SIP Operation

National Grid Transco PLC
08 January 2004




National Grid Transco plc (NGT)

8 January 2004

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
as Trustee, employees may acquire NGT ordinary shares by regular monthly
contributions. The current monthly purchase of 88,373 NGT ordinary shares under
the scheme has been confirmed by the Trustee, the shares having been purchased
in the market yesterday, at a price of 397.75 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                       482,546

Roger Urwin                            32                     1,096,168

                                       

                                                                       


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