SIP Operation

National Grid Transco PLC
10 January 2005


National Grid Transco plc (NGT)

Monday 10 January 2005

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 67,860 NGT ordinary shares under
the scheme has been confirmed by the Trustee, the shares having been purchased
in the market last Friday (7 January 2005), at a price of 498 pence per share,
on behalf of some 3,800 participants.

The following executive Directors of NGT are beneficiaries of the number of
shares purchased on their behalf:

Director           Shares purchased in SIP    Resulting total interest  

Steven Holliday               26                                630,165 
Roger Urwin                   26                              1,375,753 



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