Director Shareholding

National Grid Transco PLC
30 January 2003


National Grid Transco plc (NGT)

30 January 2003

Notification of Directors' Interests

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The Trustee of the National Grid USA Incentive Thrift Plan (the 'Thrift Plan')
has today notified NGT that:

Mr R P Sergel's interest in NGT shares in the Thrift Plan was increased by
reinvestment of the January 2003 NGT interim dividend received, as follows:

9.33 Ordinary Share ADRs on 21 January 2003 at $34.36 per ADR.


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