National Grid (NGG) 2005年年度报告「NYSE」.pdf

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1、Experts in NetworksAnnual Report and Accounts 2004/05 National Grid Transco Annual Report and Accounts 2004/05790592 cover.qxp 17/6/05 5:01 pm Page fc1National Grid TranscoAnnual Report and Accounts 2004/05The strength of our results demonstrates thesuccessful delivery of our strategy and the qualit

2、y of our overall operational performance in both the UK and the US.Cautionary StatementThis document contains certain statements that are neither reportedfinancial results nor other historical information.These statementsare forward-looking statements within the meaning of Section 27Aof the Securiti

3、es Act of 1933,as amended,and Section 21E of theSecurities Exchange Act of 1934,as amended.Because theseforward-looking statements are subject to assumptions,risks anduncertainties,actual future results may differ materially from thoseexpressed in or implied by such statements.Many of theseassumptio

4、ns,risks and uncertainties relate to factors that arebeyond our ability to control or estimate precisely,such as delays in obtaining or adverse conditions contained in regulatory approvals,competition and industry restructuring,changes in economicconditions,currency fluctuations,changes in interest

5、and tax rates,changes in energy market prices,changes in historical weather patterns,changes in laws,regulations or regulatory policies,developments in legal or public policy doctrines,the impact ofchanges to accounting standards,technological developments,the failure to retain key management,the av

6、ailability of newacquisition opportunities or the timing and success of futureacquisition opportunities.Other factors that could cause actualresults to differ materially from those described in this documentinclude the ability to continue to integrate the US and UK businessesacquired by or merged wi