National Grid (NGG) F-3ASR Automatic shelf registration (foreign)

EXHIBIT 12.1

Statement re: Computation of ratio of earnings to fixed charges

The following tables set forth our ratio of earnings to fixed charges for the periods indicated, using financial information compiled in accordance with IFRS, as adopted by the European Union and IFRS issued by the IASB. IFRS is our primary GAAP.

	Year ended 31 March
	2015		2014		2013		2012		2011
Earnings to fixed charges		3.10		3.42		3.39		3.02		2.89

The ratio of earnings to fixed charges is computed by dividing earnings by fixed charges. Earnings represents pre-tax income from continuing operations before noncontrolling interests, income or loss from joint ventures and associates, fixed charges, amortisation of capitalised interest plus dividends received from joint ventures and associates less capitalised interest. Fixed charges includes interest expense (including amortised premiums, discounts and capitalised expenses related to indebtedness and, for IFRS, excluding amounts recognised in interest in respect of pension liabilities) plus interest portion of lease rentals and preferred stock dividends.

	Year ended 31 March
	2015			2014			2013			2012			2011
	(£ in millions)
Profit before tax from continuing operations before adjustment for non-controlling interest and income or loss from joint ventures and associates		2,582			2,720			2,693			2,552			2,617
Fixed charges (see below)		1,244			1,095			1,099			1,232			1,334
Dividends from joint ventures and associates		79			38			21			26			9
Amortisation of capitalised interest		38			35			34			30			28
Less: capitalised interest		(86	)		(148	)		(122	)		(124	)		(129	)
		3,857			3,740			3,725			3,716			3,859
Fixed charges
Interest expense, including amortisation of debt expense and similar charges		1,211			1,057			1,063			1,200			1,304
Interest portion of rental expense (33 per cent. of rentals)(1)		33			38			36			32			30
		1,244			1,095			1,099			1,232			1,334

Note:

(1) 33 per cent. is considered to be a reasonable approximation of the interest factor.