Director/PDMR Shareholding

National Grid PLC
02 August 2006

2 August 2006



National Grid plc (National Grid)



Notification of Changes in Directors' Interests

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Performance Share Plan - Lapse of Awards



Awards were made to Executive Directors under the National Grid Performance
Share Plan 2002, as follows, in the June 2003 operation of the Plan:

Director                      Date of Award                 Number of shares over which awards granted

Edward Astle                  27.6.2003                                       107,958
Steve Holliday                27.6.2003                                       115,669
Mike Jesanis                  27.6.2003                                        41,871
Steve Lucas                   27.6.2003                                       115,669
Roger Urwin                   27.6.2003                                       195,866
Nick Winser                   27.6.2003                                       92,535

These awards were subject to a performance condition which was required to be
met as a condition of release. This performance condition required TSR, measured
over a period of three years from 1 July 2003, to be at least median compared to
a comparator group of companies.

For these awards granted in 2003, this performance condition was not satisfied
at the end of the three-year performance period. As a result, the awards have
lapsed in full.

The total share interests of the above directors, following these changes, are:


Edward Astle                                                         600,447
Steve Holliday                                                       535,126
Mike Jesanis                                                         488,536
Steve Lucas                                                          547,607
Roger Urwin                                                        1,235,083
Nick Winser                                                          415,958




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