Result of EGM

National Grid Group PLC
7 January 2002

National Grid Shareholders approve Scheme of Arrangement

On 10 December 2001 National Grid Group plc ('National Grid') announced that
it had published a circular to its shareholders (the 'Circular') in connection
with the introduction of a new holding company for the group, New National
Grid plc ('New National Grid'), to be renamed National Grid Group plc, which
was to be effected by means of a scheme of arrangement (the 'Scheme') under
section 425 of the Companies Act 1985.

The Directors of National Grid are now pleased to announce that at today's
Court Meeting, the shareholders of National Grid duly approved the Scheme
without modification. At the subsequent EGM, also held earlier today, National
Grid shareholders duly passed all the resolutions which were proposed, as set
out in the notice of Scheme EGM dated 10 December 2001.

The Scheme is subject to final sanction by the Court and is expected to become
effective in early 2002 which is the same time as the acquisition of Niagara
Mohawk Holdings, Inc. is expected to complete.

Terms defined in the Circular have the same meanings when used in this
announcement, unless the context requires otherwise.



ENQUIRIES:


National Grid:


Investors

Marcy Reed [phone] [phone](m)

Terry McCormick [phone] [phone](m)


Media

Susan Stevens [phone] [phone](m)

Clive Hawkins [phone] [phone](m)


Citigate Dewe Rogerson: [phone]

Anthony Carlisle [phone](m)