SIP Operation

National Grid Transco PLC
09 November 2004




National Grid Transco plc (NGT)

9 November 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 67,781 NGT ordinary shares under
the scheme has been confirmed by the Trustee, the shares having been purchased
in the market yesterday, at a price of 478.75 pence per share.

The undermentioned executive directors of NGT, together with some 3,750
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                        26                       630,113


Roger Urwin                            26                     1,375,701

                                       

                                                                       


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