Quest Operation

National Grid Transco PLC
20 September 2004



National Grid Transco plc (NGT)

20 September 2004

QUALIFYING EMPLOYEE SHARE OWNERSHIP TRUST (Quest)

(Notification of Directors' Interests pursuant to Section 324(2)

of the Companies Act 1985)

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Today, each of the following NGT Executive Directors: E M Astle, S J Holliday, N
P Winser and R J Urwin, technically ceased to be interested in 172,055 NGT
Ordinary shares, by virtue of the Quest transferring the shares to employees.

(Note: For Companies Act purposes, the Executive Directors named above are
deemed to have a technical interest in the shares held in NGT's Quest, together
with all participating employees. The interest ceases when shares are
transferred to participants who exercise their Sharesave scheme options.)

One of NGT's Directors, Mr N P Winser, was a participant to whom shares were
transferred from the Quest on exercising his Sharesave scheme option for 5,007
shares, granted in 1999, on its five year maturity.

His total personal interest is unchanged.



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


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