Issue of Debt

National Grid Transco PLC
04 September 2003

                           National Grid Transco plc

                        EURO MEDIUM TERM NOTE PROGRAMME

National Grid Transco plc announces that it has today issued JPY 2,000,000,000
Floating Rate Instruments due 2 February 2005 Series No 7 Tranche No 1, as part
of its EUR 4,000,000,000 Euro Medium Term Note Programme.

4 September 2003

Enquiries:

Andrew Kluth [phone]


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