Director Shareholding

National Grid Transco PLC
25 June 2003

25 June 2003


National Grid Transco plc (NGT)

Notification of Changes in Directors' Interests
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NGT notifies the following changes to Directors' beneficial interests in NGT
Ordinary Shares, following operation of the Share Matching Plan, on Tuesday 24
June 2003.



Share Matching Plan
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Four directors have acquired additional Ordinary shares, which were purchased on
their behalf at a price of 402.75p per share.



Shares Purchased:

1. Mr E M Astle.      8,041

2. Mr S J Holliday.   8,199

3. Dr R J Urwin.      14,554

4. Mr N P Winser.     2,292


Following these purchases, each director has been granted a matching award under
the Share Matching Plan. The award is exercisable at a total exercise price of
£1, from 24 June 2006 to 24 June 2013 subject to the retention of the original
shares until the date of exercise.



Matching Awards:

1. Mr E M Astle.      13,812

2. Mr S J Holliday.   14,083

3. Dr R J Urwin.      25,000

4. Mr N P Winser.     3,937



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

1. Mr E M Astle.      442,190

2. Mr S J Holliday.   366,716

3. Dr R J Urwin.      875,923

4. Mr N P Winser      173,943




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