Director Shareholding

National Grid Transco PLC
09 October 2003


National Grid Transco plc (NGT)

9 October 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 current monthly purchase of 88,344 ordinary shares in NGT
under the scheme was today confirmed by the Trustee, the shares having been
purchased in the market today at a price of 388.75 pence per share.

The undermentioned executive directors of NGT, together with some 3,950
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                           482,449
Roger Urwin                    32                          1,096,853


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