Written question asked by Kelvin Hopkins (Labour) on Tuesday, 2 March 2004, in the House of Commons. It was due for an answer on Tuesday, 9 March 2004. It was answered by Stephen Timms (Labour) on Tuesday, 9 March 2004 on behalf of the Department of Trade and Industry.

Dept of Trade and Industry

Question: To ask the Secretary of State for Trade and Industry, if she will list the shareholders of Elexon Ltd; and what assessment she has made of the board's corporate governance arrangements. - (Holding answer 8 March 2004).

Answer: Mr. Hopkins: To ask the Secretary of State for Trade and Industry if she will list the shareholders of Elexon Ltd.; and what assessment she has made of the board's corporate governance arrangements. [159091] Mr. Timms: [holding answer 8 March 2004]: Elexon Ltd. is the Balancing and Settlement Code Company (BSCCo) established under the provisions of the Balancing and Settlement Code (BSC). The BSC is given effect through Section C3 of National Grid Transco's (NGT) Transmission Licence. Elexon is a wholly owned subsidiary of National Grid Transco (NGT). However, Elexon is independently governed and has a separate Board of Directors. Elexon operates outside the commercial and operational interests and control of NGT. Shareholder control by NGT can only be exerted within the limited circumstances outlined in the BSC. Elexon's corporate governance arrangements were carefully considered and consulted on, by Ofgem and the DTI before the implementation of the New Electricity Trading Arrangements (NETA) when the BSC was designated by my right hon. Friend the Secretary of State through the authority provided in the Utilities Act 2000.

Secondary information