O p er a t i n g an d F i n an ci al R evi e w C or p or a t e G ov er n an c eDi r e c t or s ’ R em un er a t i onR e p or t F i n an ci al S t a t em en t s U s ef ul I nf or m a t i on
01 Annual Report and Accounts 2010/11National Grid plc
B u s i n e s s Ov er vi e w
We have continued to increase our capitalinvestment, having delivered £3.6 billion thisyear, including joint ventures.
In the US, we have been through a period of intense regulatory activity as we have come tothe end of several long-term ﬁxed rate plans. Two major ﬁling outcomes this year were forour Massachusetts gas companies and theNiagara Mohawk electricity business.
In the UK, we remain positive about theproposed new system of regulation, RIIO(revenue = incentives + innovation + outputs),which will be used in price controls for UK Transmission and UK Gas Distribution startingin April 2013.
Our rights issue was completed successfully lastyear, receiving approximately 94.2% subscriptionfrom qualifying shareholders.
Recognising that our customers and regulatorsare looking for something more closely tunedto their local needs, and to help drive businessperformance, on 4 April 2011 we reshaped ourorganisational structure and moved from a globalline of business model to a regional model.
The performance of our principal businesses is reportedby segment, reﬂecting the management responsibilitiesand economic characteristics of each activity. Throughout the year ended 31 March 2011, the managementstructure was as described on page 23. Throughout thisreport, the following colours are used to indicate referencesto a particular segment:TransmissionGas DistributionElectricity Distribution & Generation Activities which do not fall within these segments are reportedseparately and are identiﬁed thus:Non-regulated businesses and other activitiesDiscussion relating to the Company as a whole is identiﬁed thus:Company activitiesIn next year’s Annual Report and Accounts, and in subsequentyears, we will report by new segments, as described on page 22,reﬂecting the revised management structure.