ESOP Operation

National Grid Group PLC
2 July 2002



National Grid Group plc (National Grid)

2 July 2002

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National Grid 1996 EMPLOYEE BENEFIT TRUST (ESOP)

(Notification Of Directors' Interests, Pursuant to Section 324(2) of the
Companies Act 1985)

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National Grid today received a further notification from the ESOP Trustee; that
certain Executive Directors of National Grid (E M Astle, S J Box, S J Holliday,
R P Sergel and R J Urwin) ceased to be technically interested in 15,870 NGG
Ordinary shares on Friday 28 June 2002, by virtue of the Trustee having
transferred the shares to participants.

(Note: For Companies Act purposes, these Executive Directors of National Grid
are deemed to have a technical interest in all 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)



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