Issue of Debt

National Grid Transco PLC
28 November 2003

                           National Grid Transco plc

                        EURO MEDIUM TERM NOTE PROGRAMME


National Grid Transco plc announces that it has today issued JPY 1,000,000,000
Floating Rate Instruments due 11 May 2005 Series No 9 Tranche No 1, as part of
its EUR 4,000,000,000 Euro Medium Term Note Programme.

28 November 2003


Enquiries:

Andrew Kluth [phone]


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