monitors  existing  demand side  management  and/or  energy  management
     services contractual obligations,  but does not develop new business. As of
     March 31,  2000,  EUA Cogenex  held 50% of the voting  control and acted as
managing general partner.                                             

     10.8.  EUA FRC II Energy  Associates,  is a partnership  which operates and
     monitors existing demand side management and/or energy management  services
     contractual obligations, but does not develop new business. As of March 31,
     2000,  EUA  Cogenex  held 50% of the voting  control  and acted as managing
general partner.                                                      

     10.9.  Micro Utility Partners of America,  is a partnership  which operates
     and monitors  existing  demand side  management  and/or  energy  management
services                                                              

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     contractual obligations, but does not develop new business. As of March 31,
     2000,  EUA  Cogenex  held 50% of the voting  control  and acted as managing
general partner.                                                      

     10.10.  APS  Cogenex  L.L.C.,  is a  limited  liability  company  formed to
     develop,  engineer and construct  projects at the National Cancer Institute
     in Army  Garrison at Fort  Detrick,  Maryland.  As of March 31,  2000,  EUA
Cogenex also held 50% of the voting power.                            

11. EUA Energy invests in energy-related projects. At March 31, 2000, EUA Energy
had total assets of $33 million,  operating revenues of $3.4 million,  and a net
loss of $16.6 million for the 12 months to date.                                

     11.1.  Separation  Technologies,   Inc.  ("STI"),  is  a  provider  of  ash
     processing equipment, project financing,  operations and marketing services
     related to its  equipment.  EUA Energy  currently  holds 9.9% of the voting
power of STI, which is the only active investment of EUA Energy.      

     11.2.  EUA BIOTEN,  Inc.  was formed to develop  biomass-fueled  generating
units.                                                                

          11.2.1.  BIOTEN  Operations  ("BIOTEN  Operations")  Inc., a Tennessee
          corporation,  owns a  demonstration  facility in Red Boiling  Springs,
Tennessee.                                                  

               11.2.1.1.  BIOTEN G.P.M., a corporation  organised under the laws
of Mauritius, is owned by BIOTEN Operations.      

12. EUA Ocean State is an intermediate  holding  company.  As of March 31, 2000,
EUA Ocean State had total assets of $48.6 million and net income of $3.9 million
for the 12 months to date.  On February  14, 2000 EUA, the owner of the interest
before EUA and  National  Grid USA merged,  entered into a Letter of Intent with
TransCanada Energy Ltd for the sale of Ocean State Power I and Ocean State Power
II.                                                                             

     12.1.  Ocean State Power I, is a gas-fired  generating unit in the northern
     Rhode Island-based Ocean State generating station, of which EUA Ocean State
owns a 29.9% partnership interest.                                    

     12.2. Ocean State Power II, is a gas-fired  generating unit in the northern
     Rhode Island-based Ocean State generating station, of which EUA Ocean State
owns a 29.9% partnership interest.                                    

D. Foreign Utility Companies                                                    

1. National Grid Holdings Limited  ("National Grid  Holdings"),  a FUCO, has the
following active  subsidiaries.  In addition to the  subsidiaries  listed below,
National  Grid Holdings has a number of dormant  subsidiaries  (often formed for
purposes of  potential  projects  that are not  realised)  that are not included
herein.  Except as noted, all entities listed below are organised under the laws
of England and Wales.                                                           

     1.1. The National  Grid Company plc ("NGC"),  is the electric  transmission
     company  in England  and  Wales.  NGC  provides  transmission  service on a
     for-profit,   non-discriminatory   basis  and   maintains   and  makes  all
improvements to optimize access                                       

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     to the  transmission  system  of  England  and  Wales,  procures  ancillary
     services on the transmission system,  matches supply and demand and manages
     the daily  system of  half-hourly  bids for  competing  generators.  NGC is
     subject  to  regulatory  controls  overseen  by  the  Director  General  of
Electricity Supply. NGC has seven active subsidiaries, as follows:    

          1.1.1.  NGC Nominees  Limited serves as a shareholder  for a number of
          National  Grid group  entities,  as it is  customary in the UK to have
          more than one shareholder in most corporate entities.  This company is
not otherwise an operating entity.                          

          1.1.2.  Datum  Solutions  Limited  is engaged  in  providing  metering
          services  in the  United  Kingdom  at  entry  and exit  points  of the
          transmission  system,  and more widely to customers in the competitive
market.                                                     

          1.1.3.  ESIS Limited operates the computer systems needed to calculate
          prices  and  payments  due as a result of the daily  trading  of power
across England and Wales.                                   

          1.1.4. Energy Pool Funds  Administration  Limited manages the transfer
        of funds in payments for the energy traded across England and Wales.

          1.1.5.  NGC  Employee  Shares  Trustee  Limited  serves as  trustee in
          respect of the  National  Grid  Profit  Sharing  Scheme  and  Employee
          Benefit  Trust,  which are trusts set up for employees of the National
     Grid group. The company does not have any independent operations.

          1.1.6. NGC Leasing Limited is engaged in the leasing of motor vehicles
for use by employees of the National Grid group.            

          1.1.7. NGC Properties  Limited owns and develops  property that is not
          used for the operation of the transmission system, usually with a view
toward eventual sale.                                       

     1.2.  EnMO Limited in which  National  Grid Holdings owns 75% was formed to
operate the final day (balancing) gas market in Great Britain.        

     1.3.  National Grid Insurance Limited is a company organised in Guernsey in
     connection with the self-insured  retention of NGC's  transmission  assets.
     National  Grid Holdings  holds all of the  outstanding  ordinary  shares of
     National Grid  Insurance  and an  unaffiliated  bank holds its  outstanding
preference shares.                                                    

     1.4.  National  Grid  International  Limited  is the  intermediate  holding
     company for a number of National Grid Holding's current or planned non-U.K.
     investments,   including  operations  in  South  America,   India,  Africa,
     Continental Europe and the U.S. National Grid International has four direct
     and a  number  of  indirect  subsidiaries  and one  associate  company,  as
follows:                                                              

          1.4.1.  National  Grid  Overseas  Limited is an  intermediate  holding
          company above all of the South American and African  interests held by
National Grid Holdings.                                     

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               1.4.1.1.   National   Grid   Holdings  BV  is  organised  in  the
               Netherlands  and is a holding  company for  operations in Brazil,
Argentina and Zambia.                             

                    1.4.1.1.1.  National  Grid  Indus  BV is  organised  in  the
          Netherlands and is a business development vehicle.

                    1.4.1.1.2.  National  Grid  India  BV,  another  Netherlands
                    organised company, was formed to hold National Grid Holdings
      electricity transmission investments in India.

                    1.4.1.1.3.  NGC do Brazil  Participacoes  Ltda,  a Brazilian
                    company,  was formed to provide project development services
         in Brazil to National Grid International Limited.

                    1.4.1.1.4.  National Grid Brazil BV, a Netherlands organised
                    company, owns, directly or indirectly,  all or part of three
 entities formed under the laws of Brazil.

                         1.4.1.1.4.1. JVCO Participacoes Ltda, of which National
                         Grid Brazil BV owns 50%, is a  telecommunications joint
                         venture vehicle  for the  National  Grid group,  France
 Telecom and Sprint Corporation.

                              1.4.1.1.4.1.1 Holdco Participacoes Ltda ("Holdco")
                              is a  100% subsidiary  of JVCO Participacoes  Ltda
                              and is a joint  venture  vehicle for the  National
                      Grid groups' Brazilian telecom operations.

                                   1.4.1.1.4.1.1.1.   Intelig   Telecomunicacoes
                                   Ltda is  a 100%  subsidiary of  Holdco and is
                              engaged in telecommunications in Brazil.

                    1.4.1.1.5.  National Grid Zambia BV, a company  formed under
                    the laws of the Netherlands,  owns the National Grid group's
                    interest    in    Copperbelt    Energy    Corporation    plc
("Copperbelt").                         

                         1.4.1.1.5.1.  Copperbelt, a Zambian corporation is some
                         39% owned by  National Grid Zambia  BV  and is  engaged
                         in   generating,   buying,   selling  and  transmitting
                         electricity to  meet  the needs  of  the  copper mining
                         region of Zambia.  Another unrelated registered holding
                         company,  CINergy, also owns  a significant interest in
Copperbelt.                   

                    1.4.1.1.6.  National  Grid  Finance  BV is a company  formed
                    under the laws of the  Netherlands  that serves as a holding
company for operations in Argentina.    

                         1.4.1.1.6.1.    Compania   Inversora   En   Transmicion
                         Electrica Citelec S.A. ("Citelec") (42.5% interest held
                         by  the National Grid group),  is a holding company for
the Transener business.       

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                              1.4.1.1.6.1.1.  Compania de Transporte de  Energia
                              Electrica   en   Alta   Tension    Transener   S.A
                              ("Transener"),   in   which   Citelec   holds   an
                              approximately  65% interest,  is the owner  of the
                              primary   electricity   transmission   system that
services Argentina. 

                                   1.4.1.1.6.1.1.1.  Empresa  de  Transporte  de
                                   Energia  Electrica  por  Distribucion Troncal
                                   de  la  Provincia  de  Buenos Aires  Sociedad
                                   Anonima    ("Transba"),    is    a   regional
                                   transmission system owner in Argentina and is
             90% owned by Transener.

                    1.4.1.1.7. National Grid Brazil Transmission BV is a company
                    formed under the laws of the  Netherlands  and is a business
development vehicle.                    

                    1.4.1.1.8.  National  Grid Poland BV a company  formed under
                    the laws of the  Netherlands  will be a holding  company for
                    the  National  Grid  group's  23.75%  interest  in NG Koleje
                    Telekomunikacja  SPz.o.o., a Polish telecommunications joint
                    venture  (which  interest is currently held by National Grid
International Limited).                 

                    1.4.1.1.9.  National  Grid Holland  Limited is an investment
company.                                

          1.4.2.  Teldata  International  Limited  is a holding  company  for US
companies involved in billing and energy service operations.

               1.4.2.1.  Teldata  Solutions Inc. is a Delaware  corporation that
               provides  complete,  end-to-end,  automated  metering and billing
               solutions  for  electric,  gas and  water  utilities  and  energy
service providers.                                

                    1.4.2.1.1.   FirstPoint   Services   Inc.   is  a   Delaware
                    corporation  engaged in providing billing software solutions
                    for electric,  gas and water  utilities  and energy  service
providers.                              

          1.4.3.  NG  US I,  Inc.,  formerly  National  Grid  (USA),  researches
       possible investment and acquisition opportunities in North America.

          1.4.4. National Grid (Isle of Man) Limited is a holding company and is
organised under the laws of the Isle of Man.                

               1.4.4.1. Manx Cable Company Limited, in which National Grid (Isle
               of Man) Limited owns 50% is organised  under the laws of the Isle
               of Man and was  established  for the  purpose  of  developing  an
               undersea  electrical  connector  between  England and the Isle of
             Man. It is a joint venture with the Manx Electricity Authority.

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          1.4.5  NG  Koleje  Telekomunikacja  SPz.o.o,  in which  National  Grid
          International  Limited  currently holds a 23.75% interest is organised
          under the laws of Poland and is a joint  venture  vehicle  involved in
telecommunications activities in Poland.                    

     1.5.  The  National  Grid Group Quest  Trustee  Company  Limited  serves as
     trustee  with respect to the National  Grid Group  Qualifying  Share Trust,
     which is a trust established for employees of the National Grid group. This
company does not have any independent operations.                     

1.6. NGG Telecoms Holdings Limited is an intermediate holding company.

     1.7 National Grid Jersey Holdings Limited,  (a Jersey organised company) is
     an  intermediate  holding  company  for  part of  National  Grid  Holdings'
interest in Energis plc.                                              

          1.7.1 National Grid Three Limited is an  intermediate  holding company
 for part of National Grid Holdings' interest in Energis plc.,

              1.7.1.1 NGG Telecoms Limited is an intermediate holding company.

                    1.7.1.1.1. Energis plc, in which the National Grid group has
                    a 36.3%  interest  is a company  listed on the London  Stock
                    Exchange  and on NASDAQ  and is the  parent  company  of the
                    Energis  group.  Further  information  about  Energis  plc's
                    business  and  subsidiaries  is  contained  in its Form 20-F
    dated June 10, 1999 SEC file number 0-29552.

     1.8 National Grid Four Limited is an intermediate  holding company for part
of National Grid Holdings' interest in Energis plc.                   

     1.9 NGG Telecoms Investment Limited is an intermediate  holding company for
part of National Grid Holdings' interest in Energis plc.              

     1.10.  NatGrid  Finance  Holdings  Limited  provides  financial  management
services to National Grid group companies.                            

          1.10.1. NatGrid Finance Limited provides financial management services
to National Grid group companies.                           

               1.10.1.1. NG Jersey Limited (a Jersey organised company) provides
             financial management services to National Grid group companies.

               1.10.1.2.  NG Investments  Limited,  (a Jersey organised company)
               provides  financial  management  services to National  Grid group
companies.                                        

                    1.10.1.2.1.  NatGrid  Investments Limited provides financial
             management services to National Grid group companies.

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     1.11.  National Grid One Limited provides financial  management services to
National Grid group companies.                                        

     1.12.  National Grid Two Limited provides financial  management services to
National Grid group companies.                                        

     1.13. National Grid Gold Limited provides financial  management services to
National Grid group companies.                                        

(b)  Any substantial changes which may have occurred in the general character of
the business of such companies during the preceding five years.       

     By permission of the staff of the Office of Public Utility  Regulation (the
"Staff"), the information required by Item 5(b) is omitted.           

PROPERTY

6    Describe  briefly  the general  character  and  location  of the  principal
     plants, properties and other important physical units of the registrant and
     its  subsidiaries,  showing  separately  (a) public  utility  and (b) other
     properties. If any principal plant or important unit is not held in fee, so
state and describe how held.                                          

     (Note: By permission of the Staff  information  about the principal plants,
     properties  and other  important  physical  assets of National Grid and the
Intermediate Companies only is stated).                               

                                                        [Enlarge/Download Table]

------------------------------------------------------------------------------------------------------
LANDLORD               TENANT                  DATE OF LEASE    LOCATION                ANNUAL RENTAL 
------------------------------------------------------------------------------------------------------
                                                                                                      
Scottish Mutual        NationalGrid            24 March 2000    Office premises         (pound)700,000
                                                                15 Marylebone Road                    
                                                                London                                
------------------------------------------------------------------------------------------------------
Etude                  National Grid           November 1999    2nd Floor               LUF 450,000   
Arendt & Medernach     (Ireland) 1 Limited                      6 Avenue Pasteur                      
                       and National Grid                        L-2310                                
                       (Ireland) 2 Limited                      Luxembourg                            
------------------------------------------------------------------------------------------------------

 INTERSTATE TRANSACTIONS

7    For each  public  utility  company  in the  holding  company  system of the
     registrant  which is engaged in the  transmission of electric energy or gas
     in  interstate  commerce,  furnish the following  information  for the last
calendar year:                                                        

     The  following  companies  are the only  public  utility  companies  in the
     National Grid group that engage in the  transmission  of electric energy or
gas in interstate commerce.                                           

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Total Annual Sales                                 Electric Energy     Gas      
Granite State Electric Company                           kwh           mcf      
Interstate Transactions:                                                        

Name of State                                 New Hampshire           
Delivered out of State........................     __                           
Received from out of State....................     728,529,000         N/A      

Total Annual Sales                                 Electric Energy     Gas      
Massachusetts Electric Company                           kwh           mcf      
Interstate Transactions:                                                        

Name of State                                 Massachusetts           
Delivered out of State........................            153,000               
Received from out of State....................     15,709,574,000      N/A      

Total Annual Sales                                 Electric Energy     Gas      
Nantucket Electric Company                               kwh           mcf      
Interstate Transactions:                                                        

Name of State                                 Massachusetts           
Delivered out of State........................     __                           
Received from out of State....................     115,264,000         N/A      

Total Annual Sales                                 Electric Energy     Gas      
The Narragansett Electric Company                        kwh           mcf      
Interstate Transactions:                                                        

Name of State                                 Rhode Island            
Delivered out of State........................           656,000                
Received from out of State....................     4,678,841,000       N/A      

Total Annual Sales                                 Electric Energy     Gas      
New England Power Company                                kwh           mcf      
Interstate Transactions:                                                        

Name of State                                 Massachusetts           
Delivered out of State........................     2,955,423,000                
Received from out of State....................     1,349,031,000       N/A      

SECURITIES OUTSTANDING

8    Submit  the  following  information  concerning  the  registrant  and  each
subsidiary thereof as of the latest available date:                   

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U5B 20th Page of 57 TOC 1st Previous Next ↓Bottom Just 20th
     (Note:  By  permission  of the Staff  information  in response to this Item
relating to any subsidiary of National Grid Holdings is excluded.)    

 FUNDED DEBT

8(a) For each issue or series of funded debt,  including  funded debt secured by
     liens on property owned, whether or not such debt has been assumed: (Do not
 include here any contingent liabilities reported under paragraph 8(c)).

As of March 31, 2000

                                                        [Enlarge/Download Table]

------------------------------------------------------------------------------------------------------------------
            Col. A                              Col. B                  Col. C         Col. D        Cols. E-I    
------------------------------------------------------------------------------------------------------------------
                                                                        Amount      Amount Issued   [Omitted by   
        Name of Obligor                     Title of Issue            Authorised    less Retired     Permission   
                                                                                                       of the     
                                                                          US$            US$           Staff]     
------------------------------------------------------------------------------------------------------------------
                                                                                                                  
The National Grid Group plc              6% EPICs due 2003/6/         401,163,000   401,163,000                   
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company           Series S, Issue 92-2           5,000,000     5,000,000                   
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company           Series S, Issue 92-9          10,000,000    10,000,000                   
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company           Series R, Issue 92-6          10,000,000    10,000,000                   
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company           Series S, Issue 92-11          5,000,000     5,000,000                   
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company           Series S, Issue 92-12         10,000,000    10,000,000                   
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company           Series T, Issue 93-2          20,000,000    20,000,000                   
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company           Series U, Issue 93-1           5,000,000     5,000,000                   
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company           Series U, Issue 94-6          10,000,000    10,000,000                   
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company           Series U, Issue 95-1          10,000,000    10,000,000                   
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company           Series U, Issue 95-2          10,000,000    10,000,000                   
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company           Series U, Issue 95-7           9,000,000     9,000,000                   
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company           Series V, Issue 95-1          10,000,000    10,000,000                   
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company           Series V, Issue 96-1          20,000,000    20,000,000                   
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company           Series T, Issue 93-7           5,000,000     5,000,000                   
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company           Series T, Issue 93-8           5,000,000     5,000,000                   
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company           Series T, Issue 93-10         10,000,000    10,000,000                   
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company           Series T, Issue 93-11         10,000,000    10,000,000                   
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company           Series V, Issue 98-3          25,000,000    25,000,000                   
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company           Series R, Issue 92-3           5,000,000     5,000,000                   
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company           Series S, Issue 92-5          10,000,000    10,000,000                   
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company           Series S, Issue 92-10          5,000,000     5,000,000                   
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company           Series T, Issue 93-4          10,000,000    10,000,000                   
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company           Series T, Issue 93-6           3,000,000     3,000,000                   
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company           Series T, Issue 93-9           7,000,000     7,000,000                   
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company           Series U, Issue 93-2          10,000,000    10,000,000                   
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company           Series U, Issue 93-3           1,000,000     1,000,000                   
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company           Series U, Issue 94-1          10,000,000    10,000,000                   
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company           Series U, Issue 94-2           5,000,000     5,000,000                   
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company           Series U, Issue 94-3           5,000,000     5,000,000                   
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company           Series U, Issue 94-4           5,000,000     5,000,000                   
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company           Series U, Issue 94-5           1,000,000     1,000,000                   
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company           Series U, Issue 95-6           3,000,000     3,000,000                   
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company           Series V, Issue 95-2          10,000,000    10,000,000                   
------------------------------------------------------------------------------------------------------------------

----------                                                                                                        
/6/  National  Grid has issued 14.7m Equity Plus Income  Convertible  Securities                                  
     ("EPICs")  in  the  form  of  6%   mandatorily   exchangeable   bonds  2003                                  
     ("exchangeable  bonds")  in the  aggregate  principal  amount of US dollars                                  
     401.2m. The EPICs are exchangeable,  subject to certain  exceptions,  on or                                  
     prior  to  April  26,  2003  at the  option  of the  holders  of the  bonds                                  
     ("bondholders")   into  ordinary  shares  of  Energis  plc,  an  associated                                  
     undertaking.  If the EPICs are  redeemed  at the option of the  bondholders                                  
     prior to May 3, 2003,  the National Grid group will deliver  0.8333 Energis                                  
     plc shares per EPICs.  On May 3, 2003,  the number of Energis plc shares to                                  
     be  delivered  by the  National  Grid  group in  respect  of each  EPICs is                                  
     dependent  upon the  Energis plc share price at that date and ranges from a                                  
     maximum of one, if the share price is (pound)16.50 or less, to a minimum of                                  
     0.8333 if the share price is (pound)19.80 or more.                                                           
----------                                                                                                        

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------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company           Series V, Issue 95-3          10,000,000    10,000,000                   
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company           Series V, Issue 95-4          10,000,000    10,000,000                   
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company           Series V, Issue 97-1          15,000,000    15,000,000                   
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company           Series V, Issue 98-1          20,000,000    20,000,000                   
------------------------------------------------------------------------------------------------------------------
Massachusetts Electric Company           Series V, Issue 98-2           5,000,000     5,000,000                   
------------------------------------------------------------------------------------------------------------------
The Narragansett Electric Company        Series U, Issue 92-5           5,000,000     5,000,000                   
------------------------------------------------------------------------------------------------------------------
The Narragansett Electric Company        Series U, Issue 92-8          10,000,000    10,000,000                   
------------------------------------------------------------------------------------------------------------------
The Narragansett Electric Company        Series U, Issue 92-4          15,000,000    15,000,000                   
------------------------------------------------------------------------------------------------------------------
The Narragansett Electric Company        Series U, Issue 93-1           7,500,000     7,500,000                   
------------------------------------------------------------------------------------------------------------------
The Narragansett Electric Company        Series U, Issue 93-2           5,000,000     5,000,000                   
------------------------------------------------------------------------------------------------------------------
The Narragansett Electric Company        Series U, Issue 93-4           5,000,000     5,000,000                   
------------------------------------------------------------------------------------------------------------------
The Narragansett Electric Company        Series V, Issue 94-4           5,000,000     5,000,000                   
------------------------------------------------------------------------------------------------------------------
The Narragansett Electric Company        Series V, Issue 94-6          10,000,000    10,000,000                   
------------------------------------------------------------------------------------------------------------------
The Narragansett Electric Company        Series U, Issue 93-3           5,000,000     5,000,000                   
------------------------------------------------------------------------------------------------------------------
The Narragansett Electric Company        Series S                      20,200,000    20,200,000                   
------------------------------------------------------------------------------------------------------------------
The Narragansett Electric Company        Series T                      17,000,000    17,000,000                   
------------------------------------------------------------------------------------------------------------------
The Narragansett Electric Company        Series U, Issue 93-5           5,000,000     5,000,000                   
------------------------------------------------------------------------------------------------------------------
The Narragansett Electric Company        Series U, Issue 94-1           5,000,000     5,000,000                   
------------------------------------------------------------------------------------------------------------------
The Narragansett Electric Company        Series V, Issue 94-1           5,000,000     5,000,000                   
------------------------------------------------------------------------------------------------------------------
The Narragansett Electric Company        Series V, Issue 94-5           5,000,000     5,000,000                   
------------------------------------------------------------------------------------------------------------------
The Narragansett Electric Company        Series V, Issue 95-2          10,000,000    10,000,000                   
------------------------------------------------------------------------------------------------------------------
The Narragansett Electric Company        Series V, Issue 95-3           7,000,000     7,000,000                   
------------------------------------------------------------------------------------------------------------------
The Narragansett Electric Company        Series W, Issue 95-1          16,000,000    16,000,000                   
------------------------------------------------------------------------------------------------------------------
The Narragansett Electric Company        Series W, Issue 96-1           2,000,000     2,000,000                   
------------------------------------------------------------------------------------------------------------------
The Narragansett Electric Company        Series W, Issue 97-1           3,000,000     3,000,000                   
------------------------------------------------------------------------------------------------------------------
The Narragansett Electric Company        Series W, Issue 97-2           7,000,000     7,000,000                   
------------------------------------------------------------------------------------------------------------------
Granite State Electric Company           9.44% Note Due 2001            5,000,000     5,000,000                   
------------------------------------------------------------------------------------------------------------------
Granite State Electric Company           7.37% Note Due 2023            5,000,000     5,000,000                   
------------------------------------------------------------------------------------------------------------------
Granite State Electric Company           7.94% Note Due 2025            5,000,000     5,000,000                   
------------------------------------------------------------------------------------------------------------------
Granite State Electric Company           7.30% Note Due 2028            5,000,000     5,000,000                   
------------------------------------------------------------------------------------------------------------------
Nantucket Electric Company               1996 MIFA Issue               24,500,000    24,500,000                   
------------------------------------------------------------------------------------------------------------------
Nantucket Electric Company               1991 MIFA Issue                3,200,000     3,200,000                   
------------------------------------------------------------------------------------------------------------------
New England Hydro Finance Company, Inc   Series A                      12,470,000    12,470,000                   
------------------------------------------------------------------------------------------------------------------
New England Hydro Finance Company, Inc   Series B                      51,830,000    51,830,000                   
------------------------------------------------------------------------------------------------------------------
New England Hydro Finance Company, Inc   Series C                      46,270,000    46,270,000                   
------------------------------------------------------------------------------------------------------------------
New England Power Company                CDA Variable Rate PCRBs       38,500,000    38,500,000                   
------------------------------------------------------------------------------------------------------------------
New England Power Company                MIFA 1 Variable Rate PCRBs    79,250,000    79,250,000                   
------------------------------------------------------------------------------------------------------------------
New England Power Company                BFA 1 Variable Rate PCRBs    135,850,000   135,850,000                   
------------------------------------------------------------------------------------------------------------------
New England Power Company                BFA 2 Variable Rate PCRBs     50,600,000    50,600,000                   
------------------------------------------------------------------------------------------------------------------
New England Power Company                MIFA 2 Variable Rate PCRBs   106,150,000   106,150,000                   
------------------------------------------------------------------------------------------------------------------
New England Electric Transmission        8.8% Note Due 2006            10,458,000    10,458,000                   
Corporation                                                                                                       
------------------------------------------------------------------------------------------------------------------

                                  CAPITAL STOCK                                                                   

8(b) For each  class of  capital  stock  including  certificates  of  beneficial                                  
     interest give  information  both in number of shares and in dollar amounts:                                  
     (Do not include here any  warrants,  options or other  securities  reported                                  
     under paragraph 8(d).)                                                                                       

                               As of May 31, 2000                                                                 

                                                        [Enlarge/Download Table]

---------------------- ----------------- -------------- ------------- ------------- -------------- --------------- ----------------
       Col. A               Col. B          Col. C         Col. D        Col. E        Col. F                         Cols. G-I    
---------------------- ----------------- -------------- ------------- ------------- -------------- --------------- ----------------
   Name of Issuer       Title of Issue      Amount         Amount      Additional      Amounts                       [Omitted by   
                                          Authorised      Reserved       Amount        issued                       Permission of  
                                          by Charter        for         Unissued    (Col. C less                     the Staff]    
                                           (Shares)       Options,      (Shares)     Cols. D&E)                                    
                                                         Warrants,                                                                 
                                                        Conversion                                                                 
                                                          & Other                                                                  
                                                          Rights                                                                   
---------------------- ----------------- -------------- ------------- ------------- -------------- --------------- ----------------
                                                                                       Shares       US$/(pound)stg                 
---------------------- ----------------- -------------- ------------- ------------- -------------- --------------- ----------------
                                                                                                                                   
The National Grid      Ordinary Shares   2,125,000,000       -         640,390,097  1,484,609,903  (pound)                         
Group                                                                                               7,645,741,000                  
plc                                                                                                                                
---------------------- ----------------- -------------- ------------- ------------- -------------- --------------- ----------------
National Grid          Ordinary Shares     100,000,000       -                   -    100,000,000  (pound)                         
Holdings Limited                                                                                      100,000,000                  

                       `A' Shares                1,000       -                   -          1,000    (pound)1,000                  
---------------------- ----------------- -------------- ------------- ------------- -------------- --------------- ----------------

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National Grid (US)                                                                                                                 
Holdings Limited       Ordinary Shares   1,000,000,000       -         999,868,748        131,252  (pound)131,252                  

---------------------- ----------------- -------------- ------------- ------------- -------------- --------------- ----------------
National Grid (US)     Ordinary                  1,000       -                 700            300      (pound)300                  
Investments            Shares                                                                                                      

                       Redeemable              225,000       -                   -        225,000  (pound)225,000                  
                       Preference                                                                                                  
                       Shares                                                                                                      
---------------------- ----------------- -------------- ------------- ------------- -------------- --------------- ----------------
National Grid                                                                                                                      
(Ireland) 1 Limited    Ordinary shares         500,000       -             237,635        262,365   US$13,118,250                  

                       Preference            3,500,000       -           2,759,935        740,065   US$37,003,250                  
                       shares                                                                                                      
---------------------- ----------------- -------------- ------------- ------------- -------------- --------------- ----------------
National Grid                                                                                                                      

(Ireland) 2 Limited    Ordinary              4,000,000       -           3,254,192        745,808   US$37,290,400                  
                       Shares                                                                                                      
---------------------- ----------------- -------------- ------------- ------------- -------------- --------------- ----------------
National Grid                                                                                                                      

General Partnership/7/ -                             -       -                   -              -                                  
---------------------- ----------------- -------------- ------------- ------------- -------------- --------------- ----------------
National Grid USA      Common Stock              3,000        -              2,000          1,000         US $100                  
                       par value $0.1                                                                                              
---------------------- ----------------- -------------- ------------- ------------- -------------- --------------- ----------------
New England Power      Common Stock          6,449,896       -           2,830,000      3,619,896   US$72,397,920                  
Company                par value $20                                                                                               

                       Cumulative               15,672       -                   -         15,672    US$1,567,200                  
                       Preferred                                                                                                   
                       Stock, $100 par                                                                                             
                       value                                                                                                       
---------------------- ----------------- -------------- ------------- ------------- -------------- --------------- ----------------
Massachusetts          Common Stock          2,398,111       -                   -      2,398,111   US$59,952,775                  
Electric Company       par value $25                                                                                               

                       4.44%                    27,615       -                   -         27,615    US$2,761,500                  
                       Cumulative                                                                                                  
                       Preferred                                                                                                   
                       Stock, $100 par                                                                                             
                       value                                                                                                       

                       4.76%                    25,130       -                   -         25,130    US$2,513,000                  
                       Cumulative                                                                                                  
                       Preferred                                                                                                   
                       Stock, $100 par                                                                                             
                       value                                                                                                       

                       6.99%                    54,000       -                   -         54,000    US$5,400,000                  
                       Cumulative                                                                                                  
                       Preferred                                                                                                   
                       Stock, $100 par                                                                                             
                       value                                                                                                       
---------------------- ----------------- -------------- ------------- ------------- -------------- --------------- ----------------
The Narragansett       Common Stock          1,132,487       -                   -      1,132,487   US$56,624,350                  
Electric Company       par value $50                                                                                               

                       4.50%                    49,209       -                   -         49,209    US$2,460,450                  
                       Cumulative                                                                                                  
                       Preferred Stock                                                                                             
                       par value $50                                                                                               

                       4.64%                    57,057       -                   -         57,057    US$2,852,850                  
                       Cumulative                                                                                                  
                       Preferred                                                                                                   
                       Stock, par                                                                                                  
                       value $50                                                                                                   

                       6.95%                    38,500       -                   -         38,500    US$1,925,000                  
                       Cumulative                                                                                                  
                       Preferred                                                                                                   
                       Stock, par                                                                                                  
                       value $50                                                                                                   
---------------------- ----------------- -------------- ------------- ------------- -------------- --------------- ----------------
Granite State          Common Stock,            60,400       -                   -         60,400    US$6,040,000                  
Energy, Inc.           par value $100                                                                                              
---------------------- ----------------- -------------- ------------- ------------- -------------- --------------- ----------------
Nantucket Electric     Common Stock,             1,200       -               1,199              1            US$1                  
Company                par value $1                                                                                                
---------------------- ----------------- -------------- ------------- ------------- -------------- --------------- ----------------

----------                                                                                                                         
/7/  National Grid General  Partnership is a partnership and not a company.  The                                                   
     interests of the two partners are as follows:-                                                                                
     26% National Grid Ireland (1) Limited                                                                                         
     74% National Grid Ireland (2) Limited.                                                                                        

----------                                                                                                                         
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New England            Class A Common       13,705,000       -          10,784,710      2,920,290   US$29,202,900                  
Hydro-Transmission     Stock, par                                                                                                  
Electric Company, Inc  value $1                                                                                                    
                       Class B Common           295,00       -              90,290        204,710    US$2,047,100                  
                       Stock, par                                                                                                  
                       value $1                                                                                                    

                       Class A Common           88,000       -              73,983         14,017   US$14,017,000                  
                       Stock, par                                                                                                  
                       value $5                                                                                                    

                       Class B Common            2,000       -               1,017            983      US$983,000                  
                       Stock, par                                                                                                  
                       value $5                                                                                                    
---------------------- ----------------- -------------- ------------- ------------- -------------- --------------- ----------------
New England Electric   Common Stock,               300       -                 238             62       US$62,000                  
Transmission           par value $5                                                                                                
Corporation                                                                                                                        
---------------------- ----------------- -------------- ------------- ------------- -------------- --------------- ----------------
New England Hydro      Common Stock,             1,000       -                   -          1,000       US$10,000                  
Finance Company, Inc.  par value $1                                                                                                
---------------------- ----------------- -------------- ------------- ------------- -------------- --------------- ----------------
NEES Energy, Inc.      Common Stock,             1,000       -                   -          1,000        US$1,000                  
                       par value $1                                                                                                
---------------------- ----------------- -------------- ------------- ------------- -------------- --------------- ----------------
Granite State          Common Stock,             1,000       -                   -          1,000        US$1,000                  
Energy, Inc.           par value $1                                                                                                
---------------------- ----------------- -------------- ------------- ------------- -------------- --------------- ----------------
Wayfinder Group, Inc.  Common Stock,            10,000       -               9,000          1,000        US$1,000                  
                       par value $1                                                                                                
---------------------- ----------------- -------------- ------------- ------------- -------------- --------------- ----------------
NEES Communications,   Common Stock,            10,000       -                   -         10,000       US$10,000                  
Inc                    par value $1                                                                                                
---------------------- ----------------- -------------- ------------- ------------- -------------- --------------- ----------------
New England Energy     Common Stock,           250,000       -             247,500          2,500        US$2,500                  
Inc.                   par value $1                                                                                                
---------------------- ----------------- -------------- ------------- ------------- -------------- --------------- ----------------
National Grid USA      Common Stock,             4,000       -               3,997              3           US$75                  
Service Company, Inc.  par value $25                                                                                               
---------------------- ----------------- -------------- ------------- ------------- -------------- --------------- ----------------

CONTINGENT LIABILITIES

8(c) A brief  outline of the nature and amount of each  contingent  liability on
account of endorsement or other guarantees of any securities.         

     There are no  guarantees of securities  issued by National  Grid,  National
Grid Holdings or the Intermediate Companies.                          

     Under support agreements for phase two of the  interconnection  between the
     electric  systems  of New  England  and  Hydro-Quebec,  NEP has  agreed  to
     guarantee its share of the project debt financing for the second phase.  At
     March 31,  2000 NEP had  guaranteed  approximately  $20  million of project
debt.                                                                 

OTHER SECURITIES

8(d) A statement of the amount of  warrants,  rights or options and of any class
     of  securities of the  registrant  and  subsidiary  companies not elsewhere
     herein  described  which  is  outstanding   and/or   authorised.   A  brief
     description of the provisions thereof should be included.  Information need
     not be set forth under this item as to notes,  drafts, bills of exchange or
bankers' acceptances which mature within nine months.                 

     Wayfinder  has 100,000  warrants each  exercisable  for one common share of
     Nexus at any time over the next ten years,  50,000 at an exercise  price of
US$0.65 and the remaining 50,000 at an exercise price of US$1.67.     

INVESTMENTS IN SYSTEM SECURITIES

9    Give a tabulation  showing the principal  amount,  par or stated value, the
     cost to the system company  originally  acquiring  such  security,  and the
     number of shares or units, of each security  described under Item 8 that is
     held by the registrant and by each subsidiary company thereof as the record
     (or beneficial) owner, and the amounts at which the same are carried on the
books of each such owner.  This                                       

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     information  should  be  given  as of the  same  date  as  the  information
furnished in answer to Item 8.                                        

As of May 31, 2000

                                                        [Enlarge/Download Table]

------------------ --------------- ---------------- --------------- ----------- -------------- ----------------------- 
Acquiring Company  Issuing         Type of          No of shares    Par Value   Original Cost        Book Value        
(beneficial        Company         Security         (beneficial                                                        
owner)                                              interest)/units                                                    
                                                    held by                                                            
                                                    Acquiring                                                          
                                                    Company                                                            
------------------ --------------- ---------------- --------------- ----------- -------------- ----------------------- 
                                                                                                                       
The National       National Grid   Ordinary Shares     100,000,000    (pound)1             7a    (pound)1,973,181,634  
Grid Group plc     Holdings                                                                                            
                   Limited                                                                                             
 ------------------ --------------- ---------------- --------------- ----------- -------------- -----------------------
The National       National Grid   Preference                1,000    (pound)1(pound)23,683,625       (pound)53,697,828
Grid Group plc     Holdings        Shares                                                                              
                   Limited                                                                                             
------------------ --------------- ---------------- --------------- ----------- -------------- ----------------------- 
The National       National Grid   Ordinary Shares         131,252    (pound)1             7b          (pound)341,877  
Grid Group plc     (US) Holdings                                                                                       
                   Limited                                                                                             
------------------ --------------- ---------------- --------------- ----------- -------------- ----------------------- 
National Grid      National Grid   Ordinary Shares             300    (pound)1             7c          (pound)165,059  
(US) Holdings      (US)                                                                                                
Limited            Investments                                                                                         
------------------ --------------- ---------------- --------------- ----------- -------------- ----------------------- 
The National       National Grid   Redeemable                  225    (pound)1  (pound)23,909           (pound)23,909  
Grid Group plc     (US)            Preference                                                                          
                   Investments     Shares                                                                              
------------------ --------------- ---------------- --------------- ----------- -------------- ----------------------- 
National Grid      National Grid   Redeemable              224,775    (pound)1(pound)23,885,408       (pound)23,885,408
(US) Holdings      (US)            Preference                                                                          
Limited            Investments     Shares                                                                              
------------------ --------------- ---------------- --------------- ----------- -------------- ----------------------- 
National Grid      National Grid   Ordinary Shares               1       US$50             7d               (pound)32  
(US) Holdings      (Ireland) 1                                                                                         
Limited            Limited                                                                                             
------------------ --------------- ---------------- --------------- ----------- -------------- ----------------------- 
National Grid      National Grid   Ordinary Shares         262,364       US$50             7d      (pound)650,073,875  
(US) Investments   (Ireland) 1                                                                                         
                   Limited                                                                                             
------------------ --------------- ---------------- --------------- ----------- -------------- ----------------------- 
National Grid      National Grid   Preference              740,065       US$50             7e    (pound)1,850,162,500  
(US) Investments   (Ireland) 1     Shares                                                                              
                   Limited                                                                                             
------------------ --------------- ---------------- --------------- ----------- -------------- ----------------------- 
National Grid      National Grid   Ordinary Shares         745,807       US$50             7f        US$2,960,260,000  
(Ireland) 1        (Ireland) 2                                                                                         
Limited            Limited                                                                                             
------------------ --------------- ---------------- --------------- ----------- -------------- ----------------------- 
National Grid      National Grid   Ordinary Shares               1       US$50             7f               (pound)28  
(US) Holdings      (Ireland) 2                                                                                         
Limited            Limited                                                                                             
------------------ --------------- ---------------- --------------- ----------- -------------- ----------------------- 

Notes:                                                                

     7a   National  Grid  Holdings  issued  the  shares  on  March  25,  1999 as
          consideration  for the entire  issued  share  capital of NGC,  NatGrid
          Finance Limited,  National Grid Insurance  Limited,  The National Grid
 Group Quest Trustee Company Limited and NGG Telecoms Limited.

     7b   99,998 shares were issued as consideration for 1000 shares in National
          Grid USA (then called NGG Holdings Inc).  31,250 shares were issued as
          consideration  for 500 shares in National Grid (Ireland) 1 Limited and
500 shares in National Grid (Ireland) 2 Limited.            

          2 shares were issued as  consideration  for 2 shares in National  Grid
          (US)  Investments and 2 shares in National Grid (US)  Investments 2. 2
subscriber shares were issued for (pound)2 cash.            

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     7c   98 shares were issued as  consideration  for the issue of a promissory
          note by National Grid (US) Holdings Limited in the sum of (pound)1,965
          million.  100 shares were issued as  consideration  for 5807  ordinary
          shares in National Grid (Ireland) 2 Limited.  100 shares were acquired
          from National Grid (US)  Investments  2 for $1,040  million.  2 shares
          were acquired from National Grid as  consideration  for the issue of 1
share by National Grid (US) Holdings Limited.               

     7d   260,000  shares in National Grid (Ireland) 1 Limited were acquired the
          consideration  being the issue of 100  shares  by  National  Grid (US)
          Investments.  2,364  shares  were  acquired  from  National  Grid (US)
          Holdings  Limited  for  (pound)75,000.  National  Grid  (US)  Holdings
          Limited issued 31 shares as consideration for 1 share in National Grid
(Ireland) 1 Limited.                                        

     7e   Shares were issued as  consideration  for the  acquisition  of 745,807
shares in National Grid (Ireland) 2 Limited.                

     7f   745,807  shares were acquired in National Grid (Ireland) 2 Limited the
          consideration  being the issue of 740,065 $50  preference  shares at a
          premium of $3,950 per share.  1 share was issued to National Grid (US)
Holdings Limited for $50.                                   

(Note: By permission of the Staff  information in response to this Item relating
to any subsidiary of National Grid Holdings is excluded).                       

Information in response to this Item relating to the National Grid USA companies
and the former EUA companies  was supplied to the  Commission in Item 1 to their
Annual  Reports  on Form U5S for the year  ended  December  31,  1999.  See file
numbers  001-003446,  filed on May 2, 2000 and 001-05366,  filed on May 1, 2000,
respectively.  Item 1 from  each of those  reports  is  incorporated  herein  by
reference.                                                                      

INVESTMENTS IN OTHER COMPANIES

10   Give a tabulation  showing all  investments  of the  registrant and of each
     subsidiary  thereof in holding  companies and in public  utility  companies
     which are not subsidiary  companies of the registrant.  Also show all other
     investments  of  the  registrant  and of  each  subsidiary  thereof  in the
     securities of any other enterprise,  if the book value of the investment in
     any such  enterprise  exceeds 2% of the total debit  accounts  shown on the
     balance sheet of the company  owing such  investment or an amount in excess
     of $25,000  (whichever  amount is the lesser).  Give  principal  amount and
     number of shares or units and the cost of each issue of such  securities to
     the system company originally acquiring such security,  and amount at which
     carried  on the books of the  owner.  List all such  securities  pledged as
     collateral  for  loans  or  other   obligations   and  identify  loans  and
     obligations for which pledged.  This information  should be given as of the
same date as the information furnished in answer to Item 8.           

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     (Note:  By  permission  of the Staff  information  in response to this Item
relating to any subsidiary of National Grid Holdings is excluded).    

     Information  in response to this Item  relating  to the  National  Grid USA
     companies and the former EUA  companies  was supplied to the  Commission in
     Item 5 to their Annual  Reports on Form U5S for the year ended December 31,
     1999. See file number 001-003446, filed on May 2, 2000 and 001-05366, filed
     on  May 1,  2000,  respectively.  Item 5 from  each  of  those  reports  is
incorporated herein by reference.                                     

     In relation to National Grid, the Intermediate  Companies and National Grid
Holdings there are none.                                              

INDEBTEDNESS OF SYSTEM COMPANIES

11   List each  indebtedness  of the registrant and of each  subsidiary  company
     thereof (other than indebtedness  reported under Item 8, but as of the same
     date) where the  aggregate  debt owed by any such company to any one person
     exceeds $25,000 or an amount exceeding 2% of the total of the debt accounts
     shown on the balance sheet of the debtor  (whichever  amount is the lesser)
     but not including  any case in which such  aggregate  indebtedness  is less
     than $5,000, and give the following additional  information as to each such
indebtedness:                                                         

     (Note: By permission of the Staff, this item includes (a) only indebtedness
     where  the  aggregate  debt  owned by any such  company  to any one  person
     exceeds the greater of: (i) $25,000 or (ii) an amount  exceeding  2% of the
     total of the debt accounts  shown on the balance  sheet of the debtor;  and
     (b) only notes payable and debt  securities  issued and not trade  accounts
     payable.  By permission of the Staff  information  in response to this Item
     relating to any  subsidiary of National  Grid  Holdings is excluded  except
     where such  subsidiary  owes a debt to an  associate  company that is not a
direct or indirect subsidiary of National Grid Holdings).             

(a)  Debts owed to associate companies as of March 31, 2000.          

                                                        [Enlarge/Download Table]

------------------------------------------------------------------------------------------------------------------
Lender                            Borrower                              Amount Owed Rate of Interest Date of      
                                                                                                     Maturity     
------------------------------------------------------------------------------------------------------------------
                                                                                                                  
The National Grid Company plc     The National Grid Group plc    (pound)695,456,973                - On Demand    

National Grid Holdings Ltd        The National Grid Group plc    (pound)565,338,944                - On Demand    

National Grid Holdings Ltd        National Grid (US) Holdings     (pound)22,927,050                - On Demand    
                                  Ltd                                                                             

The National Grid Group plc       National Grid International      (pound)4,500,000                - On Demand    
                                  Ltd                                                                             

The National Grid Group plc       National Grid International     (pound)16,922,150            6.48% 18/01/09     
                                  Ltd                                                                             

The National Grid Group plc       National Grid International        US$192,750,000                - On Demand    
                                  Ltd                                                                             

The National Grid Group plc       National Grid International          US$9,200,000                - On Demand    
                                  Ltd                                                                             

The National Grid Group plc       NatGrid Finance Holdings Ltd   (pound)552,589,236                - On Demand    

The National Grid Group plc       National Grid One Ltd           (pound)53,697,828                - On Demand    

The National Grid Group plc       NatGrid Investments Ltd        (pound)111,005,400                - On Demand    

The National Grid Group plc       NGG Telecoms  Investment Ltd   (pound)242,550,000                - On Demand    

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NatGrid Finance Holdings Ltd      The National Grid Group plc     (pound)14,484,705                - On Demand    

NGG Telecoms Ltd                  The National Grid Group plc    (pound)486,882,577                - On Demand    

NGG Telecoms Holdings Ltd         The National Grid Group plc    (pound)211,937,610            6.25% On Demand    

National Grid (US) Holdings Ltd   The National Grid Group plc     (pound)22,500,000                - On Demand    

National Grid (US) Holdings Ltd   National Grid (US)               US$3,964,514,934            7.86% 19/06/00     
                                  Investments                                                                     

National Grid USA                 National Grid (US) Holdings        US$620,000,000           6.125% On Demand    
                                  Ltd                                                                             

The National Grid Group plc       National Grid (US) Holdings      US$3,380,000,000            7.96% On Demand    
                                  Ltd                                                                             

National Grid (Ireland) 2 Ltd     National Grid General            US$1,983,200,000           8.405% 22/03/05     
                                  Partnership                                                                     

National Grid (Ireland) 1 Ltd     National Grid General              US$696,800,000           8.405% 22/03/05     
                                  Partnership                                                                     

National Grid USA Moneypool       New England Power Service                $400,000           6.416% On Demand    
                                  Company                                                                         

National Grid USA Moneypool       Massachusetts Electric Company        $35,725,000           5.941% On Demand    

National Grid USA Moneypool       The Narrangansett Electric            $1,9000,000           5.941% On Demand    
                                  Company                                                                         

National Grid USA Moneypool       New England Electric                   $3,850,000           6.416% On Demand    
                                  Transmission Corporation                                                        

National Grid USA Moneypool       Nantucket Electric Company                $25,000           6.416% On Demand    

New England Power Company         National Grid USA Moneypool          $223,425,000           5.777% On Demand    

Granite State Electric Company    National Grid USA Moneypool            $7,325,000           5.777% On Demand    

National Grid USA                 National Grid USA Moneypool          $102,300,000           5.777% On Demand    

New England Hydro-Transmission    National Grid USA Moneypool            $4,250,000           5.777% On Demand    
Electric Company, Inc.                                                                                            

New England Hydro-Transmission    National Grid USA Moneypool            $2,725,000           5.777% On Demand    
Electric Company, Inc.                                                                                            

New England Energy, Inc.          National Grid USA Moneypool            $9,900,000           5.777% On Demand    

National Grid USA                 NEES Energy, Inc.                    $212,046,755              N/A On Demand    

National Grid USA                 Wayfinder Group, Inc.                 $12,100,999              N/A On Demand    

National Grid USA                 NEES Communications, Inc.             $45,635,000              N/A On Demand    

National Grid USA                 Metrowest Realty, Inc                  $8,426,692              N/A On Demand    

National Grid USA                 New England Energy, Inc.              $23,593,827              N/A Various      
                                                                                                     2006-2015    

National Grid USA                 Granite State Electric Company           $445,000              N/A On Demand    

(b)  Debts owed to others as of March 31, 2000                        

                                                        [Enlarge/Download Table]

----------------------------------------------------------------------------------------------------------------------
Name of Debtor                Name of Creditor            Amount Owed         Rate of Interest      Date of Maturity  
----------------------------------------------------------------------------------------------------------------------
                                                                                                                      
The National Grid Group plc   Syndicated Facility Banks   US$ 500,000,000           6.7%            March 2004        

The National Grid Group plc   Syndicated Facility Banks   US$ 1,100,000,000         6.7%            March 2002        

The National Grid Group plc   Various Commercial Banks    (pound) 5,897,058        various          various maturities
                                                                                                    less than one year

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U5B 28th Page of 57 TOC 1st Previous Next ↓Bottom Just 28th
PRINCIPAL LEASES

12   Describe briefly the principal features of each lease (omitting oil and gas
     leases) to which the  registrant  or any  subsidiary  company  thereof is a
     party,  which involves  rental at an annual rate of more than $50,000 or an
     amount exceeding 1% of the annual gross operating  revenue of such party to
     said  lease  during its last  fiscal  year  (whichever  of such sums is the
     lesser) but not including any lease involving rental at a rate of less than
$5,000 per year.                                                      

     (Note: By permission of the Staff, this item (a) includes only leases which
     involve  rental at an annual rate of the greater of (i) $50,000 and (ii) an
     amount exceeding 1% of the annual gross operating  revenue of such party to
     said lease during its last fiscal year (b)  information in response to this
     Item  relating to any  subsidiary  of National  Grid  Holdings is excluded,
     except  where such  subsidiary  is a party to a lease in which an associate
     company  that is not a direct  or  indirect  subsidiary  of  National  Grid
     Holdings is also a party and (c) does not include  leases  details of which
are set out in Item 6).                                               

                                                        [Enlarge/Download Table]

-------------------- ---------------------- -------------------------- -------------------- -------------------------
     Landlord/              Company              Premises/Plant            Annual Rent       Frequency of Payments   
      Lesser                                                                                                         
-------------------- ---------------------- -------------------------- -------------------- -------------------------
                                                                                                                     
Bankers Leasing      National Grid USA      PBX System                            $228,939  Monthly                  
Corporation          Service Company                                                                                 
Foster (HY,CA)                                                                                                       
-------------------- ---------------------- -------------------------- -------------------- -------------------------
Bankers Leasing      National Grid USA      Mailstar Machine                       $73,408  Monthly                  
Corporation          Service Company                                                                                 
-------------------- ---------------------- -------------------------- -------------------- -------------------------
Bankers Leasing      National Grid USA      Meter Station                          $73,800   Monthly                 
Corporation          Service Company                                                                                 
-------------------- ---------------------- -------------------------- -------------------- -------------------------
Bankers Leasing      National Grid USA      Telecommunications                    $181,717  Monthly                  
Corporation          Service Company        Equipment                                                                
-------------------- ---------------------- -------------------------- -------------------- -------------------------
Bankers Leasing      National Grid USA      Sprinkler System                       $61,398  Monthly                  
Corporation          Service Company                                                                                 
-------------------- ---------------------- -------------------------- -------------------- -------------------------
Bankers Leasing      National Grid USA      Westboro Chiller #1                   $123,977  Monthly                  
Corporation          Service Company                                                                                 
-------------------- ---------------------- -------------------------- -------------------- -------------------------
Bankers Leasing      National Grid USA      Westboro Chiller #2                   $123,977  Monthly                  
Corporation          Service Company                                                                                 
-------------------- ---------------------- -------------------------- -------------------- -------------------------
Bankers Leasing      National Grid USA      Graphical User Interface              $348,983  Monthly                  
Corporation          Service Company                                                                                 
-------------------- ---------------------- -------------------------- -------------------- -------------------------
Bankers Leasing      National Grid USA      Lighthouse Computer                   $278,517  Monthly                  
Corporation          Service Company                                                                                 
-------------------- ---------------------- -------------------------- -------------------- -------------------------
Bankers Leasing      National Grid USA      Tape Library                          $183,350  Monthly                  
Corporation          Service Company                                                                                 
-------------------- ---------------------- -------------------------- -------------------- -------------------------
Bankers Leasing      National Grid USA      Tape Library Sys #2                    $78,570  Monthly                  
Corporation          Service Company                                                                                 
-------------------- ---------------------- -------------------------- -------------------- -------------------------

 SECURITIES SOLD

13   If, during the last five years,  the registrant or any  subsidiary  company
     thereof has issued,  sold or exchanged  either  publicly or  privately  any
     securities  having a  principal  amount,  par,  stated  or  declared  value
     exceeding  $1,000,000  or  exceeding  an  amount  equal to 10% of the total
     liabilities as shown by the balance sheet of the issuer at the time of such
     issue  (whichever  of  such  sums  is  the  lesser),   give  the  following
information with respect to each such issue or sale:                  

     (Note: By permission of the Staff only securities  issued sold or exchanged
     by National Grid, the Intermediate Companies and National Grid Holdings are
     included.  Securities  issuances by National Grid USA and its  subsidiaries
     have been reported to the Commission previously on a periodic basis and are
also excluded from this Item).                                        

 Securities sold during five years prior to March 31, 2000 :

                                                        [Enlarge/Download Table]

----------------- ------------------ ---------------------- ---------------- ---------------------------- --------------------
 Title of Issue   Amount Issued or   Proceeds Received by     Approximate         Name of Principal       Underwriters        
                        Sold            Issuer (Before        Expenses of           Underwriters             Initial          
                                           Expenses)            Issuer                                      Offering          
                                                                                                              Price           
----------------- ------------------ ---------------------- ---------------- ---------------------------- --------------------
                                                                                                                              
6% EPICs due      US$ 401,163,000    US$ 401,163,000        US$ 10,029,075   HSBC Investment Bank         US$ 27.29           
2003                                                                         ABN AMRO Rothschild                              
                                                                             Credit Suisse First Boston                       
----------------- ------------------ ---------------------- ---------------- ---------------------------- --------------------

AGREEMENTS FOR FUTURE DISTRIBUTION OF SECURITIES

14(a)Summarise  the terms of any existing  agreement to which the  registrant or
     any associate or affiliate  company thereof is a party or in which any such
     company has a beneficial  interest with respect to future  distribution  of
securities of the registrant or of any subsidiary: /8/                

     Certain  information  regarding  agreements  of  National  Grid USA and its
     subsidiaries with respect to future  distribution of securities of National
     Grid is set forth in the following document,  the applicable parts of which
     are hereby  incorporated by reference.  Registration  Statement on Form S-8
     with respect to National  Grid USA  Companies  Incentive  Thrift Plan I and
  National Grid USA Companies Incentive Thrift Plan II (File No 33-33094).

     The National Grid group also  operates a Sharesave  scheme and an executive
share option scheme (the "Executive Scheme").                         

     The Sharesave scheme is savings related where, under normal  circumstances,
     share options are exercisable on completion of a three or five year save as
     you earn contract.  The exercise price of options granted represents 80% of
the market price at the date the option was granted.                  

----------                                                                      
/8/  (Note:  By  permission  of the Staff  information  in response to this Item
     relating to any  subsidiary of National  Grid Holdings is excluded,  except
     where such  subsidiary  and an  associate  company  that is not a direct or
     indirect  subsidiary  of  National  Grid  Holdings  are  parties to or have
     beneficial  interests  under the existing  agreement with respect to future
distributions of securities of any associated company.)               
----------                                                                      
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U5B 29th Page of 57 TOC 1st Previous Next ↓Bottom Just 29th
     The Executive  Scheme  applies to senior  executives,  including  Executive
     directors.  Options granted for the 1997/98,  1998/99 and 1999/00 financial
     years are subject to the  achievement  of performance  measures  related to
     earnings per share growth over a three year period.  The share  options are
     generally exercisable between the third and tenth anniversaries of the date
of grant.                                                             

     In any ten year period the  maximum  number of shares that may be issued or
     issuable pursuant to the exercise of options under all of the National Grid
     group's  share  option   schemes  may  not  exceed  the  number  of  shares
     representing 10% of National Grid's issued ordinary share capital from time
to time.                                                              

(b)  Describe  briefly  the nature of any  financial  interest  (other  than the
     ownership  of  securities  acquired  as a dealer for the purpose of resale)
     which any person with whom such agreement exists,  has in the registrant or
in any associate or affiliate company thereof. /9/                    

     None,  except that the  beneficiaries  of the share  schemes  and  employee
     benefit plans referred to above may be deemed to have a financial  interest
     in  National  Grid or  affiliate  companies  thereof  by  virtue  of  their
     employment  relationship  with  National  Grid or such other  companies and
     compensation,  benefit and severance agreements and arrangements related to
such employment.                                                      

TWENTY LARGEST HOLDERS OF CAPITAL STOCKS

15   As of a  recent  date  (indicating  such  date  for  each  class)  give the
     following  information  with  respect to the holders of each class of stock
and/or certificates of beneficial interest of the registrant:         

     (Note:  This information is provided (a) as of the most recent  practicable
     date and (b) for  National  Grid  only.  The  beneficial  holders  of share
     capital in National  Grid  Holdings  and in each  Intermediate  Company are
shown in the response to Item 9).                                     

     The  capital  stock of each  Intermediate  Company  is wholly  owned by its
immediate parent company(ies).                                        

  (a)  List the twenty largest holders in accordance with the table below.

          The twenty largest  holders of the common stock of National Grid as of
          June 5, 2000  being  the most  recent  National  Grid  ordinary  share
dividend record date.                                       

          National Grid securities can be held by certificate,  through dividend
          reinvestment  plans,   through  employee  investment  plans,   through
investment                                                  

----------                                                                      
/9/  (Note:  By  permission  of the Staff  information  in response to this Item
     relating to any  subsidiary of National  Grid Holdings is excluded,  except
     where such  subsidiary  and an  associate  company  that is not a direct or
     indirect  subsidiary  of  National  Grid  Holdings  are  parties to or have
     beneficial  interests  under the existing  agreement with respect to future
distributions of securities of any associated company.)               
----------                                                                      

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U5B 30th Page of 57 TOC 1st Previous Next ↓Bottom Just 30th
          companies,  and  other  street  name  and  nominee  accounts.  Without
          unreasonable  expenditure of time and money,  National Grid has no way
          to  determine  the number of shares held by each holder of  beneficial
          interest.   Accordingly,   National  Grid  is  only  able  to  provide
information as to shares registered with National Grid.     

 NATIONAL GRID
 TWENTY LARGEST HOLDERS OF CAPITAL STOCK
SHAREHOLDERS OF RECORD
 AT JUNE 5, 2000

                                                        [Enlarge/Download Table]

------------------------------------------- -------------------------------------- --------------------------------
              Holder Name(s)                          Number of Shares                            %                
------------------------------------------- -------------------------------------- --------------------------------
                                                                                                                   
James Capel/ Nominees/                      95,262,344                             6.4166                          
Limited A/C PC                                                                                                     
------------------------------------------- -------------------------------------- --------------------------------
Prudential Client HSBC GIS Nominee / UK/    58,420,731                             3.9350                          
Limited A/C PAC                                                                                                    
------------------------------------------- -------------------------------------- --------------------------------
Chase Nominees Limited                      57,971,136                             3.9048                          
------------------------------------------- -------------------------------------- --------------------------------
Nutraco Nominees Limited                    38,703,693                             2.6069                          
------------------------------------------- -------------------------------------- --------------------------------
RBSTB Nominees Limited                      38,582,128                             2.5988                          
------------------------------------------- -------------------------------------- --------------------------------
Stanlife Nominees Limited                   32,274,504                             2.1739                          
------------------------------------------- -------------------------------------- --------------------------------
HSBC Global Custody Nominee /UK/ Limited    26,009,572                             1.7519                          
A/C 357206                                                                                                         
------------------------------------------- -------------------------------------- --------------------------------
Vidacos Nominees Limited                    23,904,332                             1.6101                          
------------------------------------------- -------------------------------------- --------------------------------
Littledown Nominees Limited A/C R           21,534,923                             1.4505                          
------------------------------------------- -------------------------------------- --------------------------------
ABN Amro Equities/UK/ Limited A/c HGREP     20,917,140                             1.4089                          
001                                                                                                                
------------------------------------------- -------------------------------------- --------------------------------
BNY Norwich Union Nominees Limited A/C      20,161,929                             1.3580                          
Life                                                                                                               
------------------------------------------- -------------------------------------- --------------------------------
Vidacos Nominees Limited                    19,270,768                             1.2980                          
A/C BCGN 02                                                                                                        
------------------------------------------- -------------------------------------- --------------------------------
The Equitable Life Assurance Society        16,373,058                             1.1029                          
------------------------------------------- -------------------------------------- --------------------------------
Chase Nominees Limited                      15,516,113                             1.0451                          
A/C NewtonUT                                                                                                       
------------------------------------------- -------------------------------------- --------------------------------
Chase Nominees Limited                      11,786,271                             0.7938                          
A/C BGILIFEL                                                                                                       
------------------------------------------- -------------------------------------- --------------------------------
HSBC Global Custody Nominee /UK/ Limited    11,427,079                             0.7697                          
 A/C 775245                                                                                                        
------------------------------------------- -------------------------------------- --------------------------------

                              30                                                                                   

U5B 31st Page of 57 TOC 1st Previous Next ↓Bottom Just 31st
------------------------------------------- -------------------------------------- --------------------------------
The Bank of New York/                       10,568,568                             0.7118                          
Nominees Limited                                                                                                   
------------------------------------------- -------------------------------------- --------------------------------
Nortrust Nominees Limited                   10,528,886                             0.7092                          
A/C SLEND                                                                                                          
------------------------------------------- -------------------------------------- --------------------------------
Chase Nominees Limited                      9,878,141                              0.6653                          
A/C BGILEND                                                                                                        
------------------------------------------- -------------------------------------- --------------------------------
HSBC Global Custody  Nominee /UK/ Limited   9,793,378                              0.6596                          
A/C 814410                                                                                                         
------------------------------------------- -------------------------------------- --------------------------------

          (b)  Number of  shareholders  of record each  holding  1,000 shares or
more, and aggregate number of shares so held.     

                                                        [Enlarge/Download Table]

------------------ ---------------------- ----------------- ----------------------------- -------------------------
      Range              Number of               %                Number of Shares                   %             
                         Holdings                                                                                  
------------------ ---------------------- ----------------- ----------------------------- -------------------------
                                                                                                                   
1,000 and above        33,308                 4.30              1,378,842,851                 92.88                
------------------ ---------------------- ----------------- ----------------------------- -------------------------

          (c)  Number of  shareholders  of record each  holding  less than 1,000
shares and the aggregate number of shares so held.

                                                        [Enlarge/Download Table]

------------------ ---------------------- ----------------- ----------------------------- -------------------------
      Range              Number of               %                Number of Shares                   %             
                         Holdings                                                                                  
------------------ ---------------------- ----------------- ----------------------------- -------------------------
                                                                                                                   
Less than 1,000    741,677                95.70             105,767,052                   7.12                     
------------------ ---------------------- ----------------- ----------------------------- -------------------------

 OFFICERS, DIRECTORS AND EMPLOYEES

16(a) Positions and Compensation of Officers and Directors.                     

     Give the name and  address of each  director  and  officer  (including  any
     person  who  performs  similar  functions)  of  the  registrant,   of  each
     subsidiary  company thereof,  and of each mutual service company which is a
     member of the same holding company  system.  Opposite the name of each such
     individual  give the title of every such  position  held by him and briefly
     describe each other employment of such individual by each such company./10/

     State the present rate of compensation on an annual basis for each director
     whose  aggregate  compensation  from all such companies  exceeds $1,000 per
     year, and of each officer whose aggregate  compensation from such companies
     is at the rate of  $20,000  or more per  year.  In the  event  any  officer
     devotes  only part of his time to a company or companies in the system this
     fact should be indicated by appropriate  footnote.  Such  compensation  for
     such part time should be computed on an annual rate and if such annual rate

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U5B 32nd Page of 57 TOC 1st Previous Next ↓Bottom Just 32nd
     exceeds $20,000 the actual  compensation as well as annual rate should also
be reported./9/                                                       

                                                        [Enlarge/Download Table]

------------------------ ---------------------- --------------------- ------------------------ --------------------------------
         Name                   Address         Company/11/                Positions and        Present Compensation (Annual   
                                                                            Employment                      Rate)              
------------------------ ---------------------- --------------------- ------------------------ --------------------------------
                                                                                               Omitted by permission of the    
                                                                                               Staff                           
------------------------ ---------------------- --------------------- ------------------------ --------------------------------
                                                                                                                               
J H Ross                 London, England        The National Grid     Chairman                                                 
                                                Group plc                                                                      
------------------------ ---------------------- --------------------- ------------------------ --------------------------------
D H Jones                Fordingbridge,         The National Grid     Chief Executive                                          
                         England                Group plc                                                                      
------------------------ ---------------------- --------------------- ------------------------ --------------------------------
S J Box                  Byfield, England       The National Grid     Finance Director                                         
                                                Group plc                                                                      
------------------------ ---------------------- --------------------- ------------------------ --------------------------------
R F W Faircloth          New London USA         The National Grid     Non-Executive Director                                   
                                                Group plc                                                                      
------------------------ ---------------------- --------------------- ------------------------ --------------------------------
W Gerretsen              Callington, England    The National Grid     Regional Director                                        
                                                Group plc             Latin America                                            
------------------------ ---------------------- --------------------- ------------------------ --------------------------------
J A M Grant              Claverdon, England     The National Grid     Non-Executive Director                                   
                                                Group plc                                                                      
------------------------ ---------------------- --------------------- ------------------------ --------------------------------
Professor P L Joskow     Brookline, USA         The National Grid     Non-Executive Director                                   
                                                Group plc                                                                      
------------------------ ---------------------- --------------------- ------------------------ --------------------------------
R G Reynolds             Warwick, England       The National Grid     Non-Executive Director                                   
                                                Group plc                                                                      
------------------------ ---------------------- --------------------- ------------------------ --------------------------------
R P Sergel               Wellesley, USA         The National Grid     Regional Director,                                       
                                                Group plc             North America                                            
------------------------ ---------------------- --------------------- ------------------------ --------------------------------
R J Urwin                Kidderminster,         The National Grid     Regional Director,                                       
                         England                Group plc             Europe                                                   
------------------------ ---------------------- --------------------- ------------------------ --------------------------------
D H Jones                Fordingbridge,         National Grid         Chairman                                                 
                         England                Holdings Limited                                                               
------------------------ ---------------------- --------------------- ------------------------ --------------------------------
S J Box                  Byfield, England       National Grid         Director                                                 
                                                Holdings Limited                                                               
------------------------ ---------------------- --------------------- ------------------------ --------------------------------
W Gerretsen              Callington, England    National Grid         Director                                                 
                                                Holdings Limited                                                               
------------------------ ---------------------- --------------------- ------------------------ --------------------------------
R J Urwin                Kidderminster,         National Grid         Director                                                 
                         England                Holdings Limited                                                               
------------------------ ---------------------- --------------------- ------------------------ --------------------------------
D H Jones                Fordingbridge,         National Grid (US)    Chairman                                                 
                         England                Holdings Limited                                                               
                                                AND National Grid                                                              
                                                (US) Investments                                                               
------------------------ ---------------------- --------------------- ------------------------ --------------------------------
S J Box                  Byfield, England       National Grid (US)    Director                                                 
                                                Holdings Limited                                                               
                                                AND National Grid                                                              
                                                (US) Investments                                                               
------------------------ ---------------------- --------------------- ------------------------ --------------------------------

----------                                                                                                                     
/10/ By  permission  of  the  Staff  (a)  only  the  name  of  each  officer  or                                               
     director,the  company,  and the titles of the positions  held are included;                                               
     (b)  information  on the  compensation  of officers,  directors and certain                                               
     employees required by Items 16(a) and (b) are excluded; and (c) information                                               
     in response to Item 16 relating to any subsidiary of National Grid Holdings                                               
     is excluded). Information in response to this Item relating to the National                                               
     Grid USA  companies  and the  former  EUA  companies  was  supplied  to the                                               
     Commission in Item 6 to their Annual Reports on Form U5S for the year ended                                               
     December 31, 1999.  See file numbers  001-003446,  filed on May 2, 2000 and                                               
     001-05366,  filed on May 1, 2000,  respectively.  Item 6 from each of those                                               
     reports is incorporated herein by reference.                                                                              

/11/ National Grid General Partnership is a partnership and not a company. It is                                               
     owned by two partners in the  following  shares:  26% National Grid Ireland                                               
     (1) Limited, 74% National Grid Ireland (2) Limited                                                                        
----------                                                                                                                     

                                       32                                                                                      

U5B 33rd Page of 57 TOC 1st Previous Next ↓Bottom Just 33rd
------------------------ ---------------------- --------------------- ------------------------ --------------------------------
W Gerretsen              Callington, England    National Grid (US)    Director                                                 
                                                Holdings Limited                                                               
                                                AND National Grid                                                              
                                                (US) Investments                                                               
------------------------ ---------------------- --------------------- ------------------------ --------------------------------
R J Urwin                Kidderminster,         National Grid (US)    Director                                                 
                         England                Holdings Limited                                                               
                                                AND National Grid                                                              
                                                (US) Investments                                                               
------------------------ ---------------------- --------------------- ------------------------ --------------------------------
F B Smith                Crick, England         National Grid (US)    Director                                                 
                                                Holdings Limited                                                               
                                                AND National Grid                                                              
                                                (US) Investments                                                               
------------------------ ---------------------- --------------------- ------------------------ --------------------------------
M D O'Donovan            Ashtead, England       National Grid (US)    Director                                                 
                                                Holdings Limited                                                               
                                                AND National Grid                                                              
                                                (US) Investments                                                               
------------------------ ---------------------- --------------------- ------------------------ --------------------------------
S J Box                  Byfield, England       National Grid         Director                                                 
                                                (Ireland) 1 Limited                                                            
                                                AND National Grid                                                              
                                                (Ireland) 2 Limited                                                            
------------------------ ---------------------- --------------------- ------------------------ --------------------------------
GMAF Harles              Luxembourg, GD         National Grid         Director                                                 
                         Luxembourg             (Ireland) 1 Limited                                                            
                                                AND National Grid                                                              
                                                (Ireland) 2 Limited                                                            
------------------------ ---------------------- --------------------- ------------------------ --------------------------------
A R Hill                 Weston, USA            National Grid         Director                                                 
                                                (Ireland) 1 Limited                                                            
                                                AND National Grid                                                              
                                                (Ireland) 2 Limited                                                            
------------------------ ---------------------- --------------------- ------------------------ --------------------------------
M E Jesanis              Hopkinton, USA         National Grid         Director                                                 
                                                (Ireland) 1 Limited                                                            
                                                AND National Grid                                                              
                                                (Ireland) 2 Limited                                                            
------------------------ ---------------------- --------------------- ------------------------ --------------------------------

(b)  Compensation of Certain Employees.                               

          As to regular  employees of such  companies  who are not  directors or
          officers  of any one of them,  list the name,  address  and  aggregate
          annual rate of  compensation  of all those who receive $20,000 or more
per year from all such companies.                           

Omitted by permission of the Staff.                         

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U5B 34th Page of 57 TOC 1st Previous Next ↓Bottom Just 34th
(c)  Indebtedness to System Companies.                                

          As to every such  director,  trustee or officer as  aforesaid,  who is
          indebted  to any one of such  companies,  or on whose  behalf any such
          company has now  outstanding and effective any obligation to assume or
          guarantee  payment of any  indebtedness  to  another,  and whose total
          direct and  contingent  liability to such  company  exceeds the sum of
          $1,000, give the name of such director,  trustee, or officer, the name
          of such  company  and  describe  briefly the nature and amount of such
direct and contingent obligations. /10/                     

          To the knowledge of National  Grid's  management,  no such  obligation
exists.                                                     

(d)  Contracts.                                                       

If any such director, trustee or officer as aforesaid:      

          (1)  has an existing  contract with any such company  (exclusive of an
               employment contract which provides for no compensation other than
that set forth in paragraph (a) of this Item); or,

          (2)  either individually or together with the members of his immediate
               family  owns,  directly or  indirectly,  5% or more of the voting
               securities  of any third person with whom any such company has an
existing contract; or,                            

          (3)  has any other  beneficial  interest  in an  existing  contract to
which any such company is a party;                

          describe briefly the nature of such contract, the names of the parties
          thereto,  the terms thereof and the interest of such officer,  trustee
or director therein./12/                                    

          To the  knowledge of National  Grid's  management,  no such  contracts
exist.                                                      

(e)  Banking Connections.                                             

          If any such  director,  trustee or officer,  is an executive  officer,
          director,  partner,  appointee or  representative  of any bank,  trust
          company,  investment banker, or banking association or firm, or of any
          corporation a majority of whose stock having the unrestricted right to
          vote for the  election  of  directors,  is owned  by any  bank,  trust
          company,  investment banker, or banking association or firm, state the
          name  of  such  director  or  officer,  describe  briefly  such  other
          positions held by him and indicate which of the rules under Section 17
          (c) authorises the registrant and subsidiary  companies of which he is
a director or officer to retain him in such capacity.       

To the knowledge of National Grid's management, none exist. 

----------                                                                      
/12/ National Grid General  Partnership is a partnership and not a company.  The
     interests of the two partners are as follows: 26% National Grid Ireland (1)
Limited, 74% National Grid Ireland (2) Limited.                       
----------                                                                      

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 INTERESTS OF TRUSTEES IN SYSTEM COMPANIES

17   Describe  briefly the nature of any substantial  interest which any trustee
     under  indentures  executed in  connection  with any  outstanding  issue of
     securities of the registrant or any subsidiary  thereof,  has in either the
     registrant  or such  subsidiary,  and any claim which any such  trustee may
     have against registrant or any subsidiary; provided, however, that it shall
     not  be  necessary  to  include  in  such   description  any  evidences  of
     indebtedness  owned by such trustee  which were issued  pursuant to such an
indenture.                                                            

     (Note:  By  permission  of the Staff  information  in response to this Item
relating to any subsidiary of National Grid Holdings is excluded.)    

     To the knowledge of National Grid's  management no trustee under indentures
     executed in connection with any outstanding issue of securities of National
     Grid, National Grid Holdings or National Grid USA or its subsidiaries,  has
     a substantial  interest in, or claim against,  National Grid, National Grid
     Holdings,   the  Intermediate   Companies  or  National  Grid  USA  or  its
subsidiaries.                                                         

 SERVICE, SALES AND CONSTRUCTION CONTRACTS

18   As  to  each  service,  sales  or  construction  contract  (as  defined  in
     paragraphs  (19) to (21) of Section  2(a) of the Act) which the  registrant
     and any subsidiary  company thereof has had in effect within the last three
     months,  describe briefly the nature of such contract, the name and address
     of the parties  thereto,  the dates of execution  and  expiration,  and the
     compensation  to be paid  thereunder.  Attach  typical  forms  of any  such
     contracts as an exhibit to this registration  statement. If the other party
     to any such contract is a mutual  service  company or a subsidiary  service
     company  which  is a member  of the  same  holding  company  system  as the
     registrant and as to which the Commission has made a favourable  finding in
     accordance  with  Rule  13-22,  specific  reference  may  be  made  to  the
     application or declaration filed by such company pursuant to Rule 13-22 and
no further details need be given as to such contracts.                

     National Grid's Policies and Procedures  Manual for Affiliate  Transactions
     filed as Exhibit B-4 to SEC File No. 70-9473 is  incorporated  by reference
     in full  response  to this  Item.  Affiliate  relationships  are  otherwise
     disclosed in National Grid USA's Form U5S filed on May 2, 2000 and the Form
     U-13-60 filed by New England Power Service  Company on May 1, 2000 SEC File
No. 049-00012.                                                        

LITIGATION

19   Describe briefly any existing litigation of the following descriptions,  to
     which the registrant or any subsidiary  company  thereof is a party,  or of
     which the property of the registrant or any such subsidiary  company is the
     subject,  including  the names of the  parties  and the court in which such
litigation is pending: /13/                                           

----------                                                                      
/13/ By permission of the Staff information in response to this Item relating to
any subsidiary of National Grid Holdings is excluded.                 
----------                                                                      

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     (1)  Proceedings  to enforce or to restrain  enforcement  of any order of a
State commission or other governmental agency;              

          Narragansett  has  appealed a RIPUC order  requiring  Narragansett  to
          refund customers  approximately  US$1.7 million which NEP has refunded
          to Narragansett  under its transmission  tariff.  Other parties to the
          suit are the RIDIV and The  Energy  Consortium  of Rhode  Island.  The
action is pending before the Rhode Island Supreme Court.    

     (2)  Proceedings  involving any franchise  claimed by any such company;  To
the knowledge of National Grid's management there are none. 

     (3)  Proceedings  between any such company and any holder,  in his capacity
          as such,  of any funded  indebtedness  or  capital  stock  issued,  or
          guaranteed  by such  company,  or  between  any such  company  and any
          officer thereof;  To the knowledge of National Grid's management there
are none.                                                   

     (4)  Proceedings in which any such company sues in its capacity as owner of
          capital stock or funded indebtedness issued or guaranteed by any other
          company;  To the  knowledge of National  Grid's  management  there are
none.                                                       

     (5)  Each other proceeding in which the matter in controversy, exclusive of
          interest  and  costs,  exceeds  an  amount  equal  to 2% of the  debit
    accounts shown on the most recent balance sheet of such company.

          (a)  From 1983 until 1998,  NEP was the wholesale  power  supplier for
               the Town of Norwood,  Massachusetts  ("Norwood").  In April 1998,
               Norwood began taking power from another  supplier.  Pursuant to a
               tariff  amendment  approved by the FERC in May 1998, NEP has been
               assessing Norwood a contract termination change ("CTC").  Through
               December  1999,  the  charges   assessed  to  Norwood  amount  to
               approximately  US$15 million,  all of which remain unpaid. NEP is
           pursuing a collection action in Massachusetts Superior Court.

               Separately,   Norwood  filed  suit  in  Federal   District  Court
               ("District  Court") in April 1997 alleging that NEP's divestiture
               violated  the terms of the 1983 power  contract  and  contravened
               antitrust  laws.  The District  Court  dismissed the lawsuit.  On
               appeal, the First Circuit Court of Appeals ("First Circuit") also
               consolidated  appeals Norwood made from FERC orders approving the
               divestiture,  the wholesale rate  settlement  between NEP and its
               distribution affiliates and the CTC tariff amendment. On February
               2, 2000, the First Circuit  dismissed  Norwood's  appeal from the
               FERC order and dismissed its appeal from all but one of Norwood's
               District   Court  claims,   which  relates  to  the  creation  of
               generation market power. On February 28, 2000, and March 3, 2000,
               respectively,  the First Circuit  denied  Norwood's  petition for
               further  review of its  District  Court  claims  decision and its
               decision on the FERC orders. On May 30, 2000,  Norwood petitioned
             the US Supreme Court for review of the First Circuit decisions.

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               Norwood  has also  appealed a 1999 FERC  decision  that  rejected
               Norwood's  challenge to the  calculation  of the CTC based on the
               term of the 1983 power contract.  On June 12, 2000, Norwood moved
               to amend its  complaint to reassert a claim for  rescission  with
              respect to NEP's divestiture. NEP has filed a motion to dismiss.

          (b)  Uses,  Inc., the  manufacturer of an energy savings  device,  has
               sued  Service  Company and the Rocky  Mountain  Institute,  d/b/a
               E-Source,  Inc.  (an  industry  trade  publication),  for product
               disparagement and tortious interference  resulting primarily from
               E-Source's  publication of an article  reviewing  Use's device in
               1997.  Uses  alleges  that  Service  Company  aided  and  abetted
               E-Source in these activities.  E-Source,  which has recently been
               acquired by  Financial  Times,  is the primary  defendant  in the
               case.  Uses claims damages of US$19 million.  The suit is pending
    in U.S. District Court for the District of Conneticut.

EXHIBITS                                                                        

EXHIBIT A.

Furnish a corporate chart showing graphically relationships existing between the
registrant  and all  subsidiary  companies  thereof  as of the same  date as the
information  furnished  in the  answer  to Item 8.  The  chart  should  show the
percentage of each class of voting  securities of each  subsidiary  owned by the
registrant and by each subsidiary company.                                      

A corporate  chart of the National  Grid system is provided  under cover of Form
SE.                                                                             

EXHIBIT B.

With respect to the registrant and each subsidiary  company  thereof,  furnish a
copy of the charter,  articles of incorporation,  trust agreement,  voting trust
agreement,  or other  fundamental  document of  organisation,  and a copy of its
by-laws, rules and regulations,  or other instruments  corresponding thereto. If
such documents do not set forth fully the rights,  priorities and preferences of
the holders of each class of capital stock described in the answer to Item 8 (b)
and those of the holders of any warrants,  options or other securities described
in the answer to Item 8 (d), and of any limitations on such rights,  there shall
also be  included  the text  appearing  on each  certificate,  or a copy of each
resolution  or  other  document   establishing   or  defining  such  rights  and
limitations.  The  text of each  such  document  shall  be in the  amended  form
effective  at the  date  of  filing  the  registration  statement  or  shall  be
accompanied by copies of any amendments to it then in effect.                   

A copy of the Memorandum of Association  and Articles of Association of National
Grid Holdings Limited are provided under cover of Form SE.                      

(Note: By permission of the Staff all other documents called for by this exhibit
requirement are excluded. The documents of organisation related to National Grid
USA and its  subsidiaries  have  previously  been provided to the  Commission in
response to the requirements of Exhibit B to Form U5S. Similarly,  the documents
of                                                                              

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organisation of National Grid have been provided to the Commission previously as
Exhibit A-1 to the merger  application (File No. 70-9473).  By permission of the
Staff (a)  information  relating to any  subsidiary of National Grid Holdings is
excluded  from  the  exhibit  and  (b)  the  documents  of  organisation  of the
Intermediate  Companies is excluded and alternative  descriptive  information is
omitted.)                                                                       

EXHIBIT C.

     (a)  With  respect  to each class of funded  debt  shown in the  answers to
          Items  8(a)  and  8(c),  submit  a copy  of  the  indenture  or  other
          fundamental  document  defining  the  rights  of the  holders  of such
          security, and copy of each contract or other instrument evidencing the
          liability  of  the  registrant  or a  subsidiary  company  thereof  as
          endorser  or  guarantor  of  such  security.  Include  a copy  of each
          amendment  of  such  document  and  of  each  supplemental  agreement,
          executed in  connection  therewith.  If there have been any changes of
          trustees thereunder,  such changes,  unless otherwise shown, should be
          indicated by notes on the appropriate documents.  No such indenture or
          other document need be filed in connection  with any such issue if the
          total amount of securities that are now, or may at any time hereafter,
          be issued and outstanding thereunder does not exceed either $1,000,000
          or an amount equal to 10% of the total of the debit  accounts shown on
          the most recent balance sheet of the registrant or subsidiary  company
          which issued or  guaranteed  such  securities or which is the owner of
          property  subject to the lien of such  securities,  whichever  of said
sums is the lesser.                                         

          The  offering  circular  for the  National  Grid  Equity  Plus  Income
          Convertible  securities  in the  form of 6%  mandatorily  exchangeable
bonds due 2003 is provided under cover of Form SE.          

     (b)  As to each outstanding and uncompleted  contract or agreement  entered
          into by registrant or any subsidiary  company thereof  relating to the
          acquisition of any securities, utility assets (as defined in Section 2
          (a) (18) of the Act), or any other interest in any business,  submit a
          copy  of  such  contract  or  agreement  and  submit  details  of  any
          supplementary  understandings  or  arrangements  that  will  assist in
securing an understanding of such transactions.             

          (Note: By permission of the Staff all documents in response to Exhibit
          C  related  to  securities   issued  by  National  Grid  USA  and  its
          subsidiaries   and  uncompleted   contracts  for  the  acquisition  of
          securities,  utility  assets or any other interest in any business are
          excluded.  By permission of the Staff all such  documents  relating to
any subsidiary of National Grid Holdings are excluded.)     

EXHIBIT D.

A  consolidating  statement  of income  and  surplus of the  registrant  and its
subsidiary companies for its last fiscal year ending prior to the date of filing
this registration statement,  together with a consolidating balance sheet of the
registrant and its subsidiary companies as of the close of such fiscal year.    

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(Note:  In full  response to this  exhibit  requirement  there is provided (1) a
balance sheet and income statement for National Grid reflecting the consolidated
group results (including National Grid USA) in the format used in Form 20-F; (2)
individual balance sheets and income statements for each Intermediate Company in
either Form 20-F format or US GAAP format, and; (3) a consolidated balance sheet
and income  statement  for  National  Grid  Holdings  in Form 20-F  format.  All
financial  statements are as of, or for the year ending, March 31, 2000 and will
include amounts stated in US dollars and amounts stated in UK sterling by way of
a convenience  translation  based on the exchange  rate  prevailing at March 31,
2000.  By permission  of the Staff the  financial  statements of the  subsidiary
companies  of National  Grid  Holdings  and those of  National  Grid USA and its
subsidiaries are excluded).                                                     

EXHIBIT E.

For each public utility company and natural gas producing and pipe line property
in the holding  company  system of the  registrant,  furnish the following  maps
(properties of associate  companies  operating in contiguous or nearby areas may
be shown on the same map,  provided  property and service  areas of each company
are shown  distinctively);  provided that all maps shall be filed in paper under
cover of Form SE 259.603 if submitted by an electronic filer.                   

     (1)  Map  showing  service  area in which  electric  service is  furnished,
   indicating the names of the companies serving contiguous areas;

     (2)  Electric system map showing location of electric  property  (exclusive
          of local distribution lines) owned and/or operated, and information as
follows:                                                    

(a)  Generating plants - kind and capacity;                 

          (b)  Transmission  lines  -  voltage,  number  of  circuits,  kind  of
supports, kind and size of conductors;            

(c)  Transmission substations - capacity.                   

(d)  Distribution substations - capacity.                   

          (e)  Points  of  interconnection   with  all  other  electric  utility
               companies  and  with  all  electrical   enterprises  operated  by
               municipal  or  governmental   agencies,   giving  names  of  such
companies and enterprises;                        

(3)  [not applicable]                                                 

(4)  [not applicable]                                                 

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(Note:  By  permission  of the  Staff  the maps  required  by this  exhibit  are
excluded).                                                                      

EXHIBIT F.

Furnish an accurate  copy of each annual  report for the last fiscal year ending
prior  to the date of the  filing  of this  registration  statement,  which  the
registrant and each subsidiary  company thereof has previously  submitted to its
stockholders.  For  companies  for which no reports are submitted the reason for
omission should be indicated;  provided that electronic filers shall submit such
reports in paper format only under cover of Form SE (259.603).                  

A copy of the annual  report for the year ended March 31, 2000 for National Grid
only is provided in response to this exhibit requirement under cover of Form SE.

EXHIBIT G.

Furnish a copy of each  annual  report  which  the  registrant  and each  public
utility  subsidiary  company thereof shall have filed with any State  commission
having  jurisdiction  to regulate  public utility  companies for the last fiscal
year ending prior to the date of filing this registration statement. If any such
company  shall  have  filed  similar  reports  with  more  than one  such  State
commission, the registrant need file a copy of only one of such reports provided
that  notation  is  made  of  such  fact,  giving  the  names  of the  different
commissions  with which such report was filed, and setting forth any differences
between the copy submitted and the copies filed with such other commissions.  In
the event any company  submits an annual report to the Federal Power  Commission
but not to a State commission, a copy of such report should be furnished. In the
case of a  registrant  or any public  utility  subsidiary  company  for which no
report is appended the reasons for such omission should be indicated such as "No
such reports  required or filed;"  provided that electronic  filers shall submit
such reports in paper format only under cover of Form SE (259.603).             

The following copies are provided under cover of Form SE:                       

Annual Returns to the Massachusetts  Department of Telecommunications and Energy
for the year ended December 31, 1999 for                                        
a)   Massachusetts Electric Company                                   
b)   Nantucket Electric Company                                       
c)   New England Hydro-Transmission Electric Company, Inc.            
d)   New England Power Company.                                       

FERC Form 1: Annual Report of Major Electric Utilities, Licensees and Others for
the year ended December 31, 1999 for                                            
a)   Granite State Electric Company                                   
b)   Massachusetts Electric Company                                   
c)   Nantucket Electric Company                                       
d)   The Narragansett Electric Company                                
e)   New England Electric Transmission Corporation                    
f)   New England Hydro-Transmission Corporation                       
g)   New England Hydro-Transmission Electric Company, Inc.            
h)   New England Power Company.                                       

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Applicants  file FERC Form 1 with the Rhode Island Public  Utilities  Commission
and the New Hampshire  Public  Utilities  Commission and these reports have been
excluded in accordance with the Instructions to Exhibit G.                      

EXHIBIT H.

Typical forms of service, sales or construction contracts described in answer to
Item 18.                                                                        

The service contract example included in National Grid's Policies and Procedures
Manual for  Affiliate  Transactions,  Exhibit  B-4 to SEC File No.  70-9473,  is
incorporated by reference in response to this exhibit requirement.              

This registration statement comprises:                                          

(a)  Pages numbered 1 to 57, consecutively.                                     

(b)  The following Exhibits:                                                    

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 INDEX OF EXHIBITS

                                                        [Enlarge/Download Table]

---------------------------------------------------------- ------------------------------------------------------- 
EXHIBIT NUMBER                                             DESCRIPTION                                             
---------------------------------------------------------- ------------------------------------------------------- 
                                                                                                                   
A                                                          Corporate Chart of the National Grid group (Filed under 
                                                           Form SE).                                               
---------------------------------------------------------- ------------------------------------------------------- 
B                                                          Memorandum of Association and Articles of Association   
                                                           of National Grid Holdings Limited (Filed under Form SE).
---------------------------------------------------------- ------------------------------------------------------- 
C                                                          Offering circular for the National Grid Equity Plus     
                                                           Income Convertible Securities (Filed under Form SE).    
---------------------------------------------------------- ------------------------------------------------------- 
D                                                          Financial Statements.                                   
---------------------------------------------------------- ------------------------------------------------------- 
E                                                          Omitted by permission of the Staff.                     
---------------------------------------------------------- ------------------------------------------------------- 
F                                                          Annual Report of  National Grid for  year ended         
                                                           March 31, 2000 (Filed under Form SE).                   
---------------------------------------------------------- ------------------------------------------------------- 
G                                                          Annual Reports to State Commissions and FERC            
                                                           (Filed under Form SE).                                  
---------------------------------------------------------- ------------------------------------------------------- 
H                                                          Typical forms of service, sales or construction         
                                                           contracts (Incorporated by reference).                  
---------------------------------------------------------- ------------------------------------------------------- 

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 SIGNATURE

Pursuant to the  requirements of the Public Utility Holding Company Act of 1935,
the  registrants  have caused this  registration  statement to be duly signed on
their behalf in the city of Westborough,  and  Commonwealth of  Massachusetts on
the 7th day of July, 2000.                                                      

(SEAL)                                                                          

 THE NATIONAL GRID GROUP plc
 NATIONAL GRID (US) HOLDINGS LIMITED
NATIONAL GRID (US) INVESTMENTS
 NATIONAL GRID (IRELAND) 1 LIMITED
 NATIONAL GRID (IRELAND) 2 LIMITED
 NATIONAL GRID GENERAL PARTNERSHIP

 By /s/ Michael E. Jesanis
    ----------------------
Michael E. Jesanis
       Authorised Representative

Attest:                                                                         

/s/ Anthony R. Hill                                           
-------------------                                           
Anthony R. Hill                                               
Authorised Representative                                     

VERIFICATION

State of Massachusetts                                                          
County of Worcester                                                             

The  undersigned,  being duly sworn,  deposes and says that he has duly executed
the attached registration statement dated July 7, 2000, for and on behalf of (a)
The National  Grid Group plc,  (b)  National  Grid (US)  Holdings  Limited,  (c)
National  Grid (US)  Investments  (d)  National  Grid  (Ireland) 1 Limited,  (e)
National Grid (Ireland) 2 Limited, (f) National Grid General  Partnership;  that
he is  authorised to sign on behalf of the  registrants;  and that all action by
stockholders,  directors,  and other bodies  necessary to authorise  deponent to
execute and file such instrument has been taken.  Deponent  further says that he
is familiar with such  instrument and the contents  thereof,  and that the facts
therein set forth are true to the best of his knowledge, information and belief.

               /s/ Sally Ann Tracy
               -------------------
                                 Commission Expires:  February 3, 2006

Subscribed and sworn to before me, a notary public this 7th day of July, 2000.  

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The National Grid Group plc                                            EXHIBIT D

Group Profit and loss account                                                   
for the year ended March 31, 2000                                               

                                                        [Enlarge/Download Table]


                                                                                                 (pound)m           $m      
--------------------------------------------------------------------------------------------   ------------- ---------------
                                                                                                                            
Turnover, including share of joint ventures                                                         1,677.5         2,684.0 
Less: share of joint ventures' turnover (continuing operations)                                       (62.8)         (100.5)
--------------------------------------------------------------------------------------------   ------------- ---------------

Group turnover                                                                                                              
                                                                                               ------------- ---------------
- Continuing operations                                                                             1,578.5         2,525.6 
- Acquisition                                                                                          36.2            57.9 
                                                                                               ------------- ---------------
                                                                                                    1,614.7         2,583.5 
Operating costs                                                                                    (1,042.6)       (1,668.2)
--------------------------------------------------------------------------------------------   ------------- ---------------

Operating profit                                                                                                            
                                                                                               ------------- ---------------
- Continuing operations                                                                               569.4           911.0 
- Acquisition                                                                                           2.7             4.3 
                                                                                               ------------- ---------------
Operating profit of Group undertakings                                                                572.1           915.3 
Share of joint ventures' and associate's operating loss (continuing operations)                       (33.5)          (53.6)
--------------------------------------------------------------------------------------------   ------------- ---------------

Total operating profit                                                                                                      
                                                                                               ------------- ---------------
- Before goodwill amortisation                                                                        546.5           874.4 
- Goodwill amortisation                                                                                (7.9)          (12.7)
                                                                                               ------------- ---------------
                                                                                                      538.6           861.7 
Exceptional profit relating to partial disposal of Energis                                          1,027.3         1,643.7 
Net interest                                                                                          (64.9)         (103.8)

--------------------------------------------------------------------------------------------   ------------- ---------------
Profit on ordinary activities before taxation                                                       1,501.0         2,401.6 
Taxation                                                                                                                    
                                                                                               ------------- ---------------
- Excluding exceptional items                                                                        (123.1)         (196.9)
- Exceptional items                                                                                  (229.5)         (367.2)
                                                                                               ------------- ---------------
                                                                                                     (352.6)         (564.1)

--------------------------------------------------------------------------------------------   ------------- ---------------
Profit on ordinary activities after taxation                                                        1,148.4         1,837.5 

Dividends                                                                                            (205.5)         (328.8)

---------------------------------------------------------------------------------------------  ------------- ---------------
Retained profit                                                                                       942.9         1,508.7 
---------------------------------------------------------------------------------------------  ============= ===============

Reconciliation of profit after taxation to US GAAP                                                                          

UK GAAP                                                                                                                     

Profit after taxation, excluding exceptional items                                                    350.6           561.0 
Exceptional items after taxation                                                                      797.8         1,276.5 
---------------------------------------------------------------------------------------------  ------------- ---------------
Net income under UK GAAP                                                                            1,148.4         1,837.5 
---------------------------------------------------------------------------------------------  ------------- ---------------

Adjustments to conform with US GAAP                                                                                         

  Deferred taxation                                                                                    (1.4)           (2.2)
  Pensions                                                                                              5.7             9.1 
  Share option schemes                                                                                 (5.4)           (8.6)
  Tangible fixed assets - depreciation on reversal of partial release of impairment provision           3.4             5.4 
  Interest rate and currency swaps                                                                     27.9            44.6 
  Issue costs associated with EPICs                                                                    (1.8)           (2.9)
  Carrying value of EPICs liability                                                                  (115.0)         (184.0)
  Severance costs                                                                                     (11.3)          (18.1)
  Goodwill - effect of US GAAP adjustments                                                             (0.2)           (0.3)
  Share of associate's adjustments to conform with US GAAP                                            (40.5)          (64.8)
---------------------------------------------------------------------------------------------  ------------- ---------------
Total US GAAP adjustments                                                                            (138.6)         (221.8)
---------------------------------------------------------------------------------------------  ------------- ---------------
Net income under US GAAP                                                                            1,009.8         1,615.7 
---------------------------------------------------------------------------------------------  ============= ===============

The profit and loss  account is prepared  under UK GAAP.  The amounts  presented
above in US  dollars  are by way of a  convenience  translation  of UK  sterling
figures, based on the exchange rate at March 31, 2000 of $1.6 =(pound)1.        

Rate of exchange 1.6                                                            

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The National Grid Group plc                                            EXHIBIT D

Group balance sheet                                                             
at March 31, 2000                                                               

                                                        [Enlarge/Download Table]


                                                                                                             (pound)m       $m
--------------------------------------------------------------------------------------------- ------------- --------------    
                                                                                                                              

Fixed assets                                                                                                                  

Intangible assets - goodwill                                                                         844.7        1,351.5     
Tangible assets                                                                                    4,938.3        7,901.3     
Investments                                                                                                                   
                                                                                              ------------- --------------    
Joint ventures                                                                                                                

- Share of gross assets                                                                              828.6        1,325.7     
- Share of gross liabilities                                                                        (622.7)        (996.3)    
                                                                                              ------------- --------------    
Investments in joint ventures                                                                        205.9          329.4     
Investment in associate                                                                              205.8          329.3     
Other investments                                                                                    107.3          171.6     
                                                                                              ------------- --------------    
                                                                                                     519.0          830.3     
--------------------------------------------------------------------------------------------- ------------- --------------    
                                                                                                   6,302.0       10,083.1     
--------------------------------------------------------------------------------------------- ------------- --------------    
Current assets                                                                                                                

Stocks                                                                                                29.3           46.9     
Debtors (amounts falling due within one year)                                                        490.1          784.2     
Debtors (amounts falling due after one year)                                                         798.3        1,277.3     
Assets held for exchange                                                                              16.6           26.6     
Business held for resale                                                                             118.9          190.2     
Cash and deposits                                                                                  1,011.6        1,618.6     
--------------------------------------------------------------------------------------------- ------------- --------------    
                                                                                                   2,464.8        3,943.8     
Creditors (amounts falling due within one year)                                                                               

                                                                                              ------------- --------------    
Borrowings                                                                                          (669.0)      (1,070.4)    
Other creditors                                                                                   (1,192.1)      (1,907.4)    
                                                                                              ------------- --------------    
                                                                                                  (1,861.1)      (2,977.8)    
--------------------------------------------------------------------------------------------- ------------- --------------    

Net current assets                                                                                   603.7          966.0     

--------------------------------------------------------------------------------------------- ------------- --------------    
Total assets less current liabilities                                                              6,905.7       11,049.1     

Creditors (amounts falling due after more than one year)                                                                      

                                                                                              ------------- --------------    
Convertible bonds                                                                                   (469.0)        (750.4)    
Other borrowings                                                                                  (2,537.2)      (4,059.5)    
Other creditors                                                                                     (494.0)        (790.4)    
                                                                                              ------------- --------------    
                                                                                                  (3,500.2)      (5,600.3)    

Provisions for liabilities and charges                                                              (461.4)        (738.2)    
--------------------------------------------------------------------------------------------- ------------- --------------    
Net assets employed                                                                                2,944.1        4,710.6     
--------------------------------------------------------------------------------------------- ============= ==============    

Capital and reserves                                                                                                          
Called up share capital                                                                              174.7          279.5     
Share premium account                                                                                274.7          439.5     
Profit and loss account                                                                            2,459.6        3,935.4     
--------------------------------------------------------------------------------------------- ------------- --------------    
Equity shareholders' funds                                                                         2,909.0        4,654.4     
Minority interests                                                                                                            

                                                                                              ------------- --------------    
Equity                                                                                                22.9           36.7     
Non-equity                                                                                            12.2           19.5     
                                                                                              ------------- --------------    
                                                                                                      35.1           56.2     
--------------------------------------------------------------------------------------------- ------------- --------------    
                                                                                                   2,944.1        4,710.6     
--------------------------------------------------------------------------------------------- ============= ==============    

Reconciliation of shareholders' funds to US GAAP                                                                              

Shareholders' funds under UK GAAP                                                                  2,909.0        4,654.4     

Adjustments to conform with US GAAP                                                                                           

                                                                                              ------------- --------------    
 Deferred taxation                                                                                  (916.7)      (1,466.7)    
 Pensions                                                                                            162.8          260.5     
 Shares held by employee share trusts                                                                (16.3)         (26.1)    
 Ordinary dividends                                                                                  123.0          196.8     
 Tangible fixed assets - reversal of partial release of impairment provision                         (45.0)         (72.0)    
 Interest rate and currency swaps                                                                      1.0            1.6     
 Issue costs associated with EPICs                                                                     5.5            8.8     
 Carrying value of EPICs liability                                                                  (115.0)        (184.0)    
 Severance liabilities                                                                                 5.5            8.8     
 Goodwill - effect of US GAAP adjustments                                                            210.6          337.0     
 Share of associate's  adjustments to conform with US GAAP                                            21.3           34.1     
                                                                                              ------------- --------------    

Total US GAAP adjustments                                                                           (563.3)        (901.2)    

--------------------------------------------------------------------------------------------- ------------- --------------    
Shareholders' funds under US GAAP                                                                  2,345.7        3,753.2     
--------------------------------------------------------------------------------------------- ============= ==============    

The balance sheet is prepared under UK GAAP. The amounts  presented  above in US
dollars are by way of a convenience translation of UK sterling figures, based on
the exchange rate at March 31, 2000 of $1.6 =(pound)1.                          

Rate of exchange 1.6                                                            

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National Grid Holdings Limited                                         EXHIBIT D

Group profit and loss account                                                   
for the year ended March 31, 2000                                               

                                                        [Enlarge/Download Table]


                                                                                                           (pound)m          $m    
--------------------------------------------------------------------------------------------------------  ------------  -----------
                                                                                                                                   
Turnover, including share of joint ventures                                                                   1,640.2      2,624.3 
Less: share of joint ventures' turnover (continuing operations)                                                 (61.7)       (98.7)
--------------------------------------------------------------------------------------------------------  ------------  -----------

Group turnover (continuing operations)                                                                        1,578.5      2,525.6 
Operating costs                                                                                              (1,016.3)    (1,626.1)
--------------------------------------------------------------------------------------------------------  ------------  -----------

Operating profit of Group undertakings (continuing operations)                                                  562.2        899.5 
Share of joint ventures' and associate's operating loss (continuing operations)                                 (33.7)       (53.9)
--------------------------------------------------------------------------------------------------------  ------------  -----------

Total operating profit                                                                                                             
                                                                                                          ------------  -----------
- Before goodwill amortisation                                                                                  535.1        856.2 
- Goodwill amortisation                                                                                          (6.6)       (10.6)
                                                                                                          ------------  -----------
                                                                                                                528.5        845.6 
Exceptional profit relating to partial disposal of Energis                                                    1,027.3      1,643.7 
Net interest                                                                                                    (42.5)       (68.0)

--------------------------------------------------------------------------------------------------------  ------------  -----------
Profit on ordinary activities before taxation                                                                 1,513.3      2,421.3 
Taxation                                                                                                                           

                                                                                                          ------------  -----------
- Excluding exceptional items                                                                                  (130.5)      (208.8)
- Exceptional items                                                                                            (229.5)      (367.2)
                                                                                                          ------------  -----------
                                                                                                               (360.0)      (576.0)

--------------------------------------------------------------------------------------------------------  ------------  -----------
Profit on ordinary activities after taxation                                                                  1,153.3      1,845.3 

Minority interests                                                                                                0.1          0.2 

--------------------------------------------------------------------------------------------------------  ------------  -----------
Profit for the year                                                                                           1,153.4      1,845.5 

Dividends                                                                                                    (1,113.6)    (1,781.8)

--------------------------------------------------------------------------------------------------------  ------------  -----------
Retained profit                                                                                                  39.8         63.7 
--------------------------------------------------------------------------------------------------------  ============  ===========

Reconciliation of profit after taxation to US GAAP                                                                                 

UK GAAP                                                                                                                            

Profit after taxation, excluding exceptional items                                                              355.6        569.0 
Exceptional items after taxation                                                                                797.8      1,276.5 

--------------------------------------------------------------------------------------------------------  ------------  -----------
Net income under UK GAAP                                                                                      1,153.4      1,845.5 
--------------------------------------------------------------------------------------------------------  ------------  -----------

Adjustments to conform with US GAAP                                                                                                

   Deferred taxation                                                                                            (32.5)       (52.0)
   Pensions                                                                                                       5.7          9.1 
   Share option schemes                                                                                          13.9         22.2 
   Tangible fixed assets - depreciation on reversal of partial release of impairment provision                    3.4          5.4 
   Interest rate and currency swaps                                                                              (4.2)        (6.7)
   Severance costs                                                                                              (11.3)       (18.1)
   Share of associate's adjustments to conform with US GAAP                                                     (40.5)       (64.8)

--------------------------------------------------------------------------------------------------------  ------------  -----------
Total US GAAP adjustments                                                                                       (65.5)      (104.9)
--------------------------------------------------------------------------------------------------------  ------------  -----------
Net income under US GAAP                                                                                      1,087.9      1,740.6 
--------------------------------------------------------------------------------------------------------  ============  ===========

The profit and loss  account is prepared  under UK GAAP.  The amounts  presented
above in US  dollars  are by way of a  convenience  translation  of UK  sterling
figures, based on the exchange rate at March 31, 2000 of $1.6 =(pound)1.        

Rate of exchange 1.6                                                            

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National Grid Holdings Limited                                         EXHIBIT D

Group balance sheet                                                             
at March 31, 2000                                                               

                                                        [Enlarge/Download Table]

                                                                                                  (pound)m         $m        
------------------------------------------------------------------------------------------- ---------------- ----------------
                                                                                                                             
Fixed assets                                                                                                                 

Intangible assets - goodwill                                                                           12.4             19.8 
Tangible assets                                                                                     3,257.1          5,211.4 
Investments                                                                                                                  
                                                                                            ---------------- ----------------
Joint ventures                                                                                                               
- Share of gross assets                                                                               502.5            803.9 
- Share of gross liabilities                                                                         (325.2)          (520.3)
                                                                                            ---------------- ----------------
Investments in joint ventures                                                                         177.3            283.6 
Investment in associate                                                                               205.8            329.3 
Other investments                                                                                      22.2             35.6 
                                                                                            ---------------- ----------------
                                                                                                      405.3            648.5 
------------------------------------------------------------------------------------------- ---------------- ----------------
                                                                                                    3,674.8          5,879.7 

------------------------------------------------------------------------------------------- ---------------- ----------------
Current assets                                                                                                               

Stocks                                                                                                 13.1             21.0 
Debtors (amounts falling due within one year)                                                       2,153.0          3,444.7 
Debtors (amounts falling due after one year)                                                           48.0             76.8 
Assets held for exchange                                                                               16.6             26.6 
Cash and deposits                                                                                     600.6            961.0 
------------------------------------------------------------------------------------------- ---------------- ----------------
                                                                                                    2,831.3          4,530.1 
Creditors (amounts falling due within one year)                                                                              

                                                                                            ---------------- ----------------
Borrowings                                                                                           (536.2)          (857.9)
Other creditors                                                                                    (2,125.5)        (3,400.7)
                                                                                            ---------------- ----------------
                                                                                                   (2,661.7)        (4,258.6)
------------------------------------------------------------------------------------------- ---------------- ----------------

Net current assets                                                                                    169.6            271.5 

------------------------------------------------------------------------------------------- ---------------- ----------------
Total assets less current liabilities                                                               3,844.4          6,151.2 

Creditors (amounts falling due after more than one year)                                                                     

                                                                                            ---------------- ----------------
Convertible bonds                                                                                    (469.0)          (750.4)
Other borrowings                                                                                     (886.4)        (1,418.2)
Other creditors                                                                                       (50.3)           (80.5)
                                                                                            ---------------- ----------------
                                                                                                   (1,405.7)        (2,249.1)

Provisions for liabilities and charges                                                                (38.9)           (62.2)
------------------------------------------------------------------------------------------- ---------------- ----------------

Net assets employed                                                                                 2,399.8          3,839.9 

------------------------------------------------------------------------------------------- ================ ================

Capital and reserves                                                                                                         

Called up share capital                                                                               100.0            160.0 
Share premium account                                                                               1,873.2          2,997.2 
Other reserves                                                                                       (739.6)        (1,183.4)
Profit and loss account                                                                             1,165.6          1,865.1 
------------------------------------------------------------------------------------------- ---------------- ----------------
Equity shareholders' funds                                                                          2,399.2          3,838.9 
Minority interest - equity                                                                              0.6              1.0 
------------------------------------------------------------------------------------------- ---------------- ----------------
                                                                                                    2,399.8          3,839.9 
------------------------------------------------------------------------------------------- ================ ================

Reconciliation of shareholders' funds to US GAAP                                                                             

Shareholders' funds under UK GAAP                                                                   2,399.2          3,838.9 

Adjustments to conform with US GAAP                                                                                          

                                                                                            ---------------- ----------------
 Deferred taxation                                                                                   (734.8)        (1,175.7)
 Pensions                                                                                             162.8            260.5 
 Shares held by employee share trusts                                                                 (22.2)           (35.5)
 Accruals relating to employee share schemes                                                           13.4             21.4 
 Tangible fixed assets - reversal of partial release of impairment provision                          (45.0)           (72.0)
 Interest rate and currency swaps                                                                      (9.9)           (15.8)
 Severance liabilities                                                                                  5.5              8.8 
 Share of associate's  adjustments to conform with US GAAP                                             21.3             34.1 
                                                                                            ---------------- ----------------

Total US GAAP adjustments                                                                            (608.9)          (974.2)

------------------------------------------------------------------------------------------- ---------------- ----------------
Shareholders' funds under US GAAP                                                                   1,790.3          2,864.7 
------------------------------------------------------------------------------------------- ================ ================

The balance sheet is prepared under UK GAAP. The amounts  presented  above in US
dollars are by way of a convenience translation of UK sterling figures, based on
the exchange rate at March 31, 2000 of $1.6 =(pound)1.                          

Rate of exchange 1.6                                                            

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National Grid (US) Holdings Limited                                    EXHIBIT D

Profit and loss account                                                         
for the year ended March 31, 2000                                               

                                                        [Enlarge/Download Table]

                                                                             (pound)m         $m     
--------------------------------------------------------------------------  -----------  ------------
                                                                                                     
Other operating income                                                             0.8           1.3 
--------------------------------------------------------------------------  -----------  ------------

Operating profit (continuing operations)                                           0.8           1.3 

Amounts written off investments                                                   (0.1)         (0.2)

Net interest                                                                       0.1           0.2 

--------------------------------------------------------------------------  -----------  ------------

Profit on ordinary activities before taxation                                      0.8           1.3 

Taxation                                                                          (0.1)         (0.2)

--------------------------------------------------------------------------  -----------  ------------
Profit on ordinary activities after taxation retained for the year                 0.7           1.1 
--------------------------------------------------------------------------  ===========  ============

The  amounts  presented  above  in  US  dollars  are  by  way  of a  convenience
translation of UK sterling figures, based on the exchange rate at March 31, 2000
of $1.6 =(pound)1.                                                              

There are no significant adjustments to net income that would have been required
had US GAAP  applied.  Consequently,  net  income  under  US GAAP is the same as
profit on ordinary activities after taxation as presented above.                

Rate of exchange 1.6                                                            

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National Grid (US) Holdings Limited                                    EXHIBIT D

Balance sheet                                                                   
at March 31, 2000                                                               

                                                        [Enlarge/Download Table]

                                                                                                  (pound)m          $m        
---------------------------------------------------------------------------------------------  --------------- ---------------
                                                                                                                              
Fixed assets                                                                                                                  
Other investments                                                                                         0.2             0.3 

---------------------------------------------------------------------------------------------  --------------- ---------------
                                                                                                          0.2             0.3 
---------------------------------------------------------------------------------------------  --------------- ---------------
Current assets                                                                                                                
Debtors (amounts falling due within one year)                                                         2,505.8         4,009.3 
Investments                                                                                              23.4            37.4 
---------------------------------------------------------------------------------------------  --------------- ---------------
                                                                                                      2,529.2         4,046.7 
Creditors (amounts falling due within one year)                                                                               
Other creditors                                                                                      (2,528.3)       (4,045.3)

---------------------------------------------------------------------------------------------  --------------- ---------------

Net current assets                                                                                        0.9             1.4 

---------------------------------------------------------------------------------------------  --------------- ---------------
Net assets employed                                                                                       1.1             1.7 
---------------------------------------------------------------------------------------------  =============== ===============

Capital and reserves                                                                                                          
Called up share capital                                                                                   0.2             0.3 
Share premium account                                                                                     0.2             0.3 
Profit and loss account                                                                                   0.7             1.1 
---------------------------------------------------------------------------------------------  --------------- ---------------
Equity shareholders' funds                                                                                1.1             1.7 
---------------------------------------------------------------------------------------------  =============== ===============

The  amounts  presented  above  in  US  dollars  are  by  way  of a  convenience
translation of UK sterling figures, based on the exchange rate at March 31, 2000
of $1.6 =(pound)1.                                                              

There are no  significant  adjustments to  shareholders'  equity that would have
been  required had US GAAP applied.  Consequently,  equity  shareholders'  funds
under US GAAP is the same as presented above.                                   

Rate of exchange 1.6                                                            

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National Grid (US) Investments                                         EXHIBIT D

Profit and loss account                                                         

for the period June 3, 1999 to March 31, 2000                                   

                                                        [Enlarge/Download Table]


                                                                               (pound)m            $m     
---------------------------------------------------------------------------  -------------  --------------
                                                                                                          
Net interest                                                                         (5.4)           (8.6)
---------------------------------------------------------------------------  -------------  --------------
Loss on ordinary activities before taxation                                          (5.4)           (8.6)

Taxation                                                                              1.6             2.6 
---------------------------------------------------------------------------  -------------  --------------
Loss on ordinary activities after taxation                                           (3.8)           (6.0)

Appropriations in respect of non-equity shares                                       (0.9)           (1.4)
---------------------------------------------------------------------------  -------------  --------------
Retained loss                                                                        (4.7)           (7.4)
---------------------------------------------------------------------------  =============  ==============

The  amounts  presented  above  in  US  dollars  are  by  way  of a  convenience
translation of UK sterling figures, based on the exchange rate at March 31, 2000
of $1.6 =(pound)1.                                                              

There are no significant adjustments to net income that would have been required
had US GAAP applied.  Consequently, net income under US GAAP is the same as loss
on ordinary activities after taxation as presented above.                       

Rate of exchange 1.6                                                            

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National Grid (US) Investments                                         EXHIBIT D

Balance sheet                                                                   
at March 31, 2000                                                               

                                                        [Enlarge/Download Table]

                                                                                                  (pound)m       $m      
------------------------------------------------------------------------------------------------ ------------ -----------
                                                                                                                         
Fixed assets                                                                                                             

Other investments                                                                                    2,500.2     4,000.3 
------------------------------------------------------------------------------------------------ ------------ -----------
                                                                                                     2,500.2     4,000.3 

------------------------------------------------------------------------------------------------ ------------ -----------
Current assets                                                                                                           

Debtors (amounts falling due within one year)                                                            1.6         2.6 
------------------------------------------------------------------------------------------------ ------------ -----------
                                                                                                         1.6         2.6 
Creditors (amounts falling due within one year)                                                                          

Other creditors                                                                                     (2,483.3)   (3,973.3)

------------------------------------------------------------------------------------------------ ------------ -----------
Net current liabilities                                                                             (2,481.7)   (3,970.7)

------------------------------------------------------------------------------------------------ ------------ -----------
Net assets employed                                                                                     18.5        29.6 
------------------------------------------------------------------------------------------------ ============ ===========

Capital and reserves                                                                                                     
Called up share capital                                                                                  0.2         0.3 
Share premium account                                                                                   23.4        37.5 
Profit and loss account                                                                                 (5.1)       (8.2)

                                                                                                 ------------ -----------
Equity shareholders' funds                                                                              (4.9)       (7.8)
Non-equity shareholders' funds                                                                          23.4        37.4 
                                                                                                 ------------ -----------

------------------------------------------------------------------------------------------------ ------------ -----------
Shareholders' funds                                                                                     18.5        29.6 
------------------------------------------------------------------------------------------------ ============ ===========

The  amounts  presented  above  in  US  dollars  are  by  way  of a  convenience
translation of UK sterling figures, based on the exchange rate at March 31, 2000
of $1.6 =(pound)1.                                                              

There are no  significant  adjustments to  shareholders'  equity that would have
been required had US GAAP applied.  Consequently,  shareholders'  funds under US
GAAP is the same as presented above.                                            

Rate of exchange 1.6                                                            

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National Grid (Ireland) 1 Limited                                      EXHIBIT D

Profit and loss account                                                         
for the year ended March 31, 2000                                               

                                                        [Enlarge/Download Table]

                                                                                  (pound)m         $m     
------------------------------------------------------------------------------   -----------  ------------
                                                                                                          
Dividends receivable                                                                    0.3           0.5 
Net interest                                                                            0.1           0.2 

------------------------------------------------------------------------------   -----------  ------------
Profit on ordinary activities before taxation                                           0.4           0.7 

Taxation                                                                               (0.1)         (0.2)

-------------------------------------------------------------------------------  -----------  ------------
Profit on ordinary activities after taxation retained for the year                      0.3           0.5 

------------------------------------------------------------------------------   ===========  ============

The  amounts  presented  above  in UK  sterling  are  by  way  of a  convenience
translation of US dollars figures,  based on the exchange rate at March 31, 2000
of $1.6 =(pound)1.                                                              

There are no significant adjustments to net income that would have been required
had US GAAP  applied.  Consequently,  net  income  under  US GAAP is the same as
profit on ordinary activities after taxation as presented above.                

Rate of exchange 1.6                                                            

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National Grid (Ireland) 1 Limited                                      EXHIBIT D

Balance sheet                                                                   
at March 31, 2000                                                               

                                                        [Enlarge/Download Table]

                                                                                                (pound)m      $m    
--------------------------------------------------------------------------------------------  ----------- ----------
                                                                                                                    
Fixed assets                                                                                                        
Other investments                                                                                2,500.2    4,000.3 

--------------------------------------------------------------------------------------------  ----------- ----------
                                                                                                 2,500.2    4,000.3 

--------------------------------------------------------------------------------------------  ----------- ----------
Current assets                                                                                                      
Debtors (amounts falling due within one year)                                                        0.1        0.2 
Cash and deposits                                                                                    0.3        0.5 
--------------------------------------------------------------------------------------------  ----------- ----------
Net current assets                                                                                   0.4        0.7 

--------------------------------------------------------------------------------------------  ----------- ----------
Net assets employed                                                                              2,500.6    4,001.0 
--------------------------------------------------------------------------------------------  =========== ==========

Capital and reserves                                                                                                
Called up share capital                                                                             31.3       50.1 
Share premium account                                                                            2,469.0    3,950.4 
Profit and loss account                                                                              0.3        0.5 

                                                                                              ----------- ----------
Equity shareholders' funds                                                                         650.4    1,040.7 
Non-equity shareholders' funds                                                                   1,850.2    2,960.3 
                                                                                              ----------- ----------

--------------------------------------------------------------------------------------------  ----------- ----------
Shareholders' funds                                                                              2,500.6    4,001.0 
--------------------------------------------------------------------------------------------  =========== ==========

The  amounts  presented  above  in UK  sterling  are  by  way  of a  convenience
translation of US dollars figures,  based on the exchange rate at March 31, 2000
of $1.6 =(pound)1.                                                              

There are no  significant  adjustments to  shareholders'  equity that would have
been required had US GAAP applied.  Consequently,  shareholders'  funds under US
GAAP is the same as presented above.                                            

Rate of exchange 1.6                                                            

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National Grid (Ireland) 2 Limited                                      EXHIBIT D

Profit and loss account                                                         
for the year ended March 31, 2000                                               

                                                        [Enlarge/Download Table]

                                                                                 (pound)m        $m      
------------------------------------------------------------------------------  -----------  ------------
                                                                                                         
Net interest                                                                           0.2           0.3 

------------------------------------------------------------------------------  -----------  ------------
Profit on ordinary activities before and after taxation retained for the year          0.2           0.3 
------------------------------------------------------------------------------  ===========  ============

The  amounts  presented  above  in UK  sterling  are  by  way  of a  convenience
translation of US dollars figures,  based on the exchange rate at March 31, 2000
of $1.6 =(pound)1.                                                              

There are no significant adjustments to net income that would have been required
had US GAAP  applied.  Consequently,  net  income  under  US GAAP is the same as
profit on ordinary activities after taxation as presented above.                

Rate of exchange 1.6                                                            

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National Grid (Ireland) 2 Limited                                      EXHIBIT D

Balance sheet                                                                   
at March 31, 2000                                                               

                                                        [Enlarge/Download Table]


                                                                                                (pound)m        $m    
---------------------------------------------------------------------------------------------  ----------  -----------
                                                                                                                      
Fixed assets                                                                                                          

Other investments                                                                                1,850.2      2,960.3 

---------------------------------------------------------------------------------------------  ----------  -----------
                                                                                                 1,850.2      2,960.3 

---------------------------------------------------------------------------------------------  ----------  -----------
Current assets                                                                                                        

Debtors (amounts falling due within one year)                                                        0.2          0.3 

---------------------------------------------------------------------------------------------  ----------  -----------
Net assets employed                                                                              1,850.4      2,960.6 
---------------------------------------------------------------------------------------------  ==========  ===========

Capital and reserves                                                                                                  
Called up share capital                                                                             23.3         37.3 
Share premium account                                                                            1,826.9      2,923.0 
Profit and loss account                                                                              0.2          0.3 
---------------------------------------------------------------------------------------------  ----------  -----------
Equity shareholders' funds                                                                       1,850.4      2,960.6 
---------------------------------------------------------------------------------------------  ==========  ===========

The  amounts  presented  above  in UK  sterling  are  by  way  of a  convenience
translation of US dollars figures,  based on the exchange rate at March 31, 2000
of $1.6 =(pound)1.                                                              

There are no  significant  adjustments to  shareholders'  equity that would have
been  required had US GAAP applied.  Consequently,  equity  shareholders'  funds
under US GAAP is the same as presented above.                                   

Rate of exchange 1.6                                                            

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National Grid General Partnership                                      EXHIBIT D

Profit and loss account                                                         

for the period July 16, 1999 to March 31, 2000                                  

                                                        [Enlarge/Download Table]

                                                                                 (pound)m         $m     
-----------------------------------------------------------------------------  -------------  -----------
                                                                                                         
Net interest                                                                           (3.5)        (5.6)

-----------------------------------------------------------------------------  -------------  -----------
Loss on ordinary activities before and after taxation retained for the year            (3.5)        (5.6)
-----------------------------------------------------------------------------  =============  ===========

The  amounts  presented  above  in UK  sterling  are  by  way  of a  convenience
translation of US dollars figures,  based on the exchange rate at March 31, 2000
of $1.6 =(pound)1.                                                              

There are no significant adjustments to net income that would have been required
had US GAAP applied.  Consequently, net income under US GAAP is the same as loss
on ordinary activities after taxation as presented above.                       

Rate of exchange 1.6                                                            

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National Grid General Partnership                                      EXHIBIT D

Balance sheet                                                                   
at March 31, 2000                                                               

                                                        [Enlarge/Download Table]

                                                                                                    (pound)m       $m     
-------------------------------------------------------------------------------------------------  ---------- ------------
                                                                                                                          
Fixed assets                                                                                                              
Other investments                                                                                    2,500.2      4,000.3 

-------------------------------------------------------------------------------------------------  ---------- ------------
                                                                                                     2,500.2      4,000.3 

-------------------------------------------------------------------------------------------------  ---------- ------------
Creditors (amounts falling due within one year)                                                                           
Other creditors                                                                                     (1,678.5)    (2,685.6)

-------------------------------------------------------------------------------------------------  ---------- ------------

Net assets employed                                                                                    821.7      1,314.7 

-------------------------------------------------------------------------------------------------  ========== ============

Capital and reserves                                                                                                      
Partnership capital                                                                                    825.2      1,320.3 
Profit and loss account                                                                                 (3.5)        (5.6)
-------------------------------------------------------------------------------------------------  ---------- ------------
Partners' funds                                                                                        821.7      1,314.7 
-------------------------------------------------------------------------------------------------  ========== ============

The  amounts  presented  above  in UK  sterling  are  by  way  of a  convenience
translation of US dollars figures,  based on the exchange rate at March 31, 2000
of $1.6 =(pound)1.                                                              

There are no  significant  adjustments  to partners'  funds that would have been
required had US GAAP applied. Consequently, partners' funds under US GAAP is the
same as presented above.                                                        

Rate of exchange 1.6                                                            

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Dates Referenced Herein and Documents Incorporated by Reference

		Referenced-On Page
This ‘U5B’ Filing	Date	First	Last	Other Filings

	2/3/06	43
	5/3/03	20
	4/26/03	20
Filed on:	7/13/00
	7/7/00	43
	6/12/00	37
	6/5/00	29	30
	6/2/00	12
	5/31/00	21	24
	5/30/00	36
	5/2/00	7	35
	5/1/00	8	35
	4/19/00	8	12
	4/14/00	8
	3/31/00	3	57
	3/22/00	11		U5A
	3/17/00	3		U-57
	3/3/00	36
	2/28/00	36
	2/14/00	13
	2/2/00	36
	12/31/99	25	40
	7/16/99	56
	6/10/99	17
	6/3/99	50
	3/25/99	24
				List all Filings

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Filing Submission 0000898080-00-000237 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

National Grid PLC – ‘U5B’ on 7/13/00

On: Thursday, 7/13/00, at 10:23am ET · Accession #: 898080-0-237 · File #: 1-14958

Registration Statement — Form U5BFiling Table of Contents

Dates Referenced Herein and Documents Incorporated by Reference

Registration Statement — Form U5B
Filing Table of Contents