Risks and opportunities

• Value creation

Key observations:

National Grid uses a diagram to explain how they create long-term value. This starts with a summary description of their business, overarching strategy and a description of their principal operations. It then goes on to explain their value proposition and that they are a long-term asset-based business. An explanation of how they create value for their stakeholders through revenue streams, cash flows and investment gives the reader insight into those activities.