SIP Operation

National Grid Transco PLC
07 June 2005




National Grid Transco plc (NGT)

7 June 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 59,810 NGT ordinary shares under
the scheme was confirmed by the Trustee, the shares having been purchased in the
market today, at a price of 545 pence per share, on behalf of some 3,700
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                       630,285

Roger Urwin                            23                     1,375,873

                                       

                                                                       


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