26th Apr 2005 16:36
National Grid Transco PLC26 April 2005 26 April 2005 GridAmerica to cease operations National Grid USA and GridAmerica participants, FirstEnergy and Northern IndianaPublic Service Company, today jointly announce that all three companies haveagreed to cease GridAmerica operations effective 1 November 2005 utilising asimilar contractual provision that the other GridAmerica participant, Ameren,exercised earlier this month. GridAmerica, a subsidiary of National Grid Transco (NGT), is an independenttransmission company operating within the footprint of the Midwest IndependentTransmission System Operator, or Midwest ISO. NGT is pleased with the performance of GridAmerica over the past 18 months andwill be looking to reapply the skills and knowledge brought to its participationin GridAmerica as it seeks to develop interests in North America. Contacts National Grid Transco InvestorsAlexandra Lewis +44 (0)20 7004 3170 +44 (0)7768 554879(m)David Campbell +44 (0)20 7004 3171 +44 (0)7799 131783(m)Richard Smith +44 (0)20 7004 3172 +44 (0)7747 006321(m)Bob Seega (US) +1 508 389 2598 MediaClive Hawkins +44 (0)20 7004 3147 +44 (0) 7836 357173(m) Citigate Dewe Rogerson +44 (0)20 7638 9571Anthony Carlisle +44 (0) 7973 611888(m) Cautionary statement This announcement contains certain statements that are neither reportedfinancial results nor other historical information. These statements areforward-looking statements within the meaning of Section 27A of the SecuritiesAct of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934,as amended. Because these forward-looking statements are subject to assumptions,risks and uncertainties, actual future results may differ materially from thoseexpressed in or implied by such statements. Many of these assumptions, risks anduncertainties relate to factors that are beyond National Grid Transco's abilityto control or estimate precisely, such as delays in obtaining or adverseconditions contained in regulatory approvals, competition and industryrestructuring, changes in economic conditions, currency fluctuations, changes ininterest and tax rates, changes in energy market prices, changes in historicalweather patterns, changes in laws, regulations or regulatory policies,developments in legal or public policy doctrines, the impact of changes toaccounting standards, technological developments, the failure to retain keymanagement, the availability of new acquisition opportunities or the timing andsuccess of future acquisition opportunities. Other factors that could causeactual results to differ materially from those described in this announcementinclude the ability to continue to integrate the US and UK businesses acquiredby or merged with the Group, the failure for any reason to achieve reductions incosts or to achieve operational efficiencies, unseasonable weather impacting ondemand for electricity and gas, the behaviour of UK electricity marketparticipants on system balancing, the timing of amendments in prices to shippersin the UK gas market, the performance of National Grid Transco's pension schemesand the regulatory treatment of pension costs, the impact of the proposeddisposal by National Grid Transco of 4 of its UK gas distribution network andany adverse consequences arising from outages on or otherwise affecting energynetworks owned and/or operated by National Grid Transco. For a more detailed description of these assumptions, risks and uncertainties,together with any other risk factors, please see National Grid Transco's filingswith the United States Securities and Exchange Commission (and in particular the"Risk Factors" and "Operating and Financial Review" sections filed with its mostrecent annual report on Form 20F). Recipients are cautioned not to place unduereliance on these forward-looking statements, which speak only as of the date ofthis announcement. National Grid Transco does not undertake any obligation torelease publicly any revisions to these forward-looking statements to reflectevents or circumstances after the date of this announcement. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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