The UK National Grid [www.nationalgrid.com]is the company that moves power from the power stations into the network known as The National Grid. The electricity is then distributed to end users via the local distribution network operators (DNO’s).

[http://www.shareshop.hsbc.co.uk/shareshop/security.cgi?username=&ac=&csi=51261&record_search=1&search_phrase=ng]

A £35billion company, a member of the FTSE-100

Equity investors are getting a 4.5% yield on the investment.

With a company with such massive cash flows (selling electricity has that benefit…), it is able to issue massive amounts of debt.

[http://investors.nationalgrid.com/~/media/Images/N/National-Grid-IR/content-images/graph-debt-info-highres-new.jpg]

The total level of Debt is just over £21bn, with bonds maturing over an average of 12 years.
So few short term cash calls for debt repayment. 65% issued in US Dollars and 35% issued in UK Sterling.