Doc re. Return of Cash - Pros

National Grid PLC
27 July 2005


                                                                    27 July 2005
                               National Grid plc
                     Return of Cash - Filing of Prospectus

Following the announcement of details of the Return of Cash on 6 June 2005,
National Grid plc announces that it has today filed a prospectus in connection
with the proposed listing of B Shares with the Financial Services Authority in
accordance with the Prospectus Rules.

Two copies of the Prospectus have been submitted to the Financial Services
Authority and will be available for inspection at the Financial Services
Authority's Document Viewing Facility which is situated at:
Financial Services Authority
25 The North Colonnade
Canary Wharf
London E14 5HS
(Tel: [phone])

Copies of the Prospectus will be available from or can be inspected at the
registered office of National Grid plc (1-3 Strand, London WC2N 5EH) and the
offices of Linklaters (One Silk Street, London EC2Y 8HQ).


Enquiries:

National Grid plc

Investors
Alexandra Lewis                          [phone]
David Campbell                           [phone]
Richard Smith                            [phone]

Media
Clive Hawkins                            [phone]

JPMorgan Cazenove, Broker to National Grid
Jonathan Wilcox                          [phone]
Matthew Lawrence                         [phone]

Citigate Dewe Rogerson, PR Advisers to National Grid
Anthony Carlisle                         [phone]


Additional Information:
In the United States, National Grid plc has filed a Tender Offer Statement on
Schedule TO (the 'Schedule TO') containing the Circular to Shareholders, a US
Supplemental Memorandum, an Election Form and a Letter of Election and
Transmittal for shareholders and holders of American Depositary Receipts,
respectively, and other related documentation with the SEC. Free copies of the
Schedule TO and the other related documents filed by National Grid plc in
connection with the B Share Alternatives are available on the SEC's website at
http://www.sec.gov.






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