SIP Operation

National Grid Transco PLC
08 July 2004


National Grid Transco plc (NGT)

8 July 2004


NGT SHARE INCENTIVE PLAN (the 'SIP')

(Notification of Directors' Interests, pursuant to Section 324(2)
of the Companies Act 1985)
----------------------------------------------------------------

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 76,328 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 427.44 pence per share.

The undermentioned executive directors of NGT, together with some 3,800
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                29                                630,006
Roger Urwin                    29                              1,375,594


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