Director/PDMR Shareholding

National Grid PLC
27 April 2006


27 April 2006

National Grid plc (National Grid)

Notification of Changes in Directors' Interests

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Executive Share Option Plan- Lapse of options

Options were granted to directors under the National Grid Executive Share Option
Plan as follows:

Director                         Date of Grant                   Number of shares over which
                                                                 options granted
Edward Astle                     6.9.2001                        193,952
Steven Holliday                  18.6.2001                       71,936
Mike Jesanis                     18.6.2001                       51,169
Roger Urwin                      18.6.2001                       133,214
Nick Winser                      18.6.2001                       24,156

These options were subject to a performance condition which was required to be
met as a condition of exercise. This performance condition required TSR,
measured over a period of three years beginning with the financial year in which
the option was granted, to be at least median compared to a comparator group of
companies.

For these options granted in 2001, this performance condition was not satisfied
at the end of the first three years of the performance period. It has
subsequently been retested as at 31 March 2005 and 31 March 2006, and as a
result the options have lapsed in full.



The total share interests of the above directors, following these changes, are:

1.         Mr E M Astle                              590,885
2.         Mr S J Holliday                           487,554
3.         Mr M Jesanis                              397,217
4.         Dr R J Urwin                              1,368,004
5.         Mr N P Winser                             388,426




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