Director Shareholding

National Grid Transco PLC
26 August 2003

National Grid Transco plc (NGT)

26 August 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 August 2003 NGT interim dividend received, as follows:


15.253 Ordinary Share ADRs on 20 August 2003 at US$40.93 per ADR.


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