LTIS Operation

National Grid Transco PLC
27 January 2004



27 January 2004

National Grid Transco plc (NGT)

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Interests Notified by the Trustee for the Lattice Group Long Term Incentive
Scheme (the 'LTIS')

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

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NGT today received a notification from Mourant & Co. Trustees, as Trustee of the
Lattice Group Employees Share Trust operated in conjunction with the LTIS.

Yesterday, 26 January 2004, 11,865 shares were purchased at 394.5p for various
participants as reinvestment of their January 2004 NGT interim dividend of 7.91p
per share; in addition to the exercise, and disposal or transfer, of 14,492
shares by participants. The following Executive Director of NGT, Steve Lucas,
together with other employees formerly with Lattice Group, have a technical
interest in the remaining balance of 416,668 NGT shares held by the Trustee.

(Note: For Companies Act purposes, Steve Lucas is deemed to have a technical
interest in all the shares held by the LTIS Trustee, together with all
participating employees. The interest ceases when shares are transferred to
participants by the exercise of LTIS options.)

Steve Lucas was also amongst those having their dividends reinvested on shares
held in the LTIS. His personal interest in the 2000 LTIS award changed as
follows:


Director       Existing 2000 LTIS        Additional shares from        Revised LTIS Total    Total NGT Share        
               Award                     dividend Reinvestment                               Interest after event   
                                         26 Jan. 2004 at 394.5p 
                                                       
Steve Lucas    79,902                    1,590                         81,492                393,815    



Contact: D C Forward, Assistant Secretary (0207 004 3226)




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