Director Shareholding

National Grid Transco PLC
30 June 2003


30 June 2003

National Grid Transco plc (National Grid Transco)

Notification of Changes in Directors' Interests
_____________________________________________________________________________

National Grid Transco notifies the following changes to Directors' beneficial
interests in Ordinary Shares of the company pursuant to the National Grid
Transco Performance Share Plan and the grant of an option under the National
Grid Executive Share Option Plan on Friday 27 June 2003.

Performance Share Plan
_____________________________________________________________________________

The following directors have been granted an award of shares under the
Performance Share Plan at a price of 405.25p. The extent to which awards will
vest will depend upon the company's ranking in the comparator group measured on
1 July 2006. The award is exercisable at a total exercise price of £1 from 27
June 2007.

          PSP Grant
1.      Mr E M Astle                           107,958 shares
2.      Mr S J Holliday                        115,669 shares
3.      Mr S C B Lucas                         115,669 shares
4.      Mr R P Sergel                          152,063 shares
5.      Dr R J Urwin                           195,866 shares
6.      Mr N P Winser                           92,535 shares
7.      Mr J B Wybrew                          114,127 shares


National Grid Executive Share Option Plan
_____________________________________________________________________________

Edward Astle has been granted an option under the Executive Share Option Plan
effective as of 27 June 2003, to subscribe for Ordinary shares at an exercise
price of 400.5p per share and exercisable, subject to agreed performance
criteria, during the period of seven years from 27 June 2006. There was no
payment for the grant of the option.

Options Granted:

1. Mr E M Astle      131,086

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

1.     Mr E M Astle                              681,234
2.     Mr S J Holliday                           482,385
3.     Mr S C B Lucas                            404,781
4.     Mr R P Sergel                             663,993
5.     Dr R J Urwin                            1,071,789
6.     Mr N P Winser                             266,478
7.     Mr J B Wybrew                             501,895


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