Director Shareholding

National Grid Transco PLC
24 March 2005

24 March 2005

National Grid Transco plc (NGT)

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The National Grid Transco 1996 Employee Benefit Trust (the 'Trust')

(Notification of Directors' Interests, Pursuant to Section 324(2) of the
Companies Act 1985)

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NGT today received a notification from Towers Perrin Share Plan Services
(Guernsey) Limited the Trustee of the Trust which operates in conjunction with
the ESOP and Sharematch plans, that certain Executive Directors of NGT (E Astle,
S Holliday, S Lucas, R Urwin and N Winser) became technically interested in a
total of 100,000 NGT Ordinary shares, by virtue of the Trustee having acquired
the shares on 24 March 2005 by new issue at a price of 487.5p to satisfy future
exercises of options.

(Note: For Companies Act purposes, these Executive Directors of NGT are deemed
to have a technical interest in all the shares held by the Trust, together with
other beneficiaries. The interest ceases when shares are transferred to
participants by the exercise of executive share options or Sharematch options.)

Contact: H A Richardson, Company Secretarial Assistant (0207 004 3228)





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