Investments in joint ventures and associates

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



	2020						2019
	Associates £m		Joint ventures £m		Total £m		Associates £m		Joint ventures £m		Total £m
Share of net assets at 1 April	291		317		608		1,807		361		2,168
Exchange adjustments	20		12		32		17		(6	)	11
Additions	16		156		172		58		85		143
Capitalisation of shareholder loan to Nemo Link Limited	—		176		176		—		—		—
Impairment charge against investment in Quadgas	—		—		—		(43	)	—		(43	)
Transfer of interest in Quadgas to assets held for sale	—		—		—		(1,625	)	—		(1,625	)
Share of post-tax results for the year	40		47		87		67		11		78
Share of other comprehensive income of associates, net of tax	1		—		1		37		—		37
Dividends received	(41	)	(34	)	(75	)	(38	)	(30	)	(68	)
Other movements¹	14		(20	)	(6	)	11		(104	)	(93	)
Share of net assets at 31 March	341		654		995		291		317		608


1.	Other movements on joint ventures relate to reducing the carrying value of the investment in St William Homes LLP to reflect deferred income we expect to recognise over the next 10 years.

A list of joint ventures and associates including the name and proportion of ownership is provided in note 34. Transactions with and outstanding balances with joint ventures and associates are shown in note 31. The joint ventures and associates have no significant contingent liabilities to which the Group is exposed, and the Group has no significant contingent liabilities in relation to its interests in the joint ventures and associates. The Group has capital commitments of £240 million (2019: £18 million) in relation to joint ventures.

16. Investments in joint ventures and associates continued

At 31 March 2020, the Group had three material joint ventures, being its 50% equity stakes in BritNed and Nemo Link Limited (Nemo) and its 51% stake in Emerald Energy Venture LLC (Emerald). The Group has one material associate, being its 26.25% investment in Millennium Pipeline Company LLC. BritNed is a joint venture with the Dutch transmission system operator, TenneT, and operates the subsea electricity link between Great Britain and the Netherlands, commissioned in 2011. Nemo is a joint venture with the Belgian transmission operator, Elia, and is a subsea electricity interconnector between the UK and Belgium, which became operational on 31 January 2019. BritNed and Nemo have reporting periods ending on 31 December with monthly management reporting information provided to National Grid. Emerald is a joint venture with Washington State Investment Board and builds and operates wind and solar assets. Emerald was acquired on 11 July 2019. Millennium Pipeline Company LLC is an associate that owns a natural gas pipeline from southern New York to the Lower Hudson Valley. Summarised financial information as at 31 March, together with the carrying amount of the investments, is as follows:



	BritNed Development Limited				Millennium Pipeline Company LLC				Nemo Link Limited				Emerald Energy Venture LLC
	2020		2019		2020		2019		2020		2019		2020
	£m		£m		£m		£m		£m		£m		£m
Statement of financial position
Non-current assets	399		370		971		937		582		537		435
Cash and cash equivalents	54		59		33		35		26		47		66
All other current assets	4		2		26		22		5		3		6
Non-current liabilities	(45	)	(11	)	(315	)	(326	)	(29	)	2		(232	)
Current liabilities	(16	)	(28	)	(43	)	(84	)	(10	)	(375	)	(2	)
Net assets	396		392		672		584		574		214		273
Group’s ownership interest in joint venture/associate	198		196		176		153		287		107		139
Group adjustment: elimination of profits on sales to joint venture	—		—		—		—		—		—		(10	)
Carrying amount of the Group’s investment	198		196		176		153		287		107		129



	BritNed Development Limited				Millennium Pipeline Company LLC				Nemo Link Limited				Emerald Energy Venture LLC
	2020		2019		2020		2019		2020		2019		2020
	£m		£m		£m		£m		£m		£m		£m
Income statement
Revenue	80		87		206		166		45		12		19
Depreciation and amortisation	(14	)	(13	)	(46	)	(34	)	(23	)	(4	)	(7	)
Other costs	(10	)	(10	)	(20	)	(24	)	(8	)	(4	)	(10	)
Operating profit	56		64		140		108		14		4		2
Net interest expense	—		—		(22	)	(11	)	—		—		(3	)
Profit before tax	56		64		118		97		14		4		(1	)
Income tax expense	(10	)	(10	)	—		—		(2	)	—		—
Profit for the year	46		54		118		97		12		4		(1	)
Group’s share of profit/(loss)	23		27		31		25		6		2		(1	)
Group adjustment: Tax charge	—		—		(9	)	—		—		—		—
Group’s share of post-tax results for the year	23		27		22		25		6		2		(1	)

Subsidiary undertakings, joint ventures and associates

While we present consolidated results in these financial statements as if we were one company, our legal structure is such that there are a number of different operating and holding companies that contribute to the overall result. This structure has evolved through acquisitions as well as regulatory requirements to have certain activities within separate legal entities.

Subsidiary undertakings

A list of the Group’s subsidiaries as at 31 March 2020 is given below. The entire share capital of subsidiaries is held within the Group except where the Group’s ownership percentages are shown. These percentages give the Group’s ultimate interest and therefore allow for the situation where subsidiaries are owned by partly owned intermediate subsidiaries. Where subsidiaries have different classes of shares, this is largely for historical reasons, and the effective percentage holdings given represent both the Group’s voting rights and equity holding. Shares in National Grid (US) Holdings Limited, National Grid Holdings One plc and NGG Finance plc are held directly by National Grid plc. All other holdings in subsidiaries are owned by other subsidiaries within the Group. All subsidiaries are consolidated in the Group’s financial statements.

Principal Group companies are identified in bold. These companies are incorporated and principally operate in the countries under which they are shown.

Incorporated in England and Wales

Registered office: 1 – 3 Strand, London WC2N 5EH, UK (unless stated otherwise in footnotes).

Beegas Nominees Limited

Birch Sites Limited

Carbon Sentinel Limited

Droylsden Metering Services Limited

Gridcom Limited

Icelink Interconnector Limited

Landranch Limited

Lattice Group Employee Benefit Trust Limited

Lattice Group Limited

Lattice Group Trustees Limited

Natgrid Limited

NatGrid One Limited

NatgridTW1 Limited

National Grid Belgium Limited¹*

National Grid Blue Power Limited¹*

National Grid Carbon Limited

National Grid Commercial Holdings Limited

National Grid Distributed Energy Limited

National Grid Electricity Group Trustee Limited

National Grid Electricity System Operator Limited

National Grid Electricity Transmission plc

National Grid Energy Metering Limited

National Grid Four Limited¹*

National Grid Fourteen Limited¹*

National Grid Gas Holdings Limited

National Grid Gas plc

National Grid Grain LNG Limited

National Grid Holdings Limited

National Grid Holdings One plc

National Grid IFA 2 Limited

National Grid Interconnector Holdings Limited

National Grid Interconnectors Limited

National Grid International Limited

National Grid Metering Limited

National Grid North Sea Link Limited

National Grid Offshore Limited (previously NG Shetland Link Limited)

National Grid Partners Limited

National Grid Plus Limited (previously National Grid Offshore Limited)

National Grid Property Holdings Limited

National Grid Seventeen Limited¹*

National Grid Smart Limited

National Grid Ten

National Grid Thirty Five Limited¹*

National Grid Thirty Six Limited

National Grid Twelve Limited

National Grid Twenty Eight Limited

National Grid Twenty-Five Limited¹*

National Grid Twenty Seven Limited

National Grid Twenty Three Limited

National Grid UK Limited

National Grid UK Pension Services Limited

National Grid (US) Holdings Limited

National Grid (US) Investments 2 Limited

National Grid (US) Investments 4 Limited

National Grid (US) Partner 1 Limited

National Grid Ventures Limited

National Grid Viking Link Limited

National Grid William Limited

NG Nominees Limited

NGC Employee Shares Trustee Limited

NGG Finance plc

Ngrid Intellectual Property Limited

NGT Telecom No. 1 Limited¹*

NGT Two Limited

Port Greenwich Limited

Stargas Nominees Limited

Supergrid Electricity Limited

Supergrid Energy Transmission Limited

Supergrid Limited

Thamesport Interchange Limited

The National Grid Group Quest Trustee Company Limited

The National Grid YouPlan Trustee Limited

Transco Limited

Warwick Technology Park Management Company (No 2) Limited (60.56%)²


1.	Registered office: c/o KPMG, 15 Canada Square, London E14 5GL, UK


2.	Registered office: Shire Hall, PO Box 9, Warwick CV34 4RL, UK


*	In liquidation.

34. Subsidiary undertakings, joint ventures and associates continued

Subsidiary undertakings continued

Incorporated in the US

Registered office: National Registered Agents, Inc., 1209 Orange Street, Wilmington, DE 19801, USA (unless stated otherwise in footnotes).

Alden Solar, LLC

Altona Solar, LLC

Apple River Solar, LLC

Apple Solar, LLC

Arapahoe Solar, LLC

Argenta Solar, LLC

Armenia Solar, LLC

Artemisia Solar, LLC¹

Ashland Solar, LLC

Athens Solar, LLC

Audubon Wind Farm, LLC

Banner Solar, LLC

Bee Hollow Solar, LLC

Benevolent Solar, LLC

Blaze Solar, LLC

Blue Ridge Wind, LLC

Blues Solar, LLC

Blue Stone Solar Energy, LLC

Bluewater Solar, LLC

Boone Solar, LLC

Boston Gas Company²

Brewster Solar, LLC

Brilliance Solar, LLC

British Transco Capital Inc.³

British Transco Finance, Inc.³

Brock Solar, LLC

Broken Bridge Corp.⁴

Brook Trout Solar, LLC

Brookside Solar, LLC

Burlington Solar, LLC

Burr Ridge Wind, LLC

Cage Ranch Solar, LLC

Cage Ranch Solar II, LLC

Cage Ranch Solar III, LLC

Caldwell Solar, LLC

Caldwell Solar II, LLC

Canby Solar, LLC

Cattle Ridge Wind Farm 2, LLC

Cepheus Community Solar Gardens LLC¹

Claddagh Solar, LLC¹

Clear Creek Solar, LLC

Clermont Solar, LLC

Clinton County Solar, LLC

Commonwealth Solar, LLC

Conestoga Wind, LLC

Copperhead Solar, LLC

Crocker Wind Farm 2, LLC

Cygnus Community Solar Garden, LLC¹

Daybreak Solar, LLC

Deer Trail Solar, LLC

Dekalb Solar, LLC

Desoto Solar, LLC

Dodson Creek Solar, LLC

Dorado Community Solar Gardens, LLC¹

Dorsey Road Solar, LLC

East Galesburg Solar, LLC

East Macomb Solar, LLC

Eastern Hemlock Solar, LLC

Elba Solar, LLC

Elburn Solar, LLC

Eldena Solar, LLC

Elk Creek Solar, LLC

Elk Creek Solar 2, LLC

Empire Solar, LLC

EUA Energy Investment Corporation²

Falls City Solar, LLC

Firstview Wind Farm, LLC

Franklin Solar, LLC

Front Range Wind Farm, LLC

Fulton Solar, LLC

Galesburg Solar, LLC

Genesee Solar Energy, LLC

Geronimo Energy LLC

Geronimo E Wind LLC⁵

Geronimo Solar Energy, LLC¹

Geronimo Stutsman Wind Farm, LLC

Geronimo White Pine Solar, LLC

Gladiolus Solar, LLC¹

Glenwood Solar, LLC

Glen Rock Solar, LLC

Golden Solar, LLC

Goldendale Solar, LLC

Goldfinch Solar, LLC

Granite State Power Link LLC³

Grant Solar, LLC

Grant Solar 2, LLC

Grayson Solar, LLC

Greenbrier Creek Solar, LLC

Greentown Solar, LLC

Greenwood Solar, LLC

Grid NY, LLC⁶

Grindstone Wind Farm, LLC⁷

Hale Solar, LLC

Hampton Solar, LLC

Handley Road Solar, LLC

Hardeman County Solar, LLC

Harmony Solar ND, LLC

Harmony Solar ND 2, LLC

Harrington Solar, LLC

Hartley Solar, LLC

Hearth Solar, LLC

Henderson Solar, LLC

Heyworth Solar, LLC

Honeybee Solar, LLC

Hoosier Solar, LLC¹

Hyacinth Solar, LLC¹

Illumination Solar, LLC

Innovation Solar, LLC

Irwin Solar, LLC

Itasca Energy Development, LLC⁸

Itasca Energy Services, LLC

Jack Rabbit Wind, LLC

Jackson County Solar, LLC

Jantz Solar, LLC

Junction Solar, LLC

Kankakee Solar, LLC

Keslinger Solar, LLC

KeySpan CI Midstream Limited³

KeySpan Energy Corporation⁶

KeySpan Energy Services Inc.³

KeySpan Gas East Corporation⁶

KeySpan International Corporation³

KeySpan MHK, Inc.³

KeySpan Midstream Inc.³

KeySpan Plumbing Solutions, Inc.⁶

Kindle Solar, LLC

KSI Contracting, LLC³

KSI Electrical, LLC³

KSI Mechanical, LLC³

Lake Iris Solar, LLC

Lakeside Solar, LLC

Lamdin Solar, LLC

Lamplight Solar, LLC

Land Management & Development, Inc.⁶

Landwest, Inc.⁶

Lansing Solar, LLC

Lawrence Solar, LLC

Leola Wind Farm, LLC

Lilac Solar, LLC¹

Lindy Solar, LLC

Lockport Solar, LLC

Lordsburg Solar, LLC

Lydia Solar, LLC

Madden Creek Solar, LLC

Marigold Community Solar Garden, LLC¹

Massachusetts Electric Company²

Maverick Wind Farm, LLC

Mazon Solar, LLC

McFadden Solar, LLC

Merton Solar, LLC

Metro Energy, LLC⁶

Metrowest Realty LLC³

Miller Creek Solar, LLC

Morning Glory Solar, LLC¹

Mottville Solar, LLC

Mountain Laurel Solar, LLC

Mustang Ridge Wind Farm, LLC

Mystic Steamship Corporation³

Nantucket Electric Company²

National Grid Algonquin LLC³

National Grid Connect Inc.³

National Grid Development Holdings Corp.³

National Grid Electric Services, LLC⁶

National Grid Energy Management, LLC³

National Grid Energy Services LLC³

National Grid Energy Trading Services LLC⁶

National Grid Engineering & Survey Inc.⁶

National Grid Generation LLC⁶

National Grid Generation Ventures LLC⁶

National Grid Glenwood Energy Center, LLC³

National Grid IGTS Corp.⁶

National Grid Insurance USA Ltd⁶

National Grid Islander East Pipeline LLC³

National Grid LNG GP LLC³

34. Subsidiary undertakings, joint ventures and associates continued

Subsidiary undertakings continued

Incorporated in the US continued

National Grid LNG LLC³

National Grid LNG LP LLC³

National Grid Millennium LLC³

National Grid NE Holdings 2 LLC²

National Grid North America Inc.³

National Grid North East Ventures Inc.³

National Grid Partners Inc.⁶

National Grid Partners LLC³

National Grid Port Jefferson Energy Center LLC³

National Grid Services Inc.³

National Grid Transmission Services Corporation²

National Grid US 6 LLC³

National Grid US LLC³

National Grid USA³

National Grid USA Service Company, Inc.²

Nees Energy, Inc.²

New Bremen Solar, LLC

New England Electric Transmission Corporation⁴

New England Energy Incorporated²

New England Hydro Finance Company, Inc. (53.704%)²

New England Hydro-Transmission Corporation (53.704%)⁴

New England Hydro-Transmission Electric Company Inc. (53.704%)²

New England Power Company²

Newport America Corporation⁹

NGNE LLC³

NGV Emerald Acquisition Co. LLC³

NGV Emerald Energy Venture Holdings LLC³

NGV Emerald Holdings LLC³

NGV US Distributed Energy Inc.³ (previously National Grid Green Homes Inc.)

NGV US Transmission Inc.³ (previously Grid America Holdings Inc.)

Niagara Falls Solar, LLC

Niagara Mohawk Energy, Inc.³

Niagara Mohawk Holdings, Inc.⁶

Niagara Mohawk Power Corporation⁶

Niobrara Wind, LLC

NM Properties, Inc.⁶

Nordic Vos, LLC

North Adair Solar, LLC

Northeast Renewable Link LLC³

North East Transmission Co., Inc.³

North Fork Wind, LLC

North Rock Solar, LLC

North Wonder Lake Solar, LLC

Onton Solar, LLC

Opinac North America, Inc.³

Oreana Solar, LLC

Patriotic Solar, LLC

Pennington Solar, LLC

Peony Solar, LLC

Perseus Community Solar Garden, LLC¹

Philadelphia Coke Co., Inc.³

Piper Solar, LLC

Pipestone Solar, LLC

Pleasant Plains Solar, LLC

Plum Creek Wind Farm, LLC

Plum Creek Wind Farm 2, LLC

Polaris Community Solar Garden, LLC¹

Port of the Islands North, LLC⁶

Prairie Oasis Solar, LLC

Prairie Rose Wind 2, LLC¹

Prairie Wolf Solar, LLC

Prosperity Wind Farm, LLC

Prosperity Wind Farm 2, LLC

Radiance Solar, LLC¹

Red Rock Solar SD, LLC

Regal Solar, LLC

Regulus Community Solar Gardens, LLC¹

Rising Solar, LLC

River North Solar, LLC

River Run Solar, LLC

Riverside Solar, LLC

Rochester Solar, LLC¹

Rock Falls Solar, LLC

Rock Ridge Wind Farm, LLC

Ross County Solar, LLC

Royal Solar, LLC

Royal Solar 2, LLC

Royerton Solar, LLC

Saginaw Bay Solar, LLC

Sandstone Creek Solar, LLC

Sandstone Creek Solar 2, LLC

Sawmill Wind Farm, LLC

Silver City Solar, LLC

Scorpius Community Solar Garden, LLC¹

Serenity Solar, LLC¹

Sheas Lake Solar, LLC

Sherco Solar, LLC¹

Silver Lake Solar, LLC

Sirius Community Solar Gardens, LLC¹

Snowdrop Solar, LLC¹

Somerset Solar, LLC

South Belleville Solar, LLC

South Macomb Solar, LLC

Spotlight Solar, LLC

Spring Brook Solar, LLC

Springfield Solar Farm, LLC

Springfield Wind Farm, LLC¹

Springville Solar, LLC

St. Thomas Solar, LLC

Stockton Solar, LLC

Stony Brook Wind, LLC

Stove Creek Solar, LLC

Sturgis Solar, LLC

Sugar Maple Solar, LLC

Summit Lake Solar, LLC

Sunbeam Solar, LLC

Sunray Solar, LLC

Sunrise Solar, LLC

Sycamore Creek Solar, LLC

The Brooklyn Union Gas Company⁶

The Narragansett Electric Company⁹

Tilton Solar, LLC

Torchlight Solar, LLC¹

Transgas, Inc.²

Uintah Solar, LLC

Upper Hudson Development Inc.⁶

Valley Appliance and Merchandising Company⁹

Vermont Green Line Devco, LLC³ (90%)

Vibrant Solar, LLC

Virgo Community Solar Gardens, LLC¹

Virtue Solar, LLC

Vivid Solar, LLC

Vulpecula Community Solar Garden, LLC¹

Wayfinder Group, Inc.²

Wheatfield Solar, LLC

Wild Springs Solar, LLC¹

Wildcat Ridge Wind Farm, LLC

Wilder Junction Wind Farm, LLC

Wildhorse Creek Solar, LLC

Willard Solar, LLC

Wiregrass Solar, LLC

Wonder Lake Solar, LLC

Woodlands Solar, LLC

Yellowbud Solar, LLC

34. Subsidiary undertakings, joint ventures and associates continued

Subsidiary undertakings continued

Incorporated in Australia

Registered office: Level 7, 330 Collins Street, Melbourne, VIC 3000, Australia

National Grid Australia Pty Limited

Incorporated in Canada

Registered office: Stewart McKelvey Stirling Scales, c/o Charles Reagh, 1959 Upper Water Street, Suite 900, Halifax Nova Scotia, B3J 2N2, Canada

KeySpan Energy Development Co.

Incorporated in Hong Kong

Registered office: Level 54, Hopewell Centre, 183 Queen's Road East, Hong Kong

National Grid Hong Kong Limited (previously HK NewCo 2019 Limited)

Incorporated in the Isle of Man

Registered office: Third Floor, St George’s Court, Upper Church Street, Douglas, IM1 1EE, Isle of Man, UK

National Grid Insurance Company (Isle of Man) Limited

NGT Holding Company (Isle of Man) Limited*

Incorporated in Jersey

Registered office: 44 Esplanade, St Helier, Jersey JE4 9WG, UK

National Grid Jersey Investments Limited**

NG Jersey Limited**

Incorporated in Luxembourg

Registered office: 412F, Route d'Esch, L-2086, Luxembourg, Grand Duchy of Luxembourg

National Grid Luxembourg Sarl (previously 21 June Sarl)

Incorporated in the Netherlands

Registered office: Westblaak 89, 3012 KG Rotterdam, PO Box 21153,

3001 AD, Rotterdam, Netherlands

British Transco International Finance B.V.

Registered office: Prins Bernhardplein 200, 1097 JB, Amsterdam, Netherlands

National Grid Holdings B.V.*

Incorporated in the Republic of Ireland

Registered office: c/o Moore Stephens Nathans, Third Floor, Ulysses House, 23/24 Foley Street, Dublin 1, D01 W2T2, Ireland

National Grid Company (Ireland) Designated Activity Company (previously National Grid Insurance Company (Ireland) Designated Activity Company)*


1.	Registered office: c/o Geronimo Energy LLC, 8400 Normandale Lake Bvld. Suite 1200, Bloomington, MN 55437, USA.


2.	Registered office: Corporation Service Company, 84 State Street, Boston MA 02109, USA.


3.	Registered office: Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, USA.


4.	Registered office: Lawyers Incorporating Service, 10 Ferry Street, Suite 313, Concord NH 03301, USA.


5.	Registered office: National Registered Agents, Inc., 301 S. Bedford St. Suite 1 Madison, WI 53703, USA.


6.	Registered office: Corporation Service Company, 80 State Street, Albany NY 12207-2543, USA.


7.	Registered office: National Registered Agents, Inc., 30600 Telegraph Road, Suite2345, Bingham Farms, MI 48025-5720, USA.


8.	Registered office: 10710 Town Square Drive NE, Suite 201 Minneapolis, MN 55449, USA.


9.	Registered office: Corporation Service Company, 222 Jefferson Boulevard, Suite 200, Warwick RI 02888, USA.


*	In liquidation.


**	Entered liquidation 29 April 2020.

34. Subsidiary undertakings, joint ventures and associates continued

Joint ventures

A list of the Group’s joint ventures as at 31 March 2020 is given below. All joint ventures are included in the Group’s financial statements using the equity method of accounting. Principal joint ventures are identified in bold.

Incorporated in England and Wales

Registered office: 1–3 Strand, London WC2N 5EH, UK (unless stated otherwise in footnotes).

BritNed Development Limited (50%)*

Joint Radio Company Limited (50%)¹**

Nemo Link Limited (50%)

NGET/SPT Upgrades Limited (50%)^†

St William Homes LLP (50%)²

Incorporated in the US

Registered office: Corporation Service Company, 251 Little Falls Drive, Wilmington, DE 19808, USA (unless stated otherwise in footnotes).

Clean Energy Generation, LLC (50%)

Emerald Energy Venture LLC (51%)

Goldendale Energy Storage LLC (50%)

Island Park Energy Center, LLC (50%)

Islander East Pipeline Company, LLC (50%)³

LI Energy Storage System, LLC (50%)

LI Solar Generation, LLC (50%)

Swan Lake North Holdings LLC (50%)

Incorporated in France

Registered office: 1 Terrasse Bellini, Tour Initiale, TSA 41000 – 9291, Paris La Defense, CEDEX, France

IFA2 SAS (50%)

Associates

A list of the Group’s associates as at 31 March 2020 is given below. Unless otherwise stated, all associates are included in the Group’s financial statements using the equity method of accounting. Principal associates are identified in bold.

Incorporated in the US

Registered office: Corporation Service Company, 251 Little Falls Drive, Wilmington, DE 19808, USA (unless stated otherwise in footnotes).

Clean Line Energy Partners LLC (32%)³

Connecticut Yankee Atomic Power Company (19.5%)⁴

Direct Global Power, Inc. (26%)³

Energy Impact Fund LP (9.42%)⁵

Greeneru, Inc. (21.6%)³

KHB Venture LLC (33%)⁶

Maine Yankee Atomic Power Company (24%)⁷

Millennium Pipeline Company, LLC (26.25%)³

New York Transco LLC (28.3%)⁸

Nysearch RMLD, LLC (22.63%)

Sunrun Neptune Investor 2016 LLC³***

Yankee Atomic Electric Company (34.5%)⁹

Incorporated in Belgium

Registered office: Avenue de Cortenbergh 71, 1000 Brussels, Belgium

Coreso SA (15.84%)

Other investments

A list of the Group’s other investments as at 31 March 2020 is given below.

Incorporated in England and Wales

Registered office: 1 More London Place, London SE1 2AF, UK

Energis plc (33.06%)^‡


1.	Registered office: Friars House, Manor House Drive, Coventry CV1 2TE, UK.


2.	Registered office: Berkeley House, 19 Portsmouth Road, Cobham, Surrey KT11 1JG, UK.


3.	Registered office: Corporation Trust Company, 1209 Orange, Wilmington DE 19808, New Castle County, USA.


4.	Registered office: Carla Pizzella, 362 Injun Hollow Road, East Hampton CT 06424, USA.


5.	Registered office: Harvard Business Services, Inc., 16192 Coastal Highway, Lewes DE 19958, Sussex County, USA.


6.	Registered office: De Maximus Inc., 135 Beaver Street, 4th Floor, Waltham MA 02452, USA.


7.	Registered office: Joseph D Fay, 321 Old Ferry Road, Wiscasset ME 04578, USA.


8.	Registered office: Corporation Service Company, 80 State Street, Albany NY 12207, USA.


9.	Registered office: Karen Sucharzewski, 49 Yankee Road, Rowe MA 01367, USA.


*	National Grid Interconnector Holdings Limited owns 284,500,000 €0.20 C Ordinary shares and one £1.00 Ordinary A share.


**	National Grid Gas plc owns all £1.00 A Ordinary shares.


***	NGV US Distributed Energy Inc. owns 1,000 Class A Membership Interests.


^†	National Grid Electricity Transmission plc owns 50 £1.00 A Ordinary shares.


^‡	In administration.

Our interests and activities are held or operated through the subsidiaries, joint arrangements or associates as disclosed above. These interests and activities (and their branches) are established in – and subject to the laws and regulations of – these jurisdictions.