Medium Term Note Programme

National Grid Transco PLC
10 August 2004

                           National Grid Transco plc

                        EURO MEDIUM TERM NOTE PROGRAMME


National Grid Transco plc announces that it has today issued JPY 1,500,000,000
0.15% Fixed Rate Instruments due 10 August 2005 Series No 12 Tranche No 1, as
part of its EUR 6,000,000,000 Euro Medium Term Note Programme.

10 August 2004



Enquiries:

Andrew Kluth [phone]



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