Repurchase of .B. Shares

National Grid PLC
22 August 2005

                                                                  22 August 2005



                               National Grid plc
                    Return of Cash - Repurchase of B Shares

Under National Grid's Return of Cash, Shareholders and ADR Holders could elect
to sell B Shares at 65 pence per share, free of all dealing expenses and
commissions, pursuant to the Initial Repurchase Offer which was made by JPMorgan
Cazenove on 8 August 2005. Valid elections to accept the Initial Repurchase
Offer were received in relation to 843,811,272 B Shares (27.30 per cent. of
issued B Shares). Settlement of the Initial Repurchase Offer for Shareholders
took place today, following which National Grid has repurchased all the B Shares
which JPMorgan Cazenove acquired under the Initial Repurchase Offer for the same
consideration paid by JPMorgan Cazenove. The Bank of New York, as Tender Agent,
will make payment with respect to B Shares purchased from ADR Holders on or
around 25 August 2005. All the B Shares repurchased will be cancelled by
National Grid plc.


Enquiries:
National Grid plc
Investors

Alexandra Lewis                                           [phone]
Richard Smith                                             [phone]

Media

Clive Hawkins                                             [phone]

JPMorgan Cazenove, Broker to National Grid

Jonathan Wilcox                                           [phone]
Matthew Lawrence                                          [phone]

Citigate Dewe Rogerson, PR Advisers to National Grid

Anthony Carlisle                                          [phone]



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