Redemption of EPIC bond

National Grid Transco PLC
11 April 2003

11 April 2003

                            Redemption of EPIC Bonds

National Grid Transco plc announces that its subsidiary company, National Grid
Holdings One plc (formerly called National Grid Group plc), has today authorised
its agent to release to the holders of its 6 per cent. Mandatorily Exchangeable
Bonds due 2003 (the 'EPIC Bonds') details of the proposed procedure for
redemption of the EPIC Bonds in accordance with their terms.



Contacts


Debt Investors

Andrew Kluth        [phone]


Equity Investors

Marcy Reed          [phone]

Terry McCormick     [phone]


Media

Clive Hawkins       [phone]

Pager               [phone] (out of hours)


Citigate Dewe Rogerson     [phone]

Anthony Carlisle           [phone](m)


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