LTIS Operation

National Grid Transco PLC
18 November 2004



18 November 2004


National Grid Transco plc ('NGT')

Directors' Interests

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

NGT today received a notification from Mourant & Co. Trustees Limited, as
Trustee of the Lattice Group Employees Share Trust operated in conjunction with
the LTIS, in respect of awards which were rolled over on the merger of National
Grid and Lattice Group in October 2002.


2000 LTIS

Steve Lucas agreed to roll over his award and following the merger the award was
over 79,902 NGT shares. Following subsequent dividend reinvestments by the
Trustee within the final one year retention period under the Scheme, which ended
on 3 November 2004, the total holding rose to 83,614 NGT shares. After the
Trustee disposed of 34,351 shares in the market yesterday at 461.8p to meet the
statutory deductions due for payment, a balance of 49,263 shares have been
transferred directly to Steve Lucas.



2001 LTIS

Steve Lucas agreed to roll over his award and following the merger the award was
over 96,589 NGT shares. Following the end of the three year performance period,
the shares vested in full on 2 November. The shares are retained by the Trustee
for a further year, until release from 2 November 2005, during which period they
qualify for dividend reinvestment.

Following these events, Steve Lucas is interested a total of 504,544 NGT shares.

In addition, following the exercise, and disposal or transfer, of a further
1,668 shares by participants on 18 November 2004, Steve Lucas, together with
other employees formerly with Lattice Group, have a technical interest in the
remaining balance of 289,300 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.)

Contact: D C Forward, Assistant Secretary (020 7004 3226)


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