Director Shareholding

National Grid Group PLC
1 August 2001


National Grid Group plc (National Grid)

National Grid 1996 EMPLOYEE BENEFIT TRUST (ESOP)
(Notification of Directors' Interests pursuant to Section
324(2) of the Companies Act 1985)


National Grid yesterday received a further notification
from the ESOP Trustee; that each of the Executive Directors
of National Grid (S J Box, S J Holliday, R P Sergel and R J
Urwin) had ceased to be technically interested in 2,955 NGG
Ordinary shares on 30 July 2001, by virtue of the Trustee
having transferred the shares to Mr Stephen Box, 
a participating Director, under the terms of the National Grid
Share Matching Scheme.

The transfer of 2,955 shares also involved the sale of 1,187
of those shares on 30 July 2001 by the Trustee on Mr Stephen Box's 
behalf, at a price of 475.6p per share.

The total share interests of Mr Stephen Box following this
change are 457,610.

(Note: For Companies Act purposes, the Executive Directors
of National Grid are deemed to have a technical interest in the
shares held by National Grid's ESOP, together with all
participating employees. The interest ceases when shares are
transferred to participants by the exercise of executive
share options or under another employees' share scheme.)

Contact: D C Forward, Assistant Secretary (020 7312 5860)