Pensions Surplus Case

National Grid Group PLC
4 April 2001

National Grid Group welcomes House of Lords decision on pensions case

The House of Lords has today delivered its decision on the appeal brought by
National Grid concerning its use of the surplus in the company's section of
the Electricity Supply Pension Scheme arising from the valuation in 1992. The
House of Lords found in favour of National Grid and confirmed that its use of
surplus was entirely lawful and proper. International Power (formerly National
Power) was also successful in a parallel case.

National Grid welcomed this decision. Group Chief Executive Roger Urwin said:
'We have always taken into account the interests of employees, pensioners and
the company whenever dealing with surplus. It is important to us that the
House of Lords has now confirmed that we have at all times acted in accordance
with both the letter and the spirit of the rules of our pension fund. Our
employees and pensioners receive excellent benefits from the fund.'



Contact

Investors

Jill Sherratt (National Grid) [phone] (mobile [phone])

Media

Gareth Lloyd/Dianne Owen (National Grid) [phone]

Anthony Carlisle (Citigate Dewe Rogerson) [phone]

Harold Lewis (Eversheds) [phone]

Roger Lewis (Eversheds) [phone]