Quest Operation

National Grid Transco PLC
01 March 2005


National Grid Transco plc (NGT)

1 March 2005

QUALIFYING EMPLOYEE SHARE OWNERSHIP TRUST (Quest)

(Notification of Directors' Interests pursuant to Section 324(2)

of the Companies Act 1985)

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Yesterday, 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 14,517 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 (0207 004 3226).

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