SIP Operation

National Grid Transco PLC
08 December 2003


National Grid Transco plc (NGT)

8 December 2003

NGT SHARE INCENTIVE PLAN (the 'SIP')

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

of the Companies Act 1985)

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Under the SIP scheme, operated through Towers Perrin Share Plan Services
Limited, employees are able to subscribe for NGT ordinary shares by regular
monthly contributions. The current monthly purchase of 89,130 NGT ordinary
shares under the scheme has been confirmed by the Trustee, the shares having
been purchased in the market today, at a price of 385.5 pence per share.

The undermentioned executive directors of NGT, together with some 3,950
employees, are potential beneficiaries and are therefore deemed to be interested
in those ordinary shares.

The following Directors of NGT participated:




Director                    Shares purchased in SIP     Resulting total interest

Steven Holliday                        32                       482,514

Roger Urwin                            32                     1,096,918



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