ESOP Operation

National Grid Transco PLC
30 September 2003


30 September 2003

National Grid Transco plc (NGT)

------------------------------------------------------------------------------

National Grid 1996 EMPLOYEE BENEFIT TRUST (ESOP)

(Notification of Directors' Interests, Pursuant to Section 324(2)

of the Companies Act 1985)

------------------------------------------------------------------------------

NGT has received a further notification from the ESOP Trustee; that certain
Executive Directors of NGT (E Astle, S Holliday, R Urwin and N Winser) ceased to
be technically interested in 9,792 NGT Ordinary shares, by virtue of the Trustee
having transferred the shares to a participant yesterday.

(Note: For Companies Act purposes, these Executive Directors of NGT are deemed
to have a technical interest in all the shares held by the 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 7004 3226)



                      This information is provided by RNS
            The company news service from the London Stock Exchange