Quest Operation

National Grid Transco PLC
02 August 2004


National Grid Transco plc (NGT)

2 August 2004


QUALIFYING EMPLOYEE SHARE OWNERSHIP TRUST (Quest)

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

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Today, each of the following NGT Executive Directors: E M Astle, S J Holliday, N
P Winser and R J Urwin, technically ceased to be interested in 2,011 NGT
Ordinary shares, by virtue of the Quest transferring the shares to employees.

(Note: For Companies Act purposes, the Executive Directors named above are
deemed to have a technical interest in the shares held in NGT's Quest, together
with all participating employees. The interest ceases when shares are
transferred to participants who exercise their Sharesave scheme options.)

Contact: D C Forward, Assistant Secretary (020 7004 3226).


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