SIP Operation

National Grid Transco PLC
08 March 2005



National Grid Transco plc (NGT)

Tuesday 8 March 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 65,844 NGT ordinary shares under
the scheme has been confirmed by the Trustee, the shares having been purchased
in the market yesterday (7 March 2005), at a price of 506 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       Resulting total 
                                         in SIP                interest

Steven Holliday                            25                   630,213
Roger Urwin                                25                 1,375,801          



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