Result of Placing of Energis Shares

National Grid Group PLC
9 February 2000


The National Grid Group plc (NGG)


NOT FOR DISTRIBUTION IN THE UNITED STATES, CANADA,
AUSTRALIA AND JAPAN

                PLACING OF ENERGIS SHARES


Further to the announcement earlier today, The National
Grid Group plc ('National Grid') announces the successful
completion of the placing ('Placing') of 30,000,000
shares of Energis plc ('Energis Shares') following an
accelerated bookbuilt offering.  The Placing comprised a
base deal of 27,000,000 Energis Shares and an over-
allotment option ('greenshoe') of 3,000,000 Energis
Shares.  The Energis Shares were placed with a wide range
of institutional investors at a price of 3380 pence per
Energis Share. Assuming full exercise of the greenshoe,
the gross aggregate consideration is approximately £1.0
billion.

The net proceeds from the Placing will be used for
general corporate purposes, including a share buy-back
programme of up to £400 million, which National Grid
announced today. These transactions are expected to
enhance earnings per share by just over 10%.

Following completion of the Placing, assuming full
exercise of the greenshoe, National Grid will retain an
economic interest representing approximately 36% of the
existing issued share capital of Energis.

The accelerated offering was led by ABN AMRO Rothschild,
acting as the Global Co-ordinator and Sole Bookrunner
with a syndicate comprising Cazenove & Co., Dresdner
Kleinwort Benson and HSBC Investment Banking.

Energis is a telecommunications and internet company,
focussed on the business market place, providing a full
portfolio of voice, data and internet services.  As at 31
March 1999, Energis had total consolidated shareholders'
funds of £329.0 million.  For the 12 months ended 31
March 1999, Energis reported a loss of £30.3 million.



For further details contact:

Contact

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


N M Rothschild & Sons Limited           [phone]
Nicholas Wrigley
Marc Middleton

ABN AMRO Rothschild                     [phone]
Matthew Westerman

Citigate Dewe Rogerson                  [phone]
Anthony Carlisle                        (mobile [phone])


This announcement is not an offer of securities in the
United States, Canada, Australia, Japan or any other
jurisdiction.  Securities may not be offered or sold in
the United States absent registration or an exemption
from registration.  Copies of this announcement are not
being and should not be distributed or sent in or into
the United States, Canada, Australia or Japan.

The making of the offer in, or to residents or citizens
of, certain jurisdictions ('Foreign Shareholders') may be
restricted by the laws of the relevant jurisdictions.
Foreign shareholders should inform themselves about and
observe any such applicable legal requirements in their
respective jurisdictions.