National Grid Electricity Transmission PLC




As Agent Bank, please be advised of the following rate determined on: 19-Mar-2007

Issue               : National Grid Electricity Transmission - Series 23
                      GBP 25,000,000.00 RPI Index Linked Due 17-Oct-2035
ISIN Number         : XS0232785021
Common Code/        : 23278502
144A ISIN
Issue Nomin     GBP : 25,000,000.00
Period              : 17-Apr-2007 to 17-Oct-2007          Payment Date 17-Oct-2007
Number of Days      : 183
Rate                : 2.1369419
Denomination GBP    : 50,000.00

Amount Payable
per Denomination    : 537.17

JPMorgan Chase Bank
Rate Fix Desk                           Telephone  44 (0) 1202 32 8226
Institutional Trust Services            Facsimille 44 (0) 1202 34 7939
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