Transaction in Own Shares

National Grid PLC
14 August 2006



14 August 2006

National Grid plc
Return of Cash - Repurchase of B Shares


Under National Grid plc's Return of Cash, approved by shareholders on 25 July
2005, holders of B Shares who elected not to receive the Return of Cash
immediately could retain their B Shares for future repurchase. A further
Repurchase Offer was made by Deutsche Bank AG, via Deutsche Bank AG London
Branch, on 8 August 2006 to repurchase all outstanding B Shares for 65 pence per
B Share.

Valid elections to accept the Repurchase Offer were received in relation to
39,521,422 B Shares (46 per cent. of B Shares remaining in issue before the date
of the Repurchase Offer). Settlement of the Repurchase Offer for holders of B
Shares took place today, cheques and sales advice are being dispatched and
assured payments made through CREST.

National Grid plc has repurchased all the B Shares which Deutsche Bank AG
acquired under the Repurchase Offer for the same consideration paid by Deutsche
Bank AG, and all such B Shares will be cancelled by National Grid plc.

Following the Repurchase Offer, 45,815,437 B Shares will remain in issue.


Enquiries:

National Grid plc
Investors

Alexandra Lewis       [phone]
Richard Smith         [phone]
James Waite           [phone]

Media

Clive Hawkins         [phone]


Deutsche Bank AG is authorised under German Banking Law (competent authority:
BaFin - Federal Financial Supervising Authority) and with respect to UK
commodity derivatives business by the Financial Services Authority; regulated by
the Financial Services Authority for the conduct of UK business. Deutsche Bank
AG is acting as principal and for no one else in connection with the Repurchase
Offer and will not be responsible to anyone for providing the protections
afforded to clients of Deutsche Bank AG nor for providing advice in connection
with the Repurchase Offer.




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