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90-727: National Grid plc is a British multinational electricity and gas utility company headquartered in London, England. Its principal activities are in the United Kingdom, where it owns and operates electricity and natural gas transmission networks, and in the Northeastern United States , where as well as operating transmission networks, the company produces and supplies electricity and gas, providing both to customers in New York and Massachusetts . National Grid plc

180-620: A joint venture with the British transmission operator National Grid to construct the 260-kilometre (160 mi) 1,000 MW BritNed HVDC link between the Isle of Grain , Kent and Maasvlakte , near Rotterdam . Operations begain on 1 April 2011, and as of January 2012, electricity flow has mostly been from the Netherlands to the UK. The BritNed interconnection is seen as a vital link for

270-576: A 6-month implementation period, as well as to expand the connection capacity from 1300MW to 2625MW by January 2026. Early 2023, Tennet announced that the Dutch and German governments were discussing a potential sale of the Germany grid of Tennet for a price of €22 billion, as the Dutch government was reluctant to provide the growing investment cost for the German grid. The sale was abandoned in 2024, due to

360-533: A New York State utility. In October 2002, National Grid Group merged with Lattice Group , owner of the Transco gas distribution business (Lattice had demerged from BG Group in 2000). National Grid Group changed its name to National Grid Transco plc. It sold the telecoms business 186K Ltd. which was acquired as part of the merger with Lattice Group for a nominal £1 to Hutchison Whampoa in December 2002. In 2004,

450-766: A basis in a national ethos , being ultimate without a specific nationhood, and that this lack of an ethos appears in their ways of operating as they enter into contracts with countries that have low human rights or environmental standards . In the world economy facilitated by multinational corporations, capital will increasingly be able to play workers, communities, and nations off against one another as they demand tax, regulation and wage concessions while threatening to move. In other words, increased mobility of multinational corporations benefits capital while workers and communities lose. Some negative outcomes generated by multinational corporations include increased inequality , unemployment , and wage stagnation . Raymond Vernon presents

540-528: A break in the cable, but it eventually entered operation on the night of 6 May 2008. Connecting the Norwegian and Dutch grids at Feda and Eemshaven , the ±450 kV bipolar cable is, at 580 kilometres (360 mi), the longest undersea power line in the world. During the first two months of test operations, it generated approximately € 50 million in revenue, greatly exceeding estimates, and recovering 12% of its cost of construction. TenneT formed

630-508: A corporation invests in a country in which it is not domiciled, it is called foreign direct investment (FDI). Countries may place restrictions on direct investment; for example, China has historically required partnerships with local firms or special approval for certain types of investments by foreigners, although some of these restrictions were eased in 2019. Similarly, the United States Committee on Foreign Investment in

720-429: A free market system where there is little government interference. As a result, international wealth is maximized with free exchange of goods and services. To many economic liberals, multinational corporations are the vanguard of the liberal order. They are the embodiment par excellence of the liberal ideal of an interdependent world economy. They have taken the integration of national economies beyond trade and money to

810-490: A million troops to help, and by February 1991, Iraqi forces were expelled from Kuwait. Due to the oil boycott from Kuwait and Iran, oil prices rose and quickly recovered. Saudi Arabia once again led OPEC, and thanks to assistance in defending Kuwait, new relations emerged between the USA and OPEC. Operation "Desert Storm" brought mutual dependence among the main oil producers. OPEC continued to influence global oil prices but recognized

900-614: A number of subsidiary companies. National Grid Electricity Transmission plc (until 2005, named National Grid Company) owns and maintains the National Grid , the 275kV and 400kV electricity transmission network in England and Wales . (The electricity transmission network in Scotland is owned by ScottishPower in central and southern Scotland, and SSE plc in northern Scotland). Other subsidiaries part-own (with RTE ) and operate

990-639: A replacement sub-station in Wimbledon , to be completed in phases between 2018 and 2022, was their first tender to include a weighting on carbon. Laing O’Rourke was awarded the winning bid, having demonstrated plans to reduce carbon emissions by 23% along with a £3m cost saving. Their carbon saving proposal equated to taking 7,600 cars off the road for a year. As of 2019, National Grid United States operates 8,881 miles (14,293 km) of electricity transmission and 35,560 miles (57,230 km) of gas transmission and delivers electricity and natural gas to areas of

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1080-680: A year in infrastructure in the United States, having increased its investments into "cleaner, greener technologies" in the previous few years. Examples of projects include an offshore wind farm in Rhode Island, and a battery storage project in Nantucket, Massachusetts. Also in 2019, the company spent $ 100 million to acquire solar and wind generation from Geronimo Energy, in partnership with Washington State Investment Board. Contract negotiations with Massachusetts gas workers represented by

1170-563: A zero carbon electricity system by 2025. At the time of its announcement, National Grid was the largest energy company based in the United Kingdom to join the alliance, according to publicly available financial figures of 2018. Later in the year, the company moved ownership of its operations in the United Kingdom to Luxembourg and Hong Kong, to protect itself from Labour 's nationalisation plans. A spokesman said, "Labour's proposals for state ownership of National Grid would be highly detrimental to millions of ordinary people who either hold shares in

1260-566: A £630 million buyout of its grid operation division by the government of the United Kingdom . National Grid purchased the UK's largest (by area) electricity distribution business, Western Power Distribution , from American utility company PPL in 2021. Western Power Distribution operates the electricity distribution system within the Midlands, South West and Wales, looking after the 132, 66, 33, 11, 6.6kV and LV networks comprising substations, overhead lines and underground cables. In September 2022,

1350-410: Is often handled through international arbitration . The actions of multinational corporations are strongly supported by economic liberalism and free market system in a globalized international society. According to the economic realist view, individuals act in rational ways to maximize their self-interest and therefore, when individuals act rationally, markets are created and they function best in

1440-599: Is one of the largest investor-owned utility companies in the world; it has a primary listing on the London Stock Exchange where it is a constituent of the FTSE 100 Index , and a secondary listing in the form of its American depositary receipts on the New York Stock Exchange . Before 1990, both the generation and transmission activities in England and Wales were under the responsibility of

1530-865: Is usually a large corporation incorporated in one country that produces or sells goods or services in various countries. Two common characteristics shared by MNCs are their large size and centrally controlled worldwide activities. MNCs may gain from their global presence in a variety of ways. First of all, MNCs can benefit from the economy of scale by spreading R&D expenditures and advertising costs over their global sales, pooling global purchasing power over suppliers, and utilizing their technological and managerial experience globally with minimal additional costs. Furthermore, MNCs can use their global presence to take advantage of underpriced labor services available in certain developing countries and gain access to special R&D capabilities residing in advanced foreign countries. The problem of moral and legal constraints upon

1620-980: The British East India Company founded in 1600 and the Dutch East India Company (VOC) founded in 1602. In addition to carrying on trade between Great Britain and its colonies, the British East India Company became a quasi-government in its own right, with local government officials and its own army in India. Other examples include the Swedish Africa Company founded in 1649 and the Hudson's Bay Company founded in 1670. These early corporations engaged in international trade and exploration and set up trading posts. The Dutch government took over

1710-575: The Central Electricity Generating Board (CEGB). The present electricity market in the United Kingdom was built upon the breakup of the CEGB into four separate companies in the 1990s. Its generation (or upstream) activities were transferred to three generating companies — PowerGen , National Power , and Nuclear Electric (later British Energy , eventually EDF Energy )—and its transmission (or downstream) activities to

1800-501: The European Commission opened a formal antitrust investigation against TenneT, alleging it was deliberately bottlenecking the grid connection between Denmark and Northern Germany, preventing cheap wind and hydro power from Scandinavia from being exported to the German market. The Commission adopted a decision on 7 December 2018, imposing binding obligations on TenneT to allow at least 75% of the capacity to be utilized after

1890-747: The United Steelworkers broke down in June 2018, and the company locked out more than 1,000 employees, cutting off healthcare and pay. In November 2019, the company squabbled with New York Governor Andrew Cuomo over the company's own moratorium on new natural gas hookups. Cuomo threatened "to revoke the company’s authority to operate its gas franchise in New York City and Long Island, for failing to provide customers with reliable service," according to Utility Dive . Later, in February 2020, it

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1980-567: The 1400MW NORD.LINK cable between Norway and Germany from 2020. TenneT builds the 2 GigaWatt SuedLink, an onshore DC link between Hamburg and south Germany (near Frankfurt), but local opposition means that a timeline is unclear. Both SuedLink and NORD.LINK are on the EU "Projects of Common Interest" list, and SuedLink is supported by EU with €40 million. TenneT plans onshore AC upgrades in North Germany, connecting new wind power to some of

2070-617: The 19th century, such as the Rio Tinto company founded in 1873, which started with the purchase of sulfur and copper mines from the Spanish government. Rio Tinto, now based in London and Melbourne , Australia, has made many acquisitions and expanded globally to mine aluminum , iron ore , copper , uranium , and diamonds . European mines in South Africa began opening in the late 19th century, producing gold and other minerals for

2160-696: The 2,000 Megawatt HVDC Cross-Channel interconnector to France, and part-own (with TenneT ) the 1,000 Megawatt BritNed HVDC interconnector to the Netherlands. National Grid Electricity System Operator (ESO) operates the electricity transmission networks in England and Wales and Scotland in its role as the transmission system operator for Great Britain, working to balance supply and demand in real time, as well as coordinating markets and auctions which ensure sufficient future supply, and exploring initiatives such as demand-side response measures to reduce peaks in electricity demand. Rulings by Ofgem in 2017 required

2250-713: The Belgian Power Exchange Belpex . This granted it a right to participate in the Belgian electricity market. Since 1 January 2010, Tennet owns the German high‑voltage grid operator Transpower Stromübertragungs GmbH , formerly a part of E.ON , now renamed to Tennet TSO GmbH . The agreed value of transaction was €885 million. The company quoted several reasons for the merger, including price equalization, improved grid balancing, greater insight into grid situations, and better possibilities for sustainable development in both countries. On 1 March 2018,

2340-476: The British gas distribution sector were divested between 2017 and 2019 and now operate under the Cadent Gas brand. National Grid Property Portfolio houses all land, offices and depots used for National Grid operations that are surplus to requirements or let to third parties. National Grid has issued invitations to tender which include carbon savings as one of the weighted evaluation factors. Development of

2430-628: The ESO function to be moved to a separate subsidiary, which began trading in April 2019. In 2021, Ofgem called for the creation of a fully independent operator in view of potential conflicts of interest from NG's ownership of the transmission network, and in 2022 the UK government confirmed that a fully independent public body – the Future System Operator (FSO), covering electricity and gas – would be established. Legislative provisions enabling

2520-551: The English language. Senior officials, although mostly still Swedish, all learned English and all major internal documents were in English, the lingua franca of multinational corporations. After the war, the number of businesses having at least one foreign country operation rose drastically from a few thousand to 78,411 in 2007. Meanwhile, 74% of parent companies are located in economically advanced countries. Developing and former communist countries such as China, India, and Brazil are

2610-511: The German government lacking the required budget. In the meantime the Dutch government had provided the company a €25 billion loan. TenneT is a partner in European Market Coupling Company . In 2006, TenneT entered into construction of the 700 MW NorNed undersea HVDC submarine power cable with the Norwegian transmission operator Statnett . Commercial operation of the link was delayed by poor weather and

2700-575: The International Energy Agency (IEA), enabling states to coordinate policy, gather data, and monitor global oil reserves. In the 1970s, OPEC gradually nationalized the Seven Sisters. The Kingdom of Saudi Arabia, as the only largest world oil producer, could leverage this. However, Saudi Arabia opted for the correct approach and maintained consistent oil prices throughout the 1970s. In 1979, the "second oil shock" came from

2790-727: The National Grid Company. In 1990, the transmission activities of the CEGB were transferred to the National Grid Company plc, which was owned by the twelve regional electricity companies (RECs) through a holding company , National Grid Group plc. The company was first listed on the London Stock Exchange in December 1995. With the beginning of the new millennium, National Grid pursued mergers and international acquisitions. In March 2000, National Grid Group acquired United States companies New England Electric System and Eastern Utilities Associates. In January 2002, National Grid Group acquired Niagara Mohawk Power Corporation ,

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2880-451: The Netherlands has become a popular choice, as its company laws have fewer requirements for meetings, compensation, and audit committees, and Great Britain had advantages due to laws on withholding dividends and a double-taxation treaty with the United States. Corporations can legally engage in tax avoidance through their choice of jurisdiction but must be careful to avoid illegal tax evasion . Corporations that are broadly active across

2970-593: The North require using gas and coal powered power plants, even if the solar power is abundant in the South, and vice versa. To allow for a more robust redistribution of electricity, an almost 700 kilometer high-voltage direct current transmission line called "Suedlink" (sometimes spelled "Südlink") is planned to be built, connecting North of the country to its South. The overhead power line was originally planned to be finished in 2022. However, amid protest from local residents,

3060-554: The Northeast states of Massachusetts , New York , and Rhode Island . The business serves over 20 million customers in the three states and is headquartered in Waltham, Massachusetts , in a 300,000-square-foot (28,000 m) green facility . This subsidiary carries out its business through a number of subsidiary companies (all doing business as "National Grid"). The main ones are: As of 2019, National Grid invests over $ 3.5 billion

3150-558: The OLI framework. The other theoretical dimension of the role of multinational corporations concerns the relationship between the globalization of economic engagement and the culture of national and local responses. This has a history of self-conscious cultural management going back at least to the 60s. For example: Ernest Dichter, architect, of Exxon's international campaign, writing in the Harvard Business Review in 1963,

3240-464: The Third World colonies. That changed dramatically after 1945 as investors turned to industrialized countries and invested in manufacturing (especially high-tech electronics, chemicals, drugs, and vehicles) as well as trade. Sweden's leading manufacturing concern was SKF , a leading maker of bearings for machinery. In order to expand its international business, it decided in 1966 it needed to use

3330-636: The U.S. applies its corporate taxation "extraterritorially", which has motivated tax inversions to change the home state. By 2019, most OECD nations, with the notable exception of the U.S., had moved to territorial tax in which only revenue inside the border was taxed; however, these nations typically scrutinize foreign income with controlled foreign corporation (CFC) rules to avoid base erosion and profit shifting . In practice, even under an extraterritorial system, taxes may be deferred until remittance, with possible repatriation tax holidays , and subject to foreign tax credits . Countries generally cannot tax

3420-459: The UK gas transmission business. These transactions are subject to shareholder and regulatory approval. Separately, the company is to commence a process to sell a majority stake in its National Grid Gas distribution network. In 2022, National Grid announced plans to divest a 60% stake in its UK gas transmission and metering business to a consortium including Macquarie Asset Management and British Columbia Investment Management Corporation . The deal

3510-541: The United States sanctions against Iran ; European companies faced with the possibility of losing access to the U.S. market by trading with Iran. International investment agreements also facilitate direct investment between two countries, such as the North American Free Trade Agreement and most favored nation status. Raymond Vernon reported in 1977 that of the largest multinationals focused on manufacturing, 250 were headquartered in

3600-506: The United States scrutinizes foreign investments. In addition, corporations may be prohibited from various business transactions by international sanctions or domestic laws. For example, Chinese domestic corporations or citizens have limitations on their ability to make foreign investments outside China, in part to reduce capital outflow . Countries can impose extraterritorial sanctions on foreign corporations even for doing business with other foreign corporations, which occurred in 2019 with

3690-614: The United States as the largest consumer and guarantor of the existing oil security order. Since the Iraq War, OPEC has had only a minor influence on oil prices, but it has expanded to 11 members, accounting for about 40 percent of total global oil production, although this is a decline from nearly 50 percent in 1974. Oil has practically become a common commodity, leading to much more volatile prices. Most OPEC members are wealthy, and most remain dependent on oil revenues, which has serious consequences, such as when OPEC members were pressured by

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3780-461: The United States from 2010. The USA became the leading oil producer, creating tension with OPEC. In 2014, Saudi Arabia increased production to push new American producers out of the market, leading to lower prices. OPEC then reduced production in 2016 to raise prices, further worsening relations with the United States. By 2012, only 7% of the world's known oil reserves were in countries that allowed private international companies free rein; 65% were in

3870-629: The United States, 115 in Western Europe, 70 in Japan, and 20 in the rest of the world. The multinationals in banking numbered 20 headquartered in the United States, 13 in Europe, nine in Japan and three in Canada. Today multinationals can select from a variety of jurisdictions for various subsidiaries, but the ultimate parent company can select a single legal domicile ; The Economist suggests that

3960-766: The VOC in 1799, and during the 19th century, other governments increasingly took over private companies, most notably in British India. During the process of decolonization , the European colonial charter companies were disbanded, with the final colonial corporation, the Mozambique Company , dissolving in 1972. Mining of gold, silver, copper, and oil was a major activity early on and remains so today. International mining companies became prominent in Britain in

4050-507: The West to the post-colonial South and invest either in foreign expenditures or ostentatious economic development projects. After 1974, most of the money from OPEC members ceased as payments for goods and services or investments in Western industry. In February 1974, the first Washington Energy Conference was convened. The most significant contribution of this conference was the establishment of

4140-578: The above DC links. In 2016, TenneT suggested a 6 km artificial island in the Dutch corner of the Dogger Bank in the middle of the North Sea , connecting several GigaWatts of offshore wind farms with alternating current . Converters on the island would then transmit direct current to the countries around the North Sea in a more economic manner than if each wind farm had its own cable to

4230-438: The acquisition of New England Gas Company, a Rhode Island subsidiary of Southern Union Company . The acquisitions of the two natural gas delivery companies doubled the size of National Grid's American subsidiary, creating the second largest utility in the United States with more than 8 million customers. The acquisition of KeySpan was completed on 24 August 2007, following government and regulatory approval and endorsement by

4320-469: The behavior of multinational corporations, given that they are effectively "stateless" actors, is one of several urgent global socioeconomic problems that has emerged during the late twentieth century. Potentially, the best concept for analyzing society's governance limitations over modern corporations is the concept of "stateless corporations". Coined at least as early as 1991 in Business Week ,

4410-742: The collapse of the Shah's regime in Iran. Iran became a regional power due to oil money and American weapons. The Shah eventually abdicated and fled the country. This prompted a strike by thousands of Iranian oil workers, significantly reducing oil production in Iran. Saudi Arabia tried to cope with the crisis by increasing production, but oil prices still soared, leading to the "second oil shock." Saudi Arabia significantly reduced oil production, losing most of its revenues. In 1986, Riyadh changed course, and oil production in Saudi Arabia sharply increased, flooding

4500-654: The companies. This occurred in 1960. Prior to the 1973 oil crisis , the Seven Sisters controlled around 85 percent of the world's petroleum reserves . In the 1970s, most countries with large reserves nationalized their reserves that had been owned by major oil companies. Since then, industry dominance has shifted to the OPEC cartel and state-owned oil and gas companies, such as Saudi Aramco , Gazprom (Russia), China National Petroleum Corporation , National Iranian Oil Company , PDVSA (Venezuela), Petrobras (Brazil), and Petronas (Malaysia). A unilateral increase in oil prices

4590-438: The company or through their pension funds." The Labour Party said the "rip off" move showed the grid needed to be in public hands. In March 2021, National Grid announced it intended to purchase Western Power Distribution from PPL Corporation for £7.8 billion, and sell its Rhode Island gas and electricity network, Narragansett Electric Company, to PPL for about £2.7 billion. National Grid will also sell its majority ownership of

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4680-404: The company should be split up. In December 2016, National Grid agreed to sell a 61% stake in its gas distribution business to a consortium of Macquarie Infrastructure and Real Assets, Allianz Capital Partners , Hermes Investment Management , CIC Capital Corporation, Qatar Investment Authority , Dalmore Capital and Amber Infrastructure Limited, with a further 14% stake under negotiation. The sale

4770-487: The company was found liable for a gas explosion in Transco plc v HM Advocate and subsequently fined £15 million. In August 2004, National Grid Transco agreed to sell four of its regional gas distribution networks for a total cash consideration of £5.8 billion. NGT kept ownership of four other distribution networks, which make up almost half of Great Britain's gas distribution network. In July 2005, National Grid Transco

4860-607: The company was renamed to National Grid Electricity Distribution. National Grid formerly owned National Gas (previously National Grid Gas), which owns and operates the gas transmission system in Great Britain and gas metering operations in the UK. National Grid disposed of its final 20% holding in National Gas in July 2024, with the divestment expected to complete in the first quarter of 2025. National Grid's interests in

4950-510: The conception was theoretically clarified in 1993: that an empirical strategy for defining a stateless corporation is with analytical tools at the intersection between demographic analysis and transportation research. This intersection is known as logistics management , and it describes the importance of rapidly increasing global mobility of resources. In a long history of analysis of multinational corporations, we are some quarter-century into an era of stateless corporations—corporations that meet

5040-574: The country building it. TenneT called for feasibility studies in 2017, and signed an agreement with Energinet. The challenge of coordinating several DC links is studied by the Technical University of Denmark using the Kriegers Flak connector as an example. In Germany, most of the wind-power generation is located in the North, while most of the solar power plants are in the South. As of 2023 , cases of deficit of wind power in

5130-643: The creation of a "world customer". The idea of a global corporate village entailed the management and reconstitution of parochial attachments to one's nation. It involved not a denial of the naturalness of national attachments, but an internationalization of the way a nation defines itself. "Multinational enterprise" (MNE) is the term used by international economist and similarly defined with the multinational corporation (MNC) as an enterprise that controls and manages production establishments, known as plants located in at least two countries. The multinational enterprise (MNE) will engage in foreign direct investment (FDI) as

5220-602: The creation of the FSO were included in the Energy Act 2023 . In January 2024, it was announced that the body taking on the system operator functions was to be a "new, independent public corporation" named the National Energy System Operator (NESO). NESO is expected to assume responsibility as transmission system operator for Great Britain from National Grid on 1 October 2024, after the latter agreed

5310-630: The debate from a neo-liberal perspective in Storm over the Multinationals (1977). TenneT TenneT is a transmission system operator in the Netherlands and in a large part of Germany . TenneT B.V. is the national electricity transmission system operator of the Netherlands, headquartered in Arnhem . Controlled and owned by the Dutch government, it is responsible for overseeing

5400-481: The firm makes direct investments in host country plants for equity ownership and managerial control to avoid some transaction costs . Sanjaya Lall in 1974 proposed a spectrum of scholarly analysis of multinational corporations, from the political right to the left. He put the business school how-to-do-it writers at the extreme right, followed by the liberal laissez-faire economists, and the neoliberals (they remain right of center but do allow for occasional mistakes of

5490-462: The foreseeable European super grid project. A 700MW submarine power cable called COBRA (like NorNed, also from Eemshaven) to Denmark is operated with Energinet.dk from 2019, signing contracts with Siemens and Prysmian in 2016. Further 3½ GW offshore DC links are intended to provide a sea grid structure, and 6½ GW AC links are planned between Netherlands and Germany. Its subsidiary Transpower Stromübertragungs together with Statnett operates

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5580-416: The hands of state-owned companies that operated in one country and sold oil to multinationals such as BP, Shell, ExxonMobil and Chevron. Down through the 1930s, about 80% of the international investments by multinational corporations were concentrated in the primary sector, especially mining (especially oil) and agriculture (rubber, tobacco, sugar, palm oil , coffee, cocoa, and tropical fruits). Most went to

5670-576: The international oil market. Iran was unable to sell any of its oil. In August 1953, the then-prime minister was overthrown by a pro-American dictatorship led by the Shah, and in October 1954, the Iranian industry was denationalized. Worldwide oil consumption increased rapidly between 1949 and 1970, a period known as the 'golden age of oil'. This increase in consumption was caused not only by the growth of production by multinational oil companies but also by

5760-415: The internationalization of production. For the first time in history, production, marketing, and investment are being organized on a global scale rather than in terms of isolated national economies. International business is also a specialist field of academic research. Economic theories of the multinational corporation include internalization theory and the eclectic paradigm . The latter is also known as

5850-460: The largest recipients. However, 70% of foreign direct investment went into developed countries in the form of stocks and cash flows. The rise in the number of multinational companies could be due to a stable political environment that encourages cooperation, advances in technology that enable management of faraway regions, and favorable organizational development that encourages business expansion into other countries. A multinational corporation (MNC)

5940-474: The laws and regulations of both their domicile and the additional jurisdictions where they are engaged in business. In some cases, the jurisdiction can help to avoid burdensome laws, but regulatory statutes often target the "enterprise" with statutory language around "control". As of 1992 , the United States and most OECD countries have the donot legal authority to tax a domiciled parent corporation on its worldwide revenue, including subsidiaries. As of 2019 ,

6030-434: The market with cheap oil. This caused a worldwide drop in oil prices, hence the "third oil shock" or "counter-shock." However, this shock represented something much bigger—the end of OPEC's dominance and its control over oil prices. Iraqi President Saddam Hussein decided to attack Kuwait. The invasion sparked a crisis in the Middle East, prompting Saudi Arabia to request assistance from the United States. The United States sent

6120-424: The marketplace such as externalities). Moving to the left side of the line are nationalists, who prioritize national interests over corporate profits, then the "dependencia" school in Latin America that focuses on the evils of imperialism, and on the far left the Marxists. The range is so broad that scholarly consensus is hard to discern. Anti-corporate advocates criticize multinational corporations for being without

6210-535: The operation of the 380 and 220 kV high-voltage grid throughout the Netherlands and its interconnections with neighbouring countries. It is additionally responsible for the 150 kV grid in South Holland . In Germany, its subsidiary TenneT TSO GmbH is one of the four transmission system operators. Formerly named Transpower , it was taken over and renamed in 2010. As of 2006, it operates 3,286 km of lines and cables at 150 kV and above, connecting at 51 high-voltage substations . Peak demand for 2006

6300-418: The plan had to be converted to an underground power delivery system, and scheduled to be finished in 2028. It is expected to provide four gigawatts of electricity to around 10 million households. The new plan continues to be protested by residents and land owners close to the route of the line. Opponents of the power line cite damage to the environment and habitat, loss of the development opportunities for

6390-560: The price collapse in 1998–1999. The United States still maintains close relations with Saudi Arabia. In 2003, U.S. forces invaded Iraq with the aim of removing the dictatorship and gaining access to Iraqi oil reserves, giving the United States greater strategic importance from 2000 to 2008. During this period, there was a constant shortage of oil, but its consumption continued to rise, maintaining high prices and leading to concerns about "peak oil". From 2005 to 2012, there were advances in oil and gas extraction, leading to increased production in

6480-611: The realities of the needs of source materials on a worldwide basis and to produce and customize products for individual countries. One of the first multinational business organizations, the East India Company , was established in 1601. After the East India Company came the Dutch East India Company , founded on March 20, 1603, which would become the largest company in the world for nearly 200 years. The main characteristics of multinational companies are: When

6570-450: The regional system operator Transportnet Zuid-Holland . TenneT moved beyond these regulated businesses in 2004 when it entered the gas market by acquiring EnergieKeuze , an online gas and power contract exchange market. In 2005 TenneT further expanded its operations when, together with the Belgian and French TSOs Elia and RTE and the APX and Powernext power exchanges , it formed

6660-457: The shareholders of the two companies. In May 2007, National Grid formed a joint venture with the Dutch transmission operator TenneT for a 260-kilometre (160 mi) 1,000 MW BritNed DC link between the Isle of Grain in Kent and Maasvlakte , near Rotterdam . The installation of the first section of cable link started on 11 September 2009, and the entire 260 km (160 mi) cable

6750-501: The strong influence of the United States on the global oil market. In 1959, companies lowered the price of oil due to a surplus in the market. This reduction dealt a significant blow to the finances of producers. Saudi oil minister Abdullah Tariki and Venezuela’s Juan Perez Alfonso entered into a secret agreement (the Mahdi Pact), promising that if the price of oil was lowered a second time, they would take collective action against

6840-496: The world market, jobs for locals, and business and profits for companies. Cecil Rhodes (1853–1902) was one of the few businessmen in the era who became Prime Minister (of South Africa 1890–1896). His mining enterprises included the British South Africa Company and De Beers . The latter company practically controlled the global diamond market from its base in southern Africa. In 1945, the United States

6930-573: The world without a concentration in one area have been called stateless or "transnational" (although "transnational corporation" is also used synonymously with "multinational corporation" ), but as of 1992, a corporation must be legally domiciled in a particular country and engage in other countries through foreign direct investment and the creation of foreign subsidiaries. Geographic diversification can be measured across various domains, including ownership and control, workforce, sales, and regulation and taxation. Multinational corporations may be subject to

7020-503: The worldwide revenue of a foreign subsidiary, and taxation is complicated by transfer pricing arrangements with parent corporations. For small corporations, registering a foreign subsidiary can be expensive and complex, involving fees, signatures, and forms; a professional employer organization (PEO) is sometimes advertised as a cheaper and simpler alternative, but not all jurisdictions have laws accepting these types of arrangements. Disputes between corporations in different nations

7110-602: Was 14,846 MW. The sole shareholder is the Dutch Ministry of Finance . TenneT was formed in 1998 when the Dutch electricity industry was liberalised, and was incorporated as a business in 2001 with the passing of the Electricity Production Sector Transition Act. Its statutory tasks included management of the national transmission grid and maintaining the balance between electrical supply and demand. In 2003, it acquired

7200-534: Was accused of manipulating energy efficiency programs and overcharging residents of Rhode Island by approximately US$ 2.2 million. Multinational corporation Most of the current largest and most influential companies are publicly traded multinational corporations, including Forbes Global 2000 companies. The history of multinational corporations began with the history of colonialism . The first multi-national corporations were founded to set up colonial "factories" or port cities. The two main examples were

7290-489: Was completed in October 2010. The interconnection became operational on 1 April 2011, and by January 2012, electricity flow had mostly been from the Netherlands to the United Kingdom. The BritNed interconnection would serve as a vital link for the foreseeable European super grid project. In the spring of 2011, National Grid sold off its services in New Hampshire , after their request to increase gas and electric rates

7380-447: Was completed on 31 January 2023, forming a new entity named National Gas. The deal was worth around £2.2 billion for National Grid. In July 2023, it was announced that Macquarie acquired a further 20% stake in National Gas, taking its holding to 80%, in a deal worth a further £700 million. The Macquarie-led consortium has the option to buy the final 20% of the company on comparable terms between May and July next year. National Grid plc has

7470-561: Was completed on 31 March 2017, following clearance by the European Commission , and the resulting company was named Cadent Gas . National Grid disposed of its remaining 39% holding in Cadent Gas in June 2019. In July 2019, National Grid's Electricity System Operator arm, separately from its Electricity Transmission arm, announced its intent to join the Powering Past Coal Alliance , furthering its goal of becoming

7560-627: Was denied. In November 2015, it was announced that Steve Holliday , the CEO for ten years, would leave in March 2016 and that John Pettigrew , its executive director who joined National Grid twenty five years earlier, would succeed him. In June 2016, the Energy Select Committee argued that the company faced too many conflicts of interest, particularly with regard to its ownership of international interconnectors. The committee proposed that

7650-460: Was discovered that the company was constructing a new natural gas transmission line in Brooklyn from Brownsville to Greenpoint. Local activists have pushed back on the project questioning its necessity, safety, additional cost to customers and noting how it will work against the recently enacted New York State Climate Leadership and Community Protection Act. In the years 2012 to 2020, National Grid

7740-438: Was enabled by multinational corporations known as the 'Seven Sisters'. The "Seven Sisters" was a common term for the seven multinational companies that dominated the global petroleum industry from the mid-1940s to the mid-1970s. The nationalization of the Iranian oil industry in 1951 by Iranian Prime Minister Mohammad Mosaddegh and the subsequent boycott of Iranian oil by all companies had dramatic consequences for Iran and

7830-448: Was fully aware that the means to overcoming cultural resistance depended on an "understanding" of the countries in which a corporation operated. He observed that companies with "foresight to capitalize on international opportunities" must recognize that " cultural anthropology will be an important tool for competitive marketing". However, the projected outcome of this was not the assimilation of international firms into national cultures, but

7920-546: Was labeled as "the largest nonviolent transfer of wealth in human history." The OPEC sought immediate discussions regarding participation in national oil industries. Companies were not inclined to object as the price hike benefited both them and OPEC members. In 1980, the Seven Sisters were entirely displaced and replaced by national oil companies (NOCs). The rise in oil prices burdened developing countries with balance of payments deficits, leading to an energy crisis. OPEC members had to abandon their plan of redistributing wealth from

8010-430: Was renamed National Grid plc. On 26 July 2005, National Grid Company was renamed National Grid Electricity Transmission plc, and on 10 October 2005, Transco was renamed National Grid Gas plc. In February 2006, National Grid announced that it had agreed to buy KeySpan Corporation, a gas distributor and electricity producer in the United States, for $ 7.3bn (£4.1bn) in cash. Around the same time, National Grid also announced

8100-636: Was the world's largest oil producer. However, their reserves were declining due to high demand. Therefore, the United States turned to foreign oil sources, which had a significant impact on the recovery of the West after World War II. Most of the world's oil was found in Latin America and the Middle East, particularly in the Arab states of the Persian Gulf. This increase in non-American production

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