Issue of Debt

National Grid Transco PLC
13 July 2004

                           National Grid Transco plc

                        EURO MEDIUM TERM NOTE PROGRAMME


National Grid Transco plc announces that it has today issued a EURO 500,000,000
Floating Rate Instrument due 16 January 2006 Series No 10, as part of the
National Grid Transco plc EUR 6,000,000,000 Euro Medium Term Note Programme.


13 July 2004

Contact: Andrew Kluth (Tel: [phone])


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