Edgar Filing: NATIONAL GRID TRANSCO PLC

U5S

File No. 030-00354

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.

FORM U5S

ANNUAL REPORT

FOR THE FISCAL YEAR ENDED MARCH 31, 2003

Filed pursuant to the
Public Utility Holding Company Act of 1935 by

	National Grid Transco plc
	National Grid (US) Holdings Limited
	National Grid (US) Investments 4
	National Grid (US) Partner 1 Limited
	National Grid (US) Partner 2 Limited
	1-3 Strand
	London, WC2N 5EH
	England

	National Grid General Partnership
	One Rodney Square
	Wilmington, DE 19801

	National Grid Holdings Inc.
	National Grid USA
	25 Research Drive
	Westborough, MA 01582

ITEM 1. SYSTEM COMPANIES AND INVESTMENTS THEREIN AS OF MARCH 31, 2003

Part A. COMPANIES ABOVE NATIONAL GRID USA

			Name of Company						No. of	Percentage	Issuer	Owner
									common	Voting power	Book	Book
									shares owned	100 % unless	Value	Value
										stated	$'000	$'000


			National Grid Transco plc (1)

Subsidiary of the parent holding Company- National Grid Transco plc
			National Grid (US) Holdings Limited					Ordinary £1	931,252		2,908,222	2,829,777
								Non-equity securities			36,230	36,230
			NGG Finance PLC (2)					Ordinary £1	1,650,000		232,329	225,879
								Non-equity securities			286,172	286,172
			National Grid Holdings One plc (3)					Ordinary £0.1176	1,498,496,751		3,053,442	238,363
								Non- equity securities			6,249,970	6,249,782
			Lattice Group plc (†)					Ordinary £0.10	3,613,195,742		771,000	226,588
								Non-equity securities			504,000	504,000
Subsidiary of National Grid (US) Holdings Limited
			National Grid (US) Investments 4					Ordinary £1	300		2,490,831	3,257,497
								Non- equity securities			6,253,381	6,253,868
			National Grid (US) Investments 2					Ordinary £1	100		-	-
			*National Grid (US) Investments 5 ()**					Ordinary £1	1		-	-
			*National Grid (US) Investments 6 ()**					Ordinary £1	1		-	-
Subsidiary of National Grid (US) Investments 4
			National Grid (US) Partner 1 Limited					Ordinary US$1	1,980,002		4,532,146	4,532,146
			National Grid (US) Partner 2 Limited					Ordinary US$1	20,002		45,779	45,779
			National Grid Twelve Limited					Ordinary US$1	15,000,000		3,761,796	3,761,796
Subsidiary of National Grid Twelve Limited
			National Grid Eight Limited (4)					Ordinary US$315.50	10,000,000		202,403	2,721,781
			National Grid Eleven Limited (4)					Ordinary US$273	5,000,000		81,902	1,040,000

Subsidiary of National Grid (US) Partner 1 Limited
			National Grid General Partnership (5)					Partnership		99	4,532,147	n/a
			National Grid Holdings Inc. (USA)					Ordinary US $0.10		99	4,587,756	4,391,323
Subsidiary of National Grid (US) Partner 2 Limited
			National Grid General Partnership (5)					Partnership		1	45,779	n/a
			National Grid Holdings Inc. (USA)					Ordinary US $0.10		1	46,341	44,357
Subsidiary of National Grid General Partnership
			National Grid US LLC (6)					-			143,812	142,237
			NG Chicago LLP (USA)					Ordinary US$1			-	-
			National Grid Holdings Inc. (USA)					Ordinary US$0.10	5,000,000		4,634,097	4,435,679
Subsidiary of National Grid Holdings Inc.
			National Grid Ten					$1 ordinary	1,148,826		177	-
			NGG (Delaware) LLC (7)
			National Grid USA					Common	1,000		7,231,592	8,287,926
								Non-equity securities			135,500	249,500
Subsidiary of the parent holding Company- National Grid Holdings One plc
	National Grid Holdings Limited (8)							Ordinary £1	99,999,999		5,686,557	3,117,628
								Non-equity securities			16,304,280	16,297,913
	National Grid Netherlands One BV (9)							Ordinary Euro1	2,200,000		2,154	2,182
	National Grid Netherlands Two BV (10)							Ordinary Euro1	2,200,000		2,151	2,182
	National Grid Netherlands Three BV (11)							Ordinary Euro1	2,200,000		2,145	2,182
	National Grid Ireland Three (12)							Ordinary £1	1,200,500,000		1,896,808	1,896,790
	National Grid Eighteen Limited (13)							Ordinary £1	3,050		2,379,639	2,370,003

Partnership of National Grid Netherlands One, Two and Three (14)
Toren CV											58,430
								Non-equity securities			1,900,454	1,900,454
Subsidiary of National Grid Eighteen Limited
				National Grid Seventeen Limited (15)				Ordinary £1	1		-	-
				National Grid Fifteen Limited (16)				Limited by Guarantee- no share capital			-	-
				NG Malta One Limited (17)				Ordinary £1	1,550		2,212,289	2,212,002
								Non-equity securities			2,268,187	2,268,187
				NGG Finance a Islandi ehf (18)				Isk ordinary 1,000,000	1
				NGG Holdings a Islandi ehf (19)				Isk A ordinary 500,000	1

Subsidiary of National Grid Fifteen Limited
				National Grid Sixteen Limited (20)				Ordinary £1	500		2	2

Subsidiary of NG Malta One Limited
				NG Malta Two Limited (21)				Ordinary £1	1,350		2,269,195	2,212,002
								B Preference shares
Subsidiary of National Grid Holdings Limited
			ENMO Limited (22)					A Ordinary £1	2,250,000	75	1,108	-
								B Ordinary £1	nil	25	370	n/a
								Non-equity securities			1,778	1,778
			NGT Nominees Limited (23)					Ordinary £1	2		-	-
			National Grid Five Limited					Ordinary £1	263,368,411		1,383,471	1,374,946
								Non-equity securities			405,046	405,046
			National Grid Four Limited (24)					Ordinary £1	100		(251,062)	-
								Preferred Ordinary	700,000,000		251,062	251,062
			National Grid Gold Limited (25)					Ordinary £1	10,000		426,724	632,000
								A Ordinary £1			2,214,196	2,211,035
								Non-equity securities			84,669	84,669
			NGT Insurance Company (Guernsey) Limited (26)					Ordinary £1	1,300,000		42,576	34,760
								Non-equity securities			7,900	n/a
								A shares £1			-	-
			National Grid Jersey Holdings Three Limited					Ordinary £0.01	350		(10)	-
			National Grid Jersey Holdings Four Limited					Ordinary £0.01	400		13,151	6,320
			National Grid Jersey Holdings Five Limited					Ordinary £0.01	148,843		(111)	-
			National Grid One Limited					Ordinary £1	100		4,969	50
								Non-equity securities			5,073	5,073
			National Grid Two Limited					Ordinary £1	100		2,859	48
			NGG Telecoms Holdings Limited (27)					Ordinary £1	10,638,758		4,076,957	4,009,942
								A shares £1			2	2
								B shares £1			2	2
											515,524	515,524
			NGG Telecoms Investment Limited					Ordinary £1	2		-	-
								Non-equity securities			383,229	383,229
			National Grid (US) Investments 3					Ordinary £1	1	50	-	-
			National Grid (US) Investments					Ordinary £1	225,299	99.7	1,073,165	1,098,637
								Non-equity securities			23,737	23,737
			National Grid (Ireland) 1 Limited (28)					Ordinary US$50	262,364		4,331,339	6,364,986
								Non-equity securities

			National Grid Company plc (29)					Ordinary £0.20	31,865		1,715,643	4,243,880
								Non-equity securities			68,572	68,572
			The National Grid Group Quest Trustee Company Limited (*)				Ordinary £1		2
			National Grid Nineteen Limited (30)					Ordinary £1	5,000
			National Grid Twenty Limited (31)					Ordinary £1	5,000
			National Grid Twenty One Limited (32)					Ordinary £1	5,000
Subsidiary of National Grid Company plc
			-NGC Employee Shares Trustee Limited (*)						2
			NGC Leasing Limited					Ordinary £1	100		-	-
								Non-equity securities			11,984	11,984
			-Elexon Limited (33)
Subsidiary of NGT Nominees Limited
			-BSc Co. Limited (*)					Ordinary £1	1
			-Electracom Limited (*)					Ordinary £1	2
			-Energi Limited (*)					Ordinary £1	2
			-Energis Services Limited (*)					Ordinary £1	2
			-Energy Market Operations Limited (*)					Ordinary £1	1
			-Energy Settlements and Information Services -Limited (*)					Ordinary £1	2
			-Enex Operations Limited (*)					Ordinary £1	1
			-EPFA Limited (*)					Ordinary £1	1
			-EPFAL Limited (*)					Ordinary £1	2
			-First Point Services Limited (*)					Ordinary £1	1
			-First Point Solutions Limited (*)					Ordinary £1	1
			-Gemstone Software Limited (*)					Ordinary £1	1
			-Grid International Limited (*)					Ordinary £1	2
			-Gridnat Limited (*)					Ordinary £1	1
			*Grid Investment Holdings Limited ()**					Ordinary £1	100		-	-
			-International Power Systems Limited (*)					Ordinary £1	2
			-IPS Limited (*)					Ordinary £1	2
			-NATGRID Limited (*)					Ordinary £1	2
			-Natgrid Holdings Limited (*)					Ordinary £1	1
			National Grid Holland Limited					Ordinary £1	100		1
			-National Grid Market Services Limited (*)					Ordinary £1	1
			National Grid Transco Europe Limited (*) (34)					Ordinary £1	1
			National Grid Transco Group Limited (*) (34)					Ordinary £1	1
			National Grid Transco Holdings Limited (*) (34)					Ordinary £1	1
			National Grid Transco International Limited (*) (34)					Ordinary £1	1
			National Grid Transco One Limited (*) (34)					Ordinary £1	1
			-NetMap Limited(*)					Ordinary £1	1
			-NGC Energy Limited (*)					Ordinary £1	2
			-NGC (GB) Limited (*)					Ordinary £1	2
			-NGC Leisure Limited (*)					Ordinary £1	2
			-NGG Limited (*)					Ordinary £1	1
			-Powercom Limited (*)					Ordinary £1	2
			-Supergrid Limited (*)					Ordinary £1	2
			Teldata International Limited					Ordinary £1	2		181	-
			-Teldata Services Limited (*)					Ordinary £1	1
			-Teldata Solutions Limited (*)					Ordinary £1	1
			-Telecom Electric Limited (*)					Ordinary £1	2
			-Transgrid Limited (*)					Ordinary £1	1

Subsidiary of Grid Investment Holdings Limited *Grid One Limited ()**								Ordinary £1 Non-equity security	1 1
Investment of National Grid Four Limited
			Energis plc (35)					-	123,582,445	7.1	(11,548)	-
Subsidiary of National Grid Jersey Holdings Five Limited
			National Grid Three Limited			Ordinary £1			505		(1,290,953)	-
						Non-equity securities					2,280,583	2,280,583
Subsidiary of National Grid Three Limited
			NGG Telecoms Limited			Ordinary £1			216,810,197		875,213	875,224
						Non-equity securities					520,472	520,472
Associate of NGG Telecoms Limited
			Energis plc (35)						442,500,000	25.4	(41,312)	-
			-NGC IT Limited (*)			Ordinary £1			2
Subsidiary of National Grid (Ireland) 1 Limited
			National Grid (Ireland) 2 Limited			Ordinary US$50			745,807		3,874,854	2,960,260
											7,088	7,088
			National Grid Nine Limited (36)			Ordinary £1			2,626	26	1,717,257	1,363,960
Subsidiary of National Grid (Ireland) 2 Limited
			National Grid Nine Limited (36)			Ordinary £1			7,474	74	4,887,577	3,882,039
Subsidiary of National Grid Five Limited
			National Grid Six Limited			Ordinary £1			1		(84,080)	-
						Non-equity securities					147,927	32,230
			NATGRID Finance Holdings Limited			Ordinary £1			3,500,100		1,358,549	1,343,000
						Non-equity securities					2,362,529	2,362,529
			National Grid International Limited			Ordinary £1			83,600,100		(792,184)	-
											1,682,871	1,682,871
			NGC Two Limited			Ordinary £1			160,000,000		232,201	266,021
Subsidiary of NatGrid Finance Holdings Limited
			NATGRID Finance Limited			Ordinary £1			100		2,445,382	2,328,271
Subsidiary of NatGrid Finance Limited
			NG Jersey Limited			Ordinary £0.01			140,000		2,262,299	2,212,000
			NG Investments Limited			Ordinary £0.01			68,197		109,009	107,748
Subsidiary of NG Investments Ltd
			NatGrid Investments Ltd (37)			Ordinary £1			1,000		7,273	158
						A Shares £1			100		178	-
						B Shares £1			300		7,274	-
Subsidiary of NGC Two Limited
			The National Grid Investments Company			Ordinary £1			10,000,000		91,474	15,800
						A Ordinary £1					213,605	212,943
											32,375	32,375
Subsidiary of National Grid International Limited
			NG Procurement Holdings Limited			Ordinary £1			506,002		(3,040)	-
			National Grid (IOM) UK Limited			Ordinary £1			2,000		28,254	7,110
			National Grid Overseas Limited (38)			Ordinary £1			200		220,987	57,964
						Non-equity securities					431,902	431,902
						B Ordinary £1					384,490	424,985
			National Grid Seven Limited			Ordinary £1			100		87,711	70,689
											77,681	77,681
			Network Mapping Limited			Ordinary £1			300,000		-	-
			National Grid Indus BV			Ord NLG 1000			87,352		62,105	56,880
			*NGC Indus Limited ()**			Ordinary £1			33,113,000		-	-
			NGC Zambia Limited			Ordinary £1			15,754,000		46,000	28,756
			NG Australia GP Pty Ltd			Ordinary AS$1			597,636		359	349
			NG Australia LLP (39)			Partnership			n/a	99	31,707	34,596
			Original Basslink Pty Limited (*)						1
			The Electricity Transmission Company Limited			Ordinary £1			34,110,429		-	-
			Britned Development Limited (40)						1	50	-	-
			National Grid Zambia Limited (41)			Ordinary US $1			46,000,001

Subsidiary of NG Procurement Holdings Limited
			National Grid Procurement BV			Ordinary Euro450			40		220	-
						Non-equity securities					3,040	3,040
Subsidiary of National Grid Overseas Limited
			National Grid Overseas Two Limited			Ordinary £1			100		(335,904)	-
											1,489,540	1,489,540
Subsidiary of NG Australia LLP
			National Grid Australia Pty Limited			Ordinary AS$1			59,763,603		136,660	136,660
Subsidiary of National Grid Australia PTY Limited
			Basslink Pty Limited			Ordinary AS$1			43,600,000		26,160	26,160
						Non-equity					110,500	110,500
Subsidiary of National Grid Seven Limited
			National Grid Holdings BV			Ordinary Euro450			62		202,510	153,606
						Non-equity securities					12,443	12,455
Subsidiary of National Grid Holdings BV
		National Grid Poland BV				Ordinary Euro450			40		(43,868)	-
						Non-equity securities			1		43,870	43,870
		National Grid Central Europe BV				Ordinary Euro450			40		-	-
		National Grid Brazil BV				Ordinary Euro450			40		(491,211)	-
						Non-equity					486,254	486,339
		National Grid Manquehue BV				Ordinary Euro450			40		(89,416)	-
											88,779	88,777
		National Grid Finance BV				Ordinary Euro450			120		(7,982)	-
						Non-equity securities					7,967	8,000
		National Grid Zambia BV				Ordinary Euro450			50,000		49,751	-
		National Grid India BV				Ordinary Euro450			40		(41)	21
		NGC do Brasil Participacoes Ltda				-					197	376
		National Grid Brazil Transmission BV				Ordinary Euro450			400		12,407	13,383
		National Grid Brazil Finance				Ordinary £1			214		118,356	113,021
		National Grid Fourteen Limited				Ordinary £1			2		-	-
Subsidiary of National Grid Poland BV
			Energis Polska Sp z.o.o						318,266	18.5	(16,117)	-
Subsidiary of National Grid Central Europe BV
			Central Europe Telecoms Holdings BV			Ordinary Euro450			40		-	8
Subsidiary of National Grid Brazil BV
			JVCO Participacoes Ltda						900,000,000	50	-	-
Subsidiary of JVCO Participacoes Ltda
			Holdco Participacoes Ltda						3,000,000,000		**	**
Subsidiary of Holdco Participacoes Ltda
			Intelig Telecomunicacoes Ltda						3,000,000,000		**	**
Subsidiary of National Grid Fourteen Limited
			National Grid Chile BV			Ordinary Euro450			40		(72,396)	-
						Non-equity					72,385	72,348
Subsidiary of National Grid Chile BV
			Inversiones ABC Limitada (42)						61,500,500	50	5,669	-
Subsidiary of National Grid Finance BV
			Compania Inversora En Transmicion Electrica CITELEC S.A.						105,974,400	42.5	46,259	-
Subsidiary of Compania Inversora En Transmicion Electrica CITELEC S.A
			Transener S.A (43)						234,129,232		**	**
Subsidiary of Transener S.A
			Transba S.A (44)						198,160,309		**	**
Subsidiary of National Grid Zambia BV
			Copperbelt Energy Corporation plc						3,850,000	38.5	23,203	26,626
Subsidiary of Lattice Group plc
Lattice Group Holdings Limited (†)					Ordinary £1				231,321,001		(28,121)	365,487
					Non-equity securities						1,496,000	1,496,000
National Grid Properties Limited					Ordinary £1				34,806,296		55,139	54,993
					Non-equity securities						58,457	58,457
Transco Holdings plc (†)					Ordinary £1				147,000,002		5,485,760	557,448
					Non-equity securities						4,236,000	4,236,000
Subsidiary of Lattice Group Holdings Limited
Advantica Technologies Limited (†)					Ordinary £1				30,101,700		26,459	47,561
Lattice Group International Holdings Ltd (†)					Ordinary £1				26,401,700		41,219	41,715
Secondsite Property Portfolio Limited (†)					Ordinary £1				31,000,200		48,980	48,980
Telecom International Holdings Limited (†)					Ordinary £1				8,300,100		254,952	230,620
Lattice Telecommunications Asset Development Company Limited (†)					Ordinary £1				88,900,001		189,232	140,462
Eastlands (Benefits Administration) Limited (†)					Ordinary £1				2		-	-
Beegas Nominees Limited (†)					Ordinary £1				100		-	-
Stargas Nominees Limited (†)					Ordinary £1				100		-	-
Lattice Energy Services Limited (†)					Ordinary £1				2		(16,846)	-
NGT Insurance Company (Isle of Man) Limited (†) (incorporated in the Isle of Man)					Ordinary £1				2,514,000		211,930	149,247
NGT Insurance Company (Ireland) Limited (†) (incorporated in the Republic of Ireland) ()*					Ordinary £1				435,000		15,800	15,800
Lattice Telecom Finance (No 1) Limited (†) (incorporated in the Isle of Man)					Ordinary £1				10,000		536	15,800
Lattice Group Trustees Limited (†)					Ordinary £1				2		-	-
Fulcrum Connections Limited (†)					Ordinary £1				10,000,000		(2,779)	15,800
Lattice Group Employee Benefit Trust Limited (†)					Ordinary £1				2		-	-
Lattice Intellectual Property Limited (†)					Ordinary £1				2		-	-
Utility Metering Services Limited (†) (45)					Ordinary £1				1,000		(9,134)	1
Subsidiary of National Grid Properties Limited
NG Property Developments Limited					Ordinary £1				300,000		521	506
Subsidiary of Advantica Technologies Limited
Advantica Corporate Ventures Limited (†)					Ordinary £1				2		(16,664)	-
Risx Limited (†) (incorporated in Scotland)					Ordinary £1				10		474	474
Stoner Associates Europe Limited (†)					Ordinary £1				2		607	1,108
Subsidiary of Advantica Corporate Ventures Limited
Cogsys Limited (†)					Ordinary “A” £1 Ordinary “B” £1				695,618 1	87.7	(1,097)	610
Subsidiary of Risx Limited
Risx Environmental Management Ltd ()(†) (incorporated in Scotland)*					Ordinary £1				2		5	5
Subsidiary of Lattice Group International Holdings Limited
Lattice Group US Holdings Inc (†)					Ordinary US$0.01				100		24,238	23,878
Viavera gmbh (†) (incorporated in Germany)					Ordinary €1				40,000	40	2,008	2,008
Subsidiary of Lattice Group US Holdings Inc
Stoner Associates Inc (†) (incorporated in the USA)					Common stock of US$0.01				1000		6,827	11,077
Advantica Technologies Inc (†) (incorporated in the USA)					Common stock of US$1				10,001		5,726	12,801
Subsidiary of Stoner Associates Inc
Stoner Associates Australasia Pty Limited (†) (incorporated in Australia)											-	-
Subsidiary of Secondsite Property Portfolio Limited
Port Greenwich Limited (†)					Ordinary £1				100		(28,585)	-
Secondsite Land Investments Limited (†)					Ordinary £1				101		68,978	-
Secondsite Property Holdings Limited (†)					Ordinary £1				31,000,002		383,908	48,980
Secondsite Property Nominees (No 1) Limited (†)					Ordinary £1				2		-	-
Secondsite Property Nominees (No 2) Limited (†)					Ordinary £1				2		-	-
Secondsite Regeneration Limited (*)(†)					Ordinary £1				100		-	-
Subsidiary of Secondsite Land Investments Limited
Assethall Limited (*)(†)					Ordinary £1				25,000		(20,000)	-
Mainstream Forty Seven Limited (*)(†)					Ordinary £1				1,001		(1,972)	2
Subsidiary of Telecom International Holdings Limited
Gridcom (UK) Limited (†)					Ordinary £1				260,,000,200		12,174	50,283
186k Limited (†)					Ordinary £1				149,700,002		(421,422)	-
Urband Limited (†)					Ordinary “A” shares £1				4,750,000	50	-	-
Subsidiary of Gridcom (UK) Limited
Gridcom Limited					Ordinary £1				4,000,000		(15,523)	13,114
RT Masts Limited (†)					Ordinary £1				160,625		10,706	6,005
SST Telecom Limited (*)(†)					Ordinary £1				2		-	-
SST GMbH (†) (incorporated in Germany)											40	-
SST Communications SAS (†) (incorporated in France)											5	-
STC International Holdings Limited (*)(†)					Ordinary £1				1,000,000		(28,747)	1,580
Ample Design Limited (*)(†)					Ordinary “A” £1 Ordinary “B” £1				10,000 22,727		634	-
Telink Limited (*)(†)					Ordinary £1				2		20	-
Subsidiary of RT Masts Limited
Skymasts Limited (*)(†)					Ordinary £1				2		-	-
RT Masts (Property) Limited (*)(†)					Ordinary £1				15,003		-	-
Subsidiary of SST Communications SAS
Sofrer SA (†) (incorporated in France)											-	-
Subsidiary of STC International Holdings Limited
Aerial Group Limited (*)(†)					Ordinary “A” £0.01 Ordinary “B” £0.01 Ordinary “C” £0.01 “A” cumulative pref. Shares “B” cumulative pref. Shares “C” cumulative pref. Shares				273,125 182,084 98,150 9.967,400 1,100,000 7,722,821		(3,476)	-
Subsidiary of Aerial Group Limited
AGL Systems International Limited (*)(†)					Ordinary £1				2		(708)	-
Aerial UK Limited (*)(†)					Ordinary £1				100,000		4,160	-
Jackson & Luttman Limited (*)(†)					Ordinary £1				2		-	-
Subsidiary of Aerial UK Limited
Gridcom Aerial Sites plc (†)					Ordinary £1				100,000		6,841	7,593
Subsidiary of Lattice Intellectual Property Limited

99.999 Limited (*)(†)	Ordinary £1	2
Arterion Limited (*)(†)	Ordinary £1	2
Advantica QA Limited (*)(†)	Ordinary £1	2
Arterion (Employers) Limited (*)(†)	Ordinary £1	1
Advantica Stoner Limited (*)(†)	Ordinary £1	1
Arterion Technologies Limited (*)(†)	Ordinary £1	2
Advantica Limited (*)(†)	Ordinary £1	2
Contiguous Limited (*)(†)	Ordinary £1	1
Eastlands Limited (*)(†)	Ordinary £1	1
Fastnet Caloosahatchee Communications Limited ()(†) (incorporated in the British Virgin Islands)*	Ordinary US$ 1	1
First Connect Limited (*)(†)	Ordinary £1	1
First Connect Utilities Limited (*)(†)	Ordinary £1	2
Fpltelecom Limited (*)(†)	Ordinary £1	2
Gridmet Limited (*)(†)	Ordinary £1	2
Gas Research & Technology Centre Limited (*)(†)	Ordinary £1	2
GRTC Limited (*)(†)	Ordinary £1	2
Lattice Lng Limited (*)(†)	Ordinary £1	2
ITG Limited (*)(†)	Ordinary £1	2
Infrastructure Technology Group Limited (*) (†)	Ordinary £1	2
Lattice Limited (*)	Ordinary £1	2
Secondsite Land Developments Ltd (*)(†)	Ordinary £1	2
Lattice Group (Employers) Limited (*)(†)	Ordinary £1	2
Lattice Group Holdings (Employers) Limited (*)(†)	Ordinary £1	2
Lattice Energy Services (Employers) Limited (*)(†)	Ordinary £1	2
Lattice Property (Employers) Limited (*)(†)	Ordinary £1	1
Transco Holdings (Employers) Ltd (*)(†)	Ordinary £1	2
Advantica Technologies (Employers) Limited (*)(†)	Ordinary £1	2
Loughborough Park Management Ltd (*)(†)	Ordinary £1	2
NGT Metering Limited (*)(†)	Ordinary £1	1
NGT Onstream Limited (*)(†)	Ordinary £1	2
On Stream Asset Management Services Limited (*)(†)	Ordinary £1	1
On Stream Services Limited (*)(†)	Ordinary £1	1
On Stream Solutions Limited (*)(†)	Ordinary £1	1
On Stream.Com Limited (*)(†)	Ordinary £1	1
On Stream Data Management Limited (*)(†)	Ordinary £1	1
On Stream Data Provision Limited (*)(†)	Ordinary £1	1
On Stream Metering Limited (*)(†)	Ordinary £1	1
On Stream Meter Operations Limited (*)(†)	Ordinary £1	1
On Stream Meter Reading Services Ltd (*)(†)	Ordinary £1	1
On Stream Utilities Limited (*)(†)	Ordinary £1	1
On Stream Worldwide Limited (*)(†)	Ordinary £1	1
Secondsite Estates Limited (*)(†)	Ordinary £1	2
Secondsite Holdings Limited (*)(†)	Ordinary £1	2
Lattice Land Investments Limited (*)(†)	Ordinary £1	2
Secondsite Property Limited (*)(†)	Ordinary £1	2
Lattice Property Holdings Limited (*)(†)	Ordinary £1	2
Lattice Property Portfolio Limited (*)(†)	Ordinary £1	2
Secondsite Portfolio Solutions Limited (*)(†)	Ordinary £1	2
Lattice Land Developments Limited (*)(†)	Ordinary £1	1
Transco Asset Management Limited (*)(†)	Ordinary £1	2
Transco Asset Management (Scotland) Limited (*)(†)	Ordinary £1	2
Transco Asset Management (Wales) Limited (*)(†)	Ordinary £1	2
Transco Asset Maintenance Limited (*)(†)	Ordinary £1	2
Transco Asset Maintenance (Scotland) Limited (*)(†)	Ordinary £1	2
Transco Asset Maintenance (Wales) Limited (*)(†)	Ordinary £1	2
Transco Connections (Scotland) Limited (*)(†)	Ordinary £1	2
Transco Connections (Wales) Limited (*)(†)	Ordinary £1	2
Transco Emergency Services Limited (*)(†)	Ordinary £1	2
Transco Emergency Services (Scotland) Limited (*)(†)	Ordinary £1	2
Transco Emergency Services (Wales) Limited (*)(†)	Ordinary £1	2
Transco Lng Storage Limited (*)(†)	Ordinary £1	2
Transco Metering Services (Scotland) Limited (*)(†)	Ordinary £1	2
Transco Pipelines Limited (*)(†)	Ordinary £1	2
Transco Pipeline Constructors Limited (*)(†)	Ordinary £1	2
Transco Pipeline Constructors (Scotland) Limited (*)(†)	Ordinary £1	2
Transco Pipeline Constructors (Wales) Limited (*)(†)	Ordinary £1	2
Transco Pipelines (Scotland) Limited (*)(†)	Ordinary £1	2
Transco Pipelines (Wales) Limited (*)(†)	Ordinary £1	2
Transco Connections Limited (*)(†)	Ordinary £1	2
Transco Transportation Company Limited (*)(†)	Ordinary £1	2
Vesas Limited (*)(†)	Ordinary £1	1

Subsidiary of Transco Holdings plc
British Transco Finance (No 5) Limited (†)	Ordinary £1	2		-	-
Transco plc (†)	Ordinary £0.0133	3,944,133,593		2,610,160	11,247,738
	Non-equity securities			3,500,003	3,493,640
Subsidiary of Transco plc
British Transco International Finance BV (†) (incorporated in the Netherlands)	Ordinary €1,000	505		4,939	16,960
Joint Radio Company Limited (†)	Ordinary “A” £1	1	50	-	-
Lattice Opsco Limited (*)(†)	Ordinary £1	2		-	-
C4Gas SA(†) (incorporated in Belgium)	Ordinary ”B” €210	475	47.5	-	-
British Transco Capital Inc (†) (incorporated in the USA)	Ordinary US$1	20,000		1,084	5,277
British Transco Finance Inc (†) (incorporated in the USA)	Ordinary US$1	20,000		493	1,706
British Transco Finance (No 3) Limited (†)	Ordinary £1	2		901	-
Transco Metering Services Ltd (†)	Ordinary £1	1,373,399		17,908	2,169
British Transco Finance (No 1) Limited (†) (incorporated in the Cayman Islands)	Ordinary £1	1,000		-	-
Subsidiary of British Transco Finance (No 1) Ltd
British Transco Finance (No 2) Limited (†) (incorporated in the Cayman Islands)	Ordinary £1	1,000		-	-

Part A Notes

(*)	Dormant

(**)	Entity is not controlled by National Grid and this information is either not known to National Grid Transco or reasonably available to National Grid Transco.

(†)	Entity became part of the Group on the merger of Lattice Group plc and National Grid Group plc on 21 October 2002 and unless otherwise stated is incorporated under the laws of England and Wales. Lattice Group plc and its operating subsidiaries are involved in gas and telecoms infrastructure networks and associated services.

(1)	The name of the ultimate parent undertaking was changed from National Grid Group to National Grid Transco plc on the merger of National Grid Group and Lattice Group, effective 21 October 2002.

(2)	NGG Finance plc. 50,000,000 US$1 Redeemable Preference A shares are held by National Grid Eight Limited and 18,500,000 US$1 Redeemable Preference A shares are held by National Grid Eleven Limited. In addition, on 18 March 2003, 150,000,000 US$1 Redeemable Preference B shares were issued to National Grid Eight Limited and 62,500,000 US$1 Redeemable Preference B shares were issued to National Grid Eleven Limited.

(3)	National Grid Holdings One plc has issued one £1 B share to National Grid Transco plc.

(4)	In addition to its 100% ordinary shareholding, National Grid Twelve limited holds one US$1 non-voting reorganisation share.

(5)	National Grid General Partnership is a partnership of which 99% is held by National Grid (US) Partner 1 Limited and 1% is held by National Grid (US) Partner 2 Limited.

(6)	National Grid General Partnership owns a 100% membership interest in National Grid US LLC.

(7)	National Grid Holdings Inc. owns a 100% membership interest in NGG (Delaware) LLC.

(8)	1000 A shares in National Grid Holdings Limited are held by National Grid One Limited.

(9)	National Grid Netherlands One BV was incorporated in the Netherlands, as a group subsidiary and intermediate holding company, on 31 July 2002.

(10)	National Grid Netherlands Two BV was incorporated in the Netherlands, as a group subsidiary and intermediate holding company, on 31 July 2002.

(11)	National Grid Netherlands Three BV was incorporated in the Netherlands, as a group subsidiary and intermediate holding company, on 31 July 2002.

(12)	National Grid Ireland Three, an unlimited company, was incorporated in Ireland on 26 July 2002, and provides financial management services to group companies.

(13)	National Grid Eighteen Limited, was incorporated in England and Wales, as a group subsidiary and intermediate holding company, on 22 July 2002.

(14)	Toren CV is a partnership, established in the Netherlands on 1 August 2002 by National Grid Netherlands One BV (98% interest), National Grid Netherlands Two BV (1% interest) and National Grid Netherlands Three BV (1% interest).

(15)	National Grid Seventeen Limited, was incorporated in England and Wales, as a group subsidiary and intermediate holding company, on 23 July 2002.

(16)	National Grid Fifteen Limited, was incorporated in England and Wales, as a group subsidiary and intermediate holding company, on 23 July 2002.

(17)	NG Malta One Limited, was incorporated in Malta on 1 August 2002, and provides financial management services to group companies.

(18)	NGG Finance a Islandi ehf was incorporated in Iceland on 5 August 2002, to provide financial management services to group companies.

(19)	NGG Holdings a Islandi ehf was incorporated in Iceland on 5 August 2002, to provide financial management services to group companies. The issued share capital comprises 1'A' Ordinary share held by National Grid Eighteen Limited.

(20)	National Grid Sixteen Limited, was incorporated in England and Wales, as a group subsidiary and intermediate holding company, on 23 July 2002.

(21)	NG Malta Two Limited, was incorporated in Malta on 27 August 2002, and provides financial management services to group companies. NG Malta One Limited holds all the ordinary shares. National Grid Sixteen Limited holds all its 500 'B' preference shares.

(22)	National Grid Holdings Limited holds all the A shares in ENMO Limited, which give 75% of voting power. The remaining 25% of voting power is held by the B shareholder which is not a group company.

(23)	National Grid Nominees Limited changed name to NGT Nominees Limited on 14th May 2003.

(24)	700 million Preferred ordinary shares in National Grid Four Limited, held by National Grid Holdings Limited.

(25)	The 1,000 'A' ordinary shares in National Grid Gold Limited are held by NG Jersey Limited.

(26)	National Grid Insurance Limited changed its name to NGT Insurance Company (Guernsey) Limited on 15 November 2002. 1 Class 'A' £1 share and 100,000 £50 redeemable preference shares are held outside the group.

(27)	1,000 A shares in NGG Telecoms Holdings Ltd held by NatGrid Investments Limited. 1,000 B shares held by National Grid Two Limited.

(28)	740,065 $50 preference shares in National Grid (Ireland) 1 Limited held by National Grid Holdings Limited

(29)	Name changed from 'The National Grid Company plc', on 21 October 2002.

(30)	National Grid Nineteen Limited is a company organized under the laws of England and Wales, incorporated on 27 September 2002 as a group subsidiary and holding company, currently inactive.

(31)	National Grid Twenty Limited is a company organized under the laws of England and Wales, incorporated on 27 September 2002 as a group subsidiary and investment company, currently inactive.

(32)	National Grid Twenty One Limited is a company organized under the laws of England and Wales, incorporated on 27 September 2002 as a group subsidiary and holding company, currently inactive.

(33)	National Grid Company plc is the registered shareholder of Elexon Limited. However National Grid does not exercise control over this company.

(34)	Five companies organized under the laws of England and Wales, were incorporated as dormant group subsidiaries for name protection purposes.

(35)	National Grid Four Limited holds 123,582,445 shares in Energis plc (7.1%) and NGG Telecoms Limited holds 442,500,000 shares in Energis plc (25.4%). Energis plc, is not controlled by National Grid Transco and is in administration.

(36)	National Grid Nine Limited. Ownership is split between National Grid (Ireland) 1 Limited (26%) and National Grid (Ireland) 1 Limited (74%).

(37)	100 A shares in Natgrid Investments Ltd and 100 B shares are held by National Grid Holdings Limited. 200 B shares are held by NGT Insurance Company (Guernsey) Limited.

(38)	The National Grid Investments Company holds 168,368,400 redeemable A preference shares, and National Grid International Limited holds 30,000,000 'B' ordinary shares, in National Grid Overseas Limited.

(39)	NG Australia LLP is a limited liability partnership in which National Grid International Grid Limited holds a 99% interest and NG Australia GP Pty Limited holds a 1% interest.

(40)	Britned Development Limited is a company organized under the laws of England and Wales and is a joint venture company.

(41)	National Grid Zambia Limited is a company organized under the laws of England and Wales. National Grid Zambia Limited was incorporated on 20 December 2002 as a group subsidiary and holding company, currently inactive.

(42)	Name changed from Silica Networks S.A to Inversiones ABC Limitada on 1 October 2002.

(43)	Transener S.A. is 65% owned by Citilec S.A, whose interest in Transener is split: 183,701,397 A shares and 50,427,835 B shares

(44)	Transba S.A. is 90% owned by Transener S.A, whose interest in Transba is split: 112,290,842 A shares and 85,896,467 B shares.

(45)	Utility Metering Services. 200 ordinary shares (20%) held by Lattice Telecom Finance (No1) Limited.

ITEM 1. SYSTEM COMPANIES AND INVESTMENTS THEREIN AS OF MARCH 31, 2003

Part B. National Grid USA and its Subsidiaries

Name of Company (and abbreviation used herein)				Number of Common Shares Owned	Percent of Voting Power (100% unless specified)	Value Per Books of Issuer and Carrying Value to Owner (000’s)


National Grid USA
Granite State Electric Company (Granite)				60,400		$49,240
Massachusetts Electric Company (Mass Electric)				2,398,111		1,585,632
Nantucket Electric Company (Nantucket)				1		23,679
The Narragansett Electric Company (Narragansett)				1,132,487		879,985
NEES Energy, Inc. (NEES Energy)				1,000		(6,506)
	Unsecured Debt			-		4,891
Wayfinder Group, Inc. (Wayfinder)				1,000		(4,466)
	Unsecured Debt			-		7,241
New England Hydro-Transmission Electric Company, Inc. (NEHTEC) (2)				1,172,586	53.97	16,769
New England Hydro-Transmission Corporation (NEHTC) (2)				5,333	53.97	9,926
New England Electric Transmission Corporation (NEET)				10		527
New England Energy Incorporated (NEEI)*				2,500		0
	Unsecured debt			-		0
National Grid USA Service Company, Inc.				3		8,153
New England Power Company (NEP)				3,619,896	99.64	1,018,296
NEES Communications, Inc. (NEESCom)				10,000		108,847
	Unsecured debt					102,210
Metrowest Realty LLC (Metrowest)						4,954
	Unsecured debt					4,772
EUA Energy Investment Corporation				100		19,836
National Grid Transmission Services Corp.				1,000		(213)
	Unsecured debt					225
Niagara Mohawk Holdings, Inc. (3)				160,239,818		2,899,303
National Grid Communications, Inc.						(572)
			Unsecured debt			625
Grid America Holdings				1,000		100
Grid America LLC (3A)						100


						$6,733,554
						==========
Niagara Mohawk Holdings, Inc.
	Niagara Mohawk Power Corporation			187,364,863		2,894,527
		NM Uranium, Inc.*			2,000	(57)
		NM Receivables Corp. II		2,000		41
		NM Receivables LLC (4)		-	99.99	221,261
		NM Properties, Inc.		3,075		16,546
			Arbuckle Acres, Inc.	10		0
			Salmon Shores, Inc.	100		0
			Salmon Shores Partnership* (5)		50.00	0
			Riverview, Inc.	314		449
			Riverview Galusha LLC (6)		50.00	213
			Landwest, Inc.	303		771
			Hudson Pointe, Inc.*	100		0
			Upper Hudson Development Inc.	943		1,174
			OPropCo., Inc.	1,286		5,858
			Moreau Park, Inc.	215		729
			Land Management & Development, Inc.	971		7,833
			Minoa Farms Development Company LLC (7)		50.00	288
			Salmon Hills Cross Country Ski Resort LLC (8)		15.00	0
			Salmon Shores Partnership* (5)		50.00	0
			Second Street Associates, LLC (9)		50.00	106
		UMICO Holdings, Inc.		68,579	34.29	1,128

Opinac North America, Inc.				1,000		13,652
	Telergy, Inc. (10)			1,483,340	18.00	-
	eVionyx, Inc. (11)			18,000,000	16.00
	Niagara Mohawk Energy, Inc.			347		-
		Telergy Central LLC (12)			25.00
	Direct Global Power			32,533	26.00	-
	Opinac Energy Corporation (13)			12,800,001		0

NEESCom
	Goddard GigaPoP LLC (14)
	NEES Telecommunications Corp*
New England Hydro Finance Company (NEHFC) (15)				537	57.47	5
NEES Energy, Inc.
	AEMC, L.L.C.

NEP
	Connecticut Yankee Atomic Power Company			68,250	19.50	11,201
	Maine Yankee Atomic Power Company			101,952	24.00	12,998
	Vermont Yankee Nuclear Power Corporation			88,203	23.90	12,269
	Yankee Atomic Electric Company			2,646	34.50	280
	New England Hydro-Transmission Electric Company Inc. (NEHTEC) (2)			76,304	3.50	1,087
	New England Hydro-Transmission Corporation (NEHTC) (2)			346	3.50	644

EUA Energy Investment Corporation
	Eastern Unicord Corp.*
	Separation Technology Inc. (16)					0
	EUA Bioten Inc.			100		0

New England Wholesale Electric Company* (17)
Wayfinder
	Nexus Energy Software, Inc. (18)				9.90	2,150
	NEWHC, Inc. *			1,000

Part B Notes

*	Entities designated with an asterisk (*) are inactive.

(1)	System companies lend to or borrow from other system companies through the National Grid USA Money Pool. A schedule showing investments in the Money Pool during the year ended March 31, 2003 is filed as part of National Grid Transco’s Certificate of Notification (Rule 24) filed June 27, 2003 (file nos. 70-8901 and 70-9089).

(2)	New England Power Company’s shares obtained through merger with EUA’s Montaup Electric Company on May 1, 2000 listed separately.

(3)	Niagara Mohawk Holdings, Inc. (Holdings) and its subsidiaries became National Grid USA subsidiaries with the merger of Holdings and National Grid USA on January 31, 2002. A description of Holdings and its subsidiaries was contained in the Form U-1 filing for the merger. (See File No. 70-9849, dated January 1, 2002.)

(3A)	GridAmerica LLC is a Delaware limited liability company formed on August 27, 2002.

(4)	NM Receivables LLC, a New York limited liability company, is a single-purpose, financing subsidiary that purchases and resells Niagara Mohawk’s customer receivables, including accrued unbilled revenues. NM Receivables LLC is over 99.99% owned by Niagara Mohawk and is also owned by NM Receivables Corp. II.

(5)	Salmon Shores Partnership is a partnership jointly owned by NM Properties, Inc. (50%) and Land Management & Development, Inc. (50%). Its assets were sold during the fiscal year ended March 31, 2003.

(6)	Riverview Galusha LLC is a New York limited liability company.

(7)	Minoa Farms Development Company, LLC is a New York limited liability company.

(8)	Salmon Hills Cross Country Ski Resort LLC is a New York limited liability company.

(9)	Second Street Associates, LLC is a New York limited liability company.

(10)	Telergy, Inc., an exempt telecommunications company under Section 34 of the Act, has filed for bankruptcy and is in liquidation.

(11)	eVionyx, Inc., an exempt telecommunications company under Section 34 of the Act, is a research and development company that has developed and intends to commercialize new fuel cell and battery technology.

(12)	Telergy Central LLC, an exempt telecommunications company under Section 34 of the Act, has filed for bankruptcy and is in liquidation.

(13)	Opinac Energy Corporation sold its 50% interest in Canadian Niagara Power Company Limited to Fortis Inc. on July 10, 2002.

(14)	During the fiscal year ended March 31, 2003, NEESCom sold its 50% interest in Goddard GigaPoP LLC, a Delaware limited liability company. The purpose of Goddard GigaPoP LLC was to develop, operate and maintain an Internet 2 GigaPoP facility and market and sell access thereto.

(15)	NEHFC has two shareholders, NEHTEC and NEHTC, which each has a 50% interest. The tabulation shown above reflects National Grid USA’s and New England Power Company’s indirect ownership in NEHFC.

(16)	EUA Energy Investment Corporation owns 1,052,630 common shares of Separation Technology, Inc., of which 455,000 are voting shares representing a 9% ownership interest. NGUSA owns 6% convertible stock representing a 5% ownership interest. Separation Technology’s purpose is to produce concrete from fly-ash waste from coal-fired generating units.

(17)	Incorporated in 1972; never capitalized.

(18)	Wayfinder has a 43% ownership interest (but only a 9.9% voting interest) in Nexus Energy Software, Inc., resulting from 1,000,000 shares of Series A Preferred Stock and 300,000 shares of Series B Preferred Stock.

ITEM 2. ACQUISITIONS OR SALES OF UTILITY ASSETS

Sale of Vermont Yankee Nuclear Generating Station

On July 30, 2002, Vermont Yankee Nuclear Power Corporation (“Vermont Yankee”) closed the sale of the Vermont Yankee Nuclear Generating Station to Entergy Nuclear Vermont Yankee, LLC (“ENVY”) for $180 million. Based on its 23.9 percent ownership interest in Vermont Yankee, New England Power Company’s portion of the sale price was approximately $43 million ($35 million for the plant and related assets and $8 million for nuclear fuel). Following regulatory approval by the SEC, Vermont Yankee will distribute the net proceeds from the sale of the plant, after redemption of bonds and payment of taxes, to NEP and the other owners. As part of the transaction, ENVY assumed the decommissioning liability for the plant, and the Vermont Yankee owners will purchase power from the plant through 2012. The majority of the net proceeds from the sale will be credited to NEP’s customers through contract termination charges.
Sale of Seabrook Nuclear Generating Station

On November 1, 2002, New England Power Company closed the sale of its interest in Seabrook to FPL Energy Seabrook LLC (“FPL”). As part of the transaction FPL assumed the decommissioning liability for the plant. Net of closing adjustments, the final transaction value was $798 million. NEP’s share of the proceeds is approximately $84.3 million following its $5.0 million top-off payment to the decommissioning trust fund. Ninety-eight percent of the proceeds from the sale in excess of related expenses and NEP’s investment will be credited to NEP’s customers through contract termination charges.

ITEM 3. ISSUE, SALE, PLEDGE, GUARANTEE OR ASSUMPTION OF SYSTEM SECURITIES

None.

ITEM 4. ACQUISITION, REDEMPTION OR RETIREMENT OF SYSTEM SECURITIES

		Number of Shares or Principal Amount
Name of Issuer	Name of Company Acquiring, Redeeming or Retiring Securities (Issuer unless otherwise noted)	Acquired	Redeemed or Retired (A)	Consideration	Commission Authorization (Release No. or Other)
LATTICE GROUP PLC	National Grid Transco plc	3,528,549,468 ordinary shares		1,323,206,050 ordinary shares of National Grid Transco plc Market value at date of merger announcement £6,523,405,827 ($10,306,981,206)	HCAR No. 27577 (October 16, 2002)

NEHFC
Unsecured Notes			$10,440,000	$10,440,000	25304 & (B)

NEES ENERGY
Sub. Promissory Note	NG USA	$650,000		$650,000	26520 & 26633
Sub. Promissory Note			$1,575,000	$1,575,000	26520 & 26633

NEET
Common Stock			14 shares	$398,141	24162
Secured Note			$2,712,000	$2,712,000	24162

NARRAGANSETT
Bonds			$22,437,000	$22,437,000	(B)


MASSACHUSETTS ELECTRIC
Bonds			$69,762,000	$69,762,000	(B)
Preferred Stock			450 shares	$45,000	(B)

WAYFINDER
Sub. Promissory Note	NG USA	$1,590,000		$1,590,000	(C)
Sub. Promissory Note			$3,000,000	$3,000,000	(C)

NEES COMMUNICA-TIONS, INC.
Sub. Promissory Note	NG USA	$12,450,000		$12,450,000	(D)
Sub. Promissory Note			$15,750,000	$15,750,000	(D)

NANTUCKET
Bonds			$1,503,000	$1,503,000	(B)

ITEM 4. ACQUISITION, REDEMPTION OR RETIREMENT OF SYSTEM SECURITIES (Cont.)

		Number of Shares or Principal Amount
Name of Issuer	Name of Company Acquiring, Redeeming or Retiring Securities (Issuer unless otherwise noted)	Acquired	Redeemed or Retired (A)	Consideration	Commission Authorization (Release No. or Other)
METROWEST
Sub. Promissory Note	NG USA	$200,000		$200,000	(E)
Sub. Promissory Note			$1,255,000	$1,255,000	(E)


TRANSMISSION SERVICES
Sub. Promissory Note	NG USA	$225,000		$225,000	(F)
			$175,000	$175,000	(F)

NIAGARA MOHAWK POWER CORP.
Bonds			$125,648,000	$125,648,000	(B)
Preferred Stock			$2,131,000	$2,131,000	(B)


GRID COMMUNICATIONS, INC.
Sub. Promissory Note	NG USA	$775,000		$775,000	(D)
			$150,000	$150,000	(D)

(A) Securities were extinguished.
(B) Rule 42.
(C) SEC Release No. 25261, 26017, 26057, 26235, 26277, 26291, & 26681.
(D) An Exempt Telecommunications Company pursuant to Section 34 of the Act.
(E) SEC Release No. 24847 and Rule 45(b)(3).
(F) Rule 58

ITEM 5. INVESTMENTS IN SECURITIES OF NONSYSTEM COMPANIES

Name of Owner	Name of Issuer	Security Owned	Number of Shares or Principal Amount Owned	Percent Voting Power	General Nature of Issuer's Business	Carrying Value to Owner (in thous.)
National Grid USA	UNITIL Corporation	Capital Stock no par value	34,400 shs.	0.7	Public Utility	$303


Four Subsidiaries (A)	Three business development corporations	Stocks				$99


(A) Mass. Electric, Narragansett, NEP, and Niagara Mohawk Power Corp.

ITEM 6. OFFICERS AND DIRECTORS
Part I. Names and Addresses - Table 1 of 4


	NG Transco plc	NG (US) Holdings Limited	NG (US) Investments 4	NG (US) Partner I Ltd.	NG (US) Partner 2 Ltd.	National Grid Holdings, Inc.

Edward M. Astle	D

Andrew B. Chapman		D	D	D	D

John G. Cochrane						D T
25 Research Dr., Westborough, MA

Malcolm C. Cooper		D	D	D	D

David C. Forward		S	S	S	S

John A. M. Grant	D

Kenneth G. Harvey	D

Dr. Bonnie G. Hill	D

Steven Holliday	D

Michael E. Jesanis						D VP
25 Research Dr., Westborough, MA

Paul L. Joskow	D

Stephen Lucas	D	D	D	D	D	P

Helen M. Mahy	S

	NG Transco plc	NG (US) Holdings Limited	NG (US) Investments 4	NG (US) Partner I Ltd.	NG (US) Partner 2 Ltd.	National Grid Holdings, Inc.

Stephen F. Noonan		D	D	D	D

Sir John Parker	ChB D

Stephen Pettit	D

Richard F. Pettifer		D	D	D	D

Lawrence J. Reilly						D VP S
25 Research Dr., Westborough, MA

George W. Rose	D

James H. Ross	D

Richard P. Sergel	D
25 Research Dr., Westborough, MA

Fiona B. Smith						VP

Roger Urwin	D	D	D	D	D

John B. Wybrew	D


All of Principal Business Address: 1-3 Strand, London, WC2N 5EH – except as indicated

ITEM 6. OFFICERS AND DIRECTORS
Part I. Names and Addresses - Table 2 of 4

	National Grid Transco plc	NGG Finance plc	National Grid Holdings One plc	National Grid Netherlands One BV And National Grid Netherlands Two BV And National Grid Netherlands Three BV	National Grid Ireland Three	National Grid Sixteen Limited And National Grid Seventeen Limited And National Grid Eighteen Limited	NGG Holdings A Islandi EHF And NGG Finance A Islandi EHF	NG Malta One Ltd And NG Malta Two Ltd

Edward M. Astle	D

John Borg 90 Strait Street, Valetta, Malta								D

Andrew B. Chapman			D			D

John G Cochrane 25 Research Dr., Westborough, MA							D

Malcolm C. Cooper		D	D			D

Michael Delaney 25/28 North Wall Quay Dublin 1 Ireland					D

Jan F Van der Drift Blaak 16, 3011 T A Rotterdam Netherlands				D

Mark A D Flawn		D

David C. Forward		S	S			S
	National Grid Transco plc	NGG Finance plc	National Grid Holdings One plc	National Grid Netherlands One BV And National Grid Netherlands Two BV And National Grid Netherlands Three BV	National Grid Ireland Three	National Grid Sixteen Limited And National Grid Seventeen Limited And National Grid Eighteen Limited	NGG Holdings A Islandi EHF And NGG Finance A Islandi EHF	NG Malta One Ltd And NG Malta Two Ltd

John A. M. Grant	D

Kenneth G. Harvey	D

Stephen Harris				D	D			D

Dr. Bonnie G. Hill	D

Steven Holliday	D

Gunnar Jonsson Efstaleiti 5, Reykjavic, Iceland							D

Paul L. Joskow	D

Michael Kelleher 25 Research Dr., Westborough, MA								D

Andrew G H Kluth		D

Stephen Lucas			D

Helen M. Mahy	S

Aengus Murphy 25/28 North Wall Quay Dublin 1 Ireland					D			D
	National Grid Transco plc	NGG Finance plc	National Grid Holdings One plc	National Grid Netherlands One BV And National Grid Netherlands Two BV And National Grid Netherlands Three BV	National Grid Ireland Three	National Grid Sixteen Limited And National Grid Seventeen Limited And National Grid Eighteen Limited	NGG Holdings A Islandi EHF And NGG Finance A Islandi EHF	NG Malta One Ltd And NG Malta Two Ltd

George Nicolai Blaak 16, 3011 T A Rotterdam Netherlands				D

Dick Niezing Blaak 16, 3011 T A Rotterdam Netherlands				D

Stephen F Noonan			D			D

Sir John Parker	D

Bernhard Peterson Efstaleiti 5, Reykjavic, Iceland							D

Stephen Pettit	D

Richard F. Pettifer		D	D			D	D

Lawrence J. Reilly
25 Research Dr., Westborough, MA				D	D

George W. Rose	D

James H. Ross	D

Richard P. Sergel	D
25 Research Dr., Westborough, MA
	National Grid Transco plc	NGG Finance plc	National Grid Holdings One plc	National Grid Netherlands One BV And National Grid Netherlands Two BV And National Grid Netherlands Three BV	National Grid Ireland Three	National Grid Sixteen Limited And National Grid Seventeen Limited And National Grid Eighteen Limited	NGG Holdings A Islandi EHF And NGG Finance A Islandi EHF	NG Malta One Ltd And NG Malta Two Ltd

Roger Urwin	D		D

Dr Joseph J Vella 90 Strait Street, Valetta, Malta								D

John B. Wybrew	D

All of Principal Business Address: 1-3 Strand, London, WC2N 5EH – except as indicated

ITEM 6. OFFICERS AND DIRECTORS

Part I. Names and Addresses - Table 3 of 4

NGUSA

Granite

Mass
Electric

Narra

NEEI

Way-
finder

NEET

NEP

NGUSA
Service

NEHTC

NEHTEC

NEHFC

EUA
BIOTEN

EUA
Ener Inv

NMPC

NMH

Grid America
Holdings

Grid America
LLC

Joseph T. Ash, Jr.

1304 Buckley Rd N. Syracuse, NY

Edward M. Astle

1-3 Strand, London, WC2N 5EH

Richard N. Boisvert

Cornell University, Ithaca, NY

James D. Bouford

55 Bearfoot Rd, Northborough, MA

Edward A. Capomacchio

VP Co

John G. Cochrane

Sr-VP, D

D T

D, T, P

VP, D

D, VP

P, D

D, P, T

VP, D

D, T

Eric P. Cody

Steve Coomber

D P

Susan M. Crossett

300 Erie Blvd West, Syracuse, NY

William E. Davis

Ch, D

300 Erie Blvd West, Syracuse, NY

Edward J. Dienst

SrVP

55 Bearfoot Rd, Northborough, MA

William F. Dowd

NGUSA

Granite

Mass
Electric

Narra

NEEI

Way-
finder

NEET

NEP

NGUSA
Service

NEHTC

NEHTEC

NEHFC

EUA
BIOTEN

EUA
Ener Inv

NMPC

NMH

Grid America
Holdings

Grid America
LLC

Ralph E. Dudley

55 Bearfoot Rd, Northborough, MA

William F. Edwards

Sr-VP, D

P, D

300 Erie Blvd West, Syracuse, NY

Dennis W. Elsenbeck

525 Washington St., Buffalo, NY

William J. Flaherty

636 Quaker Road, Glens Fall, NY

Peter G. Flynn

D, P

Richard L. Francazio

100 E. Ashland St, Brockton, MA

David Fredericks

2 Fairgrounds Rd., Nantucket, MA

Carlos A. Gavilondo

55 Bearfoot Rd, Northborough, MA

Barry Gee

David Gendall

Medford Street, Malden, MA

Michael J. Hager

55 Bearfoot Rd, Northborough, MA

Paul J. Halas

Sr-VP

Gregory A. Hale

NGUSA

Granite

Mass
Electric

Narra

NEEI

Way-
finder

NEET

NEP

NGUSA
Service

NEHTC

NEHTEC

NEHFC

EUA
BIOTEN

EUA
Ener Inv

NMPC

NMH

Grid America
Holdings

Grid America
LLC

Stephen T. Hall

100 E. Ashland St, Brockton, MA

Stephen Harris

1-3 Strand, London, WC2N 5EH

Barbara A. Hassan

Sr-VP

55 Bearfoot Rd, Northboro, MA

David C. Hatch

300 Erie Blvd West, Syracuse, NY

Charles F. Henderson

Jeannie D. Herbert

Marilyn Higgins

300 Erie Blvd West, Syracuse, NY

Steven Holliday

1-3 Strand, London, WC2N 5EH

Timothy F. Horan

280 Melrose St., Providence, RI

James B. Howe

300 Erie Blvd West, Syracuse, NY

Michael R. Hynes

21 British Amer. Rd, Latham, NY

Michael E. Jesanis

D, E-VP

D, VP

NGUSA

Granite

Mass
Electric

Narra

NEEI

Way-
finder

NEET

NEP

NGUSA
Service

NEHTC

NEHTEC

NEHFC

EUA
BIOTEN

EUA
Ener Inv

NMPC

NMH

Grid America
Holdings

Grid America
LLC

Gary R. Jesmain

Sr-VP

300 Erie Blvd West, Syracuse, NY

Philip Johnson

Jay I. Kalter

300 Erie Blvd West, Syracuse, NY

Paul E. Kazmierczak

5100 East Main St, Batavia, NY

Michael J. Kelleher

T, VP

VP, T

Roger Kenyon

Joseph Krisiak

548 Haydenville Rd, Northampton, MA

Joseph W. Kwasnik

55 Bearfoot Road, Northborough, MA

Cheryl A. LaFleur

D, Sr-VP

P, D

55 Bearfoot Road, Northborough, MA

Shannon M. Larson

Peter H. Lebro

300 Erie Blvd West, Syracuse, NY

Scott D. Leuthauser

300 Erie Blvd West, Syracuse, NY

Stephen Lewis

NGUSA

Granite

Mass
Electric

Narra

NEEI

Way-
finder

NEET

NEP

NGUSA
Service

NEHTC

NEHTEC

NEHFC

EUA
BIOTEN

EUA
Ener Inv

NMPC

NMH

Grid America
Holdings

Grid America
LLC

Annemarie Loftus

245 South Main St., Hopedale, MA

Ralph E. Loomis

633 Pennsylvania Ave NW, Washington, DC

Steve Lucas

1-3 Strand, London, WC2N 5EH

Marc F. Mahoney

Frederick L. Mason III

280 Melrose Street, Providence, RI

Robert H. McLaren

Sr-VP

55 Bearfoot Rd., Northboro, MA

James P. Meehan

Kevin P. Menard

4145 Quaker Lane, N. Kingstown, RI

Rita A. Moran

939 Southbridge St.,Worcester, MA

Charles H. Moser

55 Bearfoot Rd., Northboro, MA

Clement E. Nadeau

Sr-VP, D

300 Erie Blvd West, Syracuse, NY

Joseph P. Newman

Kwong O. Nuey, Jr.

VP, D

NGUSA

Granite

Mass
Electric

Narra

NEEI

Way-
finder

NEET

NEP

NGUSA
Service

NEHTC

NEHTEC

NEHFC

EUA
BIOTEN

EUA
Ener Inv

NMPC

NMH

Grid America
Holdings

Grid America
LLC

Celia B. O'Brien

Lydia M. Pastuszek

Sr-VP

Anthony C. Pini

Sr-VP, D

300 Erie Blvd West, Syracuse, NY

Kirk L. Ramsauer

S C

Patrick J. Reap

300 Erie Blvd West, Syracuse, NY

Arthur H. Rees

21265 NYS Rte. 232, Watertown, NY

Lawrence J. Reilly

D, Sr-VP, S

D, VP

D VP

D, VP

Kapua A. Rice

300 Erie Blvd West, Syracuse, NY

James S. Robinson

T, VP

300 Erie Blvd West, Syracuse, NY

Kenneth L. Robinson

469 Savage Farm Dr., Ithaca, NY

Thomas E. Rogers

Christopher E. Root

Sr-VP

55 Bearfoot Rd., Northboro, MA

Masheed H. Rosenqvist

NGUSA

Granite

Mass
Electric

Narra

NEEI

Way-
finder

NEET

NEP

NGUSA
Service

NEHTC

NEHTEC

NEHFC

EUA
BIOTEN

EUA
Ener Inv

NMPC

NMH

Grid America
Holdings

Grid America
LLC

Michael F. Ryan

E-VP

280 Melrose St., Providence, RI

Nancy H. Sala

Sr-VP

55 Bearfoot Rd., Northboro, MA

Michael W. Schlegel

300 Erie Blvd West, Syracuse, NY

Herbert Schrayshuen

300 Erie Blvd West, Syracuse, NY

Terry L. Schwennesen

VP, D

280 Melrose St., Providence, RI

Richard P. Sergel

D, P

Ch, P, D

P, D

Judith Sheppard-Dunn

300 Erie Blvd West, Syracuse, NY

Robert D. Sheridan

55 Bearfoot Road, Northborough, MA

William T. Sherry

E-VP

9 Lowell Rd., Salem, NH

Fiona Smith

1-3 Strand, London, WC2N, 5EH

Rodney Smith

Susan Stevens

NGUSA

Granite

Mass
Electric

Narra

NEEI

Way-
finder

NEET

NEP

NGUSA
Service

NEHTC

NEHTEC

NEHFC

EUA
BIOTEN

EUA
Ener Inv

NMPC

NMH

Grid America
Holdings

Grid America
LLC

Steven W. Tasker

Sr-VP, T

300 Erie Blvd West, Syracuse, NY

Kenneth Tompkins

Campion Road, Utica, NY

Roger Urwin

103 Strand, London, WC2N, 5EH

David J. Walsh

300 Erie Blvd West, Syracuse, NY

William C. Weiss

300 Erie Blvd West, Syracuse, NY

Douglas C. Wiest

Stanley W. Wilczek, Jr.

William F. Willman

300 Erie Blvd West, Syracuse, NY

Nick Winser

Sr-VP

P, D

Jennifer K. Zschokke

VP, T

55 Bearfoot Rd., Northboro, MA

Peter T. Zschokke

ITEM 6. OFFICERS AND DIRECTORS

Part I. Names and Addresses - Table 4 of 4

Opinac
Energy
Corp.

NM
Prop.

Nantucket
Electric

NEES
Comm.

NEES
Energy

AEMC

NEWHC

NM
Receivables
Corp II

Metro-
west

NM
Uranium

NG Trans.
Serv. Corp.

NM
Energy

Opinac
NA

National Grid
Comm.

Joseph T. Ash, Jr.

1304 Buckley Rd., N. Syracuse, NY

Edward M. Astle

Ch, D

1-3 Strand, London, WC2N 5EH

Richard N. Boisvert

Cornell University, Ithaca, NY

James D. Bouford

55 Bearfoot Road, Northborough, MA

Edward A. Capomacchio

John G. Cochrane

D, P, T

P, D

D, T

Eric P. Cody

Steve Coomber

Susan M. Crossett

300 Erie Boulevard West, Syracuse, NY

William E. Davis

300 Erie Boulevard West, Syracuse, NY

Edward J. Dienst

Sr-VP

55 Bearfoot Rd, Northboro, MA

Opinac
Energy
Corp.

NM
Prop.

Nantucket
Electric

NEES
Comm.

NEES
Energy

AEMC

NEWHC

NM
Receivables
Corp II

Metro-
west

NM
Uranium

NG Trans.
Serv. Corp.

NM
Energy

Opinac
NA

National Grid
Comm.

William F. Dowd

Ralph E. Dudley

55 Bearfoot Road, Northborough, MA

William F. Edwards

300 Erie Boulevard West, Syracuse, NY

Dennis W. Elsenbeck

525 Washington St, Buffalo, NY

William J. Flaherty

636 Quaker Road, Glens Fall, NY

Peter G. Flynn

Richard L. Francazio

100 E. Ashland Street, Brockton, MA

David Fredericks