Debt Repurchase

National Grid Transco PLC
07 October 2004


                                7th October 2004



                           National Grid Transco plc


National Grid Transco plc, National Grid Holdings One plc and NGG Finance plc
announce the repurchase of Euro 194.7m in aggregate of the Euro 1250 million
5.25% Guaranteed Bonds due 23 August 2006 for cancellation. Following the
repurchase, the amount of such securities outstanding is Euro 1055.3 million.

Enquires:

Andrew Kluth [phone]


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