NEES Acquisition Completed

National Grid Group PLC
23 March 2000

National Grid completes NEES acquisition

The  National  Grid  Group  plc ('National  Grid')  
announces that it has completed the acquisition  of  New
England Electric System ('NEES'), valuing each NEES share
at $54.207 and the equity of NEES at $3.217 billion.

NEES,  one  of  the leading electricity transmission  and
distribution  utilities  in the Northeast  USA,  has  now
become a wholly owned subsidiary of National Grid and  is
being  renamed  National Grid USA.  The  transaction  was
originally announced on 14 December 1998 and received its
final regulatory approval last week.

Contacts

National Grid
[phone]
Jill Sherratt mobile: [phone]
Diane Boddy

Citigate Dewe Rogerson
[phone]
Anthony Carlisle mobile: [phone]
Sue Pemberton
Duncan Murray