Deferred Shares Cancelled

National Grid PLC
09 January 2006



This RNS replaces the version sent as RNS 6679W at 16.30 on 9th January 2006
(date of Circular to Shareholders corrected as dated 6 June 2005)



9th January 2006



National Grid plc ('NG.')



Cancellation of NG Deferred Shares:




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National Grid today announced that, in accordance with rights set out in its
articles, all outstanding Deferred Shares created as part of its recent £2bn
return of cash have been cancelled.



Information relating to such cancellation, and potential tax consequences, is
detailed in the Circular to Shareholders dated 6 June 2005, available on the
Company's website (www.nationalgrid.com).




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