Director Shareholding

National Grid Transco PLC
28 January 2005


National Grid Transco plc (NGT)

28 January 2005

Notification of Directors' Interests

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

The interest of Mr M Jesanis in NGT shares in the Thrift Plan was increased by
reinvestment of the January 2005 NGT interim dividend received, as follows:

11.53 Ordinary Share ADRs on 25 January 2005 at US$47.71 per ADR.


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