Director Shareholding

National Grid Transco PLC
26 January 2004


National Grid Transco plc (NGT)

26 January 2004

Notification of Directors' Interests

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

Mr R P Sergel's interest in NGT shares in the Thrift Plan was increased by
reinvestment of the January 2004 NGT interim dividend received, as follows:

10.7 Ordinary Share ADRs on 21 January 2004 at US$37.57 per ADR.


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