Medium Term Note Programme

National Grid Transco PLC
22 July 2003

Date: 22 July 2003



                           National Grid Transco plc

                        EURO MEDIUM TERM NOTE PROGRAMME


National Grid Transco plc announces that it has today issued EUR 500,000,000
3.75% Fixed Rate Instruments due 22 July 2008 Series No 5 Tranche No 1, as part
of its EUR 4,000,000,000 Euro Medium Term Note Programme.


Enquiries:

Andrew Kluth [phone]


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