National Grid Electricity Transmission Plc




As Agent Bank, please be advised of the following rate determined on: 17-Sep-2006

Issue               : National Grid Electricity Transmission Plc - Series 27
                      GBP 200,000,000.00 RPI-Linked Instruments Due 03 Apr 36
ISIN Number         : XS0248040544
Common Code/        : 248040544
144A ISIN
Issue Nomin     GBP : 200,000,000.00
Period              : 03-Oct-2006 to 03-Apr-2007          Payment Date 03-Apr-2007
Number of Days      : 182
Rate                : 1.70127
Denomination GBP    : 50,000.00         200,000,000.00

Amount Payable
per Denomination    : 425.32            1,701,270.00

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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