SIP Operation

National Grid Transco PLC
08 February 2005



National Grid Transco plc (NGT)

Tuesday 8 February 2005



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 61,041 NGT ordinary shares under
the scheme has been confirmed by the Trustee, the shares having been purchased
in the market yesterday (7 February 2005), at a price of 528 pence per share, on
behalf of some 3,800 participants.



The following executive Directors of NGT are beneficiaries of the number of
shares purchased on their behalf:


Director                 Shares purchased in SIP        Resulting total interest
Steven Holliday                    23                            630,188
Roger Urwin                        23                          1,375,776




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