Issue of Debt

National Grid PLC
27 July 2006

                               National Grid plc



                        EURO MEDIUM TERM NOTE PROGRAMME





National Grid plc announces that it has today issued Euro 300,000,000 Floating
Rate Instruments due 2008 Series No 39, as part of the National Grid plc and
National Grid Electricity Transmission plc EUR 12,000,000,000 Euro Medium Term
Note Programme.





27 July 2006





Contact:  Andrew Kluth (Tel: [phone])


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