Issue of Debt

National Grid PLC
20 February 2007





                               National Grid plc

                        EURO MEDIUM TERM NOTE PROGRAMME


National Grid plc announces that it has today issued Euro 450,000,000 Floating
Rate Instruments due 2008 Series No 44, as part of the National Grid plc and
National Grid Electricity Transmission plc Euro 12,000,000,000 Euro Medium Term
Note Programme.



20 February 2007



Contact

Media
Clive Hawkins        020 7004 3147

Investors
Andrew Kluth         020 7004 3365




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