Issue of Debt

National Grid Transco PLC
02 July 2003

                           National Grid Transco plc

                        EURO MEDIUM TERM NOTE PROGRAMME


National Grid Transco plc announces that it has today issued EUR 600,000,000 5%
Fixed Rate Instruments due 2 July 2018 Series No 4 Tranche No 1, as part of its
EUR 4,000,000,000 Euro Medium Term Note Programme.

2 July 2003


Enquiries:

Andrew Kluth [phone]


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