NATIONAL GRID : Morgan Stanley gives a Buy rating

National Grid plc specializes in owning and operating electricity and gas networks. Net sales break down by activity as follows: - transmission and distribution in the United States (54.8%): electricity transmission (owned, at the end of March 2022, of 14,212 km of overhead lines, 175 km of underground cables and 399 substations), electricity distribution (111,513 km of distribution lines and 718 substations) and gas distribution (59,153 km of gas pipelines); - operation of electricity networks for transmission operators in the United Kingdom (18.6%); - electricity transmission in the United Kingdom (11%): owned 7,216 km of high-voltage network, 2,551 km of underground cables and 347 substations; - electricity and gas distribution in the United Kingdom (7.9%): electricity distribution (89,372 km of overhead lines, 137,966 km of underground cables and 189,644 transformers) and gas distribution (7,628 km of gas pipelines); - other (7.7%): telecom and interconnection activities among the various domestic electrical networks, liquefied natural gas storage activities, etc. Net sales are distributed geographically as follows: the United Kingdom (36.3%) and the United States (63.7%). As at 31 March 2022, the UK Gas Transmission business was classified as held for sale.