NEES 2nd Quarter Earnings

NATIONAL GRID GROUP PLC
21 July 1999

 
THE NATIONAL GRID GROUP plc (NGG)
 
NEES ANNOUNCES EARNINGS FOR SECOND QUARTER ENDING 30 JUNE 1999
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New England Electric System ('NEES') yesterday announced earnings
for the second quarter to 30 June 1999. Copies of their
announcement are available from The National Grid Group
('National Grid') Investor Relations on [phone].
 
National Grid and NEES announced on 14 December 1998 the signing
of a merger Agreement under which National Grid will acquire all
of the outstanding shares of NEES.
 
The merger has already been approved by the Federal Energy
Regulatory Commission ('FERC'), by the Vermont Public Service
Board and the Connecticut Department of Public Utility Control
and the Massachusetts Department of Telecommunications and Energy
has certified to the Securities and Exchange Commission ('SEC')
that the merger would not interfere with its authority or ability
to protect customers of NEES subsidiaries Massachusetts Electric
Company and Nantucket Electric Company. Competition clearances
have been obtained under Exon Florio and in respect of
Hart-Scott-Rodino in the US; and from the OFT in the UK. Filings
for all regulatory and other consents and approvals in the US and
the UK have been submitted. Approval for the acquisition has also
been granted by National Grid and NEES shareholders.