Annual Report and Accounts

National Grid Transco PLC
15 June 2005

15th June 2005

                        NATIONAL GRID TRANSCO PLC ('NGT')
               
                         PUBLICATION OF ANNUAL REPORT,
                       NOTICE OF ANNUAL GENERAL MEETING,
           CIRCULAR TO SHAREHOLDERS REGARDING PROPOSED RETURN OF CASH
                   AND NOTICE OF EXTRAORDINARY GENERAL MEETING

NGT has issued the following documents in respect of its annual report, and its
Annual General Meeting and Extraordinary General Meeting, which will both be
held on 25 July 2005:

Annual Report and Accounts 2004/05;

Annual Review 2004/05;

Notice of Annual General Meeting 2005;

Return of Cash Election Form; and

Circular to Shareholders regarding Proposed Return of Cash and Notice of
Extraordinary General Meeting.

These documents (along with associated proxy cards) will be shortly available to
the public for inspection at the UK Listing Authority's Document Viewing
Facility which is situated at: Financial Services Authority, 25 The North
Colonnade, Canary Wharf, London E14 5HS (tel. no. [phone]).

The documents listed above are also available electronically on NGT's website:
www.ngtgroup.com.

In the United States, NGT will file a Tender Offer Statement on Schedule TO
containing the Circular, a US Supplemental Memorandum, the Election Form, the
Letter of Election and Transmittal and other related documentation with the
Securities and Exchange Commission ('SEC').  Free copies of the Schedule TO and
any documents filed therewith will be available on the SEC's website at
www.sec.gov.


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