National Grid Transco plc announces that its subsidiary company, National Grid Holdings One plc (formerly called National Grid Group plc), has today authorised its agent to release to the holders of its 6 per cent. Mandatorily Exchangeable Bonds due 2003 (the "EPIC Bonds") details of the proposed procedure for redemption of the EPIC Bonds in accordance with their terms.

Contacts

Debt Investors
Andrew Kluth +44 (0)20 7004 3365

Equity Investors
Marcy Reed +44 (0)20 7004 3170
Terry McCormick +44 (0)20 7004 3171

Media
Clive Hawkins +44 (0)20 7004 3147
Pager +44 (0)7659 117841 (out of hours)

Citigate Dewe Rogerson +44 (0)20 7638 9571
Anthony Carlisle +44 (0)7973 611888(m)