SIP Operation

National Grid Transco PLC
11 April 2005




National Grid Transco plc (NGT)

Monday 11 April 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 66,036 NGT ordinary shares under
the scheme was confirmed by the Trustee on Friday 8th April, the shares having
been purchased in the market on 7th April, at a price of 503.5 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                   25                             630,238

Roger Urwin                       25                           1,375,826



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