SIP Operation

National Grid Transco PLC
09 February 2004




National Grid Transco plc (NGT)

9 February 2004

NGT SHARE INCENTIVE PLAN (the 'SIP')

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

of the Companies Act 1985)

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Under the SIP scheme, operated through Towers Perrin Share Plan Services Limited
as Trustee, employees may acquire NGT ordinary shares by regular monthly
contributions. The current monthly purchase of 81,412 NGT ordinary shares under
the scheme has been confirmed by the Trustee, the shares having been purchased
in the market today, at a price of 407 pence per share.

The undermentioned executive directors of NGT, together with some 3,800
employees, are potential beneficiaries and are therefore deemed to be interested
in those ordinary shares.

The following Directors of NGT participated:



Director                   Shares purchased                   Resulting total
                                 in SIP                          interest
                             

Steven Holliday                    30                             482,576

Roger Urwin                        30                           1,128,198



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