Director Shareholding

National Grid Transco PLC
27 March 2003

National Grid Transco plc (NGT)

27th March 2003


Notification of Directors' Interests

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

Mr R P Sergel's interest in NGT shares in the Thrift Plan was reduced by 23.225
ADRs, due to an adjustment made by the Trustee and effective 10th March 2003 at
a price of $30.0954 per ADR.


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