LTIS dividend reinvestment

National Grid Transco PLC
27 August 2004

27 August 2004

National Grid Transco plc (NGT)

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Interests Notified by the Trustee for the Lattice Group Long Term Incentive
Scheme (the 'LTIS')

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

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NGT yesterday received a notification from Mourant & Co. Trustees, as Trustee of
the Lattice Group Employees Share Trust operated in conjunction with the LTIS.

Yesterday (26 August 2004) 6,945 shares were purchased at 452.5p for various
participants as reinvestment of their August 2004 NGT final dividend of 11.87p
per share. The following Executive Director of NGT, Steve Lucas, together with
other employees formerly with Lattice Group, have a technical interest in the
current balance of 375,753 NGT shares held by the Trustee.

(Note: For Companies Act purposes, Steve Lucas is deemed to have a technical
interest in all the shares held by the LTIS Trustee, together with all
participating employees. The interest ceases when shares are transferred to
participants by the exercise of LTIS options.)

Steve Lucas was also amongst those having their dividends reinvested on shares
held in the LTIS. His personal interest in the 2000 LTIS award changed as
follows:


  Director       Existing 2000 LTIS       Additional shares from       Revised 2000 LTIS       Total NGT Share        
                 Award                    dividend reinvestment 26     Total                   Interest after event   
                                          Aug. 2004 at 452.5p                                                         

  Steve Lucas    81,492                   2,122                        83,614                  538,895                


Contact: D C Forward, Assistant Secretary (0207 004 3226)




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