National Grid Electricity Transmission PLC




As Agent Bank, please be advised of the following rate determined on: 17-Sep-2007

Issue               : National Grid Electricity Transmission Plc - Series 23
                      GBP 25,000,000.00 RPI Linked FRN Due 17 Oct 2035
ISIN Number         : XS0232785021
Common Code/        : 23278502
144A ISIN
Issue Nomin     GBP : 25,000,000.00
Period              : 17-Oct-2007 to 17-Apr-2008          Payment Date 17-Apr-2008
Number of Days      : 183
Rate                : 2.18113
Denomination GBP    : 50,000.00

Amount Payable
per Denomination    : 545.28

Bank of New York
Rate Fix Desk                           Telephone  44 1202 689580
Institutional Trust Services            Facsimille 44 1202 689601



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