Redemption of Bonds

National Grid Transco PLC
27 August 2003


National Grid Transco plc

27 August 2003


National Grid Company plc - Optional Redemption of Bonds

______________________________________________________________________________


National Grid Company plc has given notice that it will exercise its optional
right to redeem all of the outstanding 4.25 per cent. Exchangeable Bonds due
2008, effective on 29 September 2003. Full notice will be given to bondholders
on or before Friday 29 August 2003.

Contact: Malcolm Cooper, Treasury ([phone])


                      This information is provided by RNS
            The company news service from the London Stock Exchange