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The grounded current-carrying conductor in any two-wire circuit. Designated by a white or natural grey wire (colours may not be correct outside of USA). Not to be confused with the green grounding conductor.

The neutral is also the grounded conductor that is common to one end of each of the secondary windings of a 3-phase wye transformer, and the grounded center-tap of a 120/240V single phase distribution transformer usually used in residential applications. The neutral carries only the imbalance current between the three phases, unless a 3-phase service is supplying a non-linear load such as a phase-control dimmer system. In that case, the neutral current can exceed the maximum phase current.

Recently renamed throughout the NEC as "grounded neutral conductor".