Director Shareholding

National Grid Transco PLC
24 December 2003


24 December 2003

National Grid Transco plc (NGT)

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Directors' Interests

(Sharesave Scheme - Grant of options)

Options were granted to eligible group employees under the Employee Sharesave
Scheme today, in the second invitation under the Scheme. The following executive
director was included; Roger Urwin having cancelled the option over 3,692 shares
granted to him by National Grid in its 2001 Sharesave grant:

NGT Ordinary shares

at option price of 317p per share


Sharesave Option              Number of             Exercise      Total interest
Granted To:                   NGT Shares              Period                 Now

Roger Urwin                   2,910            6 months from           1,096,136
                                                1 April 2007


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