Director Shareholding

National Grid Transco PLC
26 August 2004

National Grid Transco plc (NGT)

26 August 2004

Notification of Directors' Interests

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The Trustee of the National Grid USA Incentive Thrift Plan (the 'Thrift Plan')
notified NGT yesterday that:

The interest of Mr M Jesanis in NGT shares in the Thrift Plan was increased by
reinvestment of the August 2004 NGT final dividend received, as follows:

17.67 Ordinary Share ADRs on 24 August 2004 at US$40.54 per ADR.


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