Director Shareholding

National Grid Transco PLC
11 September 2003




National Grid Transco plc (NGT)

11 September 2003

NGT SHARE INCENTIVE PLAN (the 'SIP')

(Notification of Directors' Interests pursuant to Section 324(2)

of the Companies Act 1985)

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Under the SIP scheme, operated through Towers Perrin Share Plan Services Limited
employees are able to subscribe for NGT ordinary shares by regular monthly
contributions. The first monthly purchase of 85,961 ordinary shares under the
scheme were today confirmed by the Trustee, having been purchased in the market
on 10 September 2003 at a price of 380.5 pence per share.

The undermentioned executive directors of NGT, together with some 3,790
employees, are potential beneficiaries and are therefore deemed to be interested
in those ordinary shares.

The following Directors of NGT participated:


Director                         Shares purchased in SIP      Resulting total interest
Steven Holliday                            32                           482,417
Roger Urwin                                32                         1,096,821






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