Return of Cash - Elections

National Grid PLC
08 August 2005



                                                                   8 August 2005



This document should not be transmitted, distributed or released in or into any
jurisdiction in which such an act would constitute a violation of the relevant
laws of such jurisdiction.


                               National Grid plc
                     Return of Cash - Results of Elections

Under the Return of Cash proposal, approved by the Shareholders of National Grid
plc on 25 July 2005, Shareholders and ADR Holders were given three alternatives
in relation to their B Shares. As at the close of the Election Period, being
4.30 p.m. (London time) and 11.30 a.m. (New York City time) on 5 August 2005,
the results of elections were as follows:

•  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).

•  valid elections to continue to hold B Shares were received
   in relation to 85,336,859 B Shares (2.76 per cent. of issued B Shares).

•  valid and deemed elections to accept the Single B Share
   Dividend were received in relation to 2,162,099,630 B Shares (69.94 per 
   cent. of issued B Shares).

JPMorgan Cazenove, acting as principal, is to make today the Initial Repurchase
Offer to purchase the 843,811,272 B Shares in respect of which valid elections
have been received from Shareholders.

The Board of National Grid plc is also pleased to announce that it has declared
the Single B Share Dividend of 65 pence per B Share payable to those
Shareholders who have, or who are deemed to have, elected to receive the Single
B Share Dividend.

Settlement of the Repurchase Offer and Single B Share Dividend for Shareholders
is expected to be made on 22 August 2005 and for ADR Holders is expected to be
made on 25 August 2005.

All capitalised terms shall have the meanings given to them in the Circular to
Shareholders and the US Supplemental Memorandum, each dated 6 June 2005.

Enquiries:

National Grid plc
Investors
Alexandra Lewis                                        [phone]
David Campbell                                         [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]


Additional Information:

In the United States, National Grid plc has filed a Tender Offer Statement on
Schedule TO (the 'Schedule TO') containing the Circular to Shareholders, a US
Supplemental Memorandum, an Election Form and a Letter of Election and
Transmittal for shareholders and holders of American Depositary Receipts,
respectively, and other related documentation with the SEC. Free copies of the
Schedule TO and the other related documents filed by National Grid plc in
connection with the B Share Alternatives are available on the SEC's website at
http://www.sec.gov.


                      This information is provided by RNS
            The company news service from the London Stock Exchange