The National Grid Group plc Begins Trading On The NYSE

The National Grid Group plc ("National Grid"), the largest independent transmission company in the world and one of Britain's largest companies, lists on the New York Stock Exchange today. Its shares will be traded in the form of American Depositary Receipts ("ADRs") under the ticker symbol "NGG." One ADR represents the right to receive five National Grid ordinary shares. The Bank of New York will act as the depositary bank for the National Grid ADRs. National Grid's primary listing will remain in London. Commenting on the Company's NYSE listing, National Grid Chief Executive David Jones said: "We are very pleased to join the ranks of the many prestigious companies listed on the New York Stock Exchange. Our proposed acquisition of New England Electric System ("NEES") will provide us with an excellent platform for growth in the north-eastern United States on which to build a substantial transmission and distribution business, and the listing further demonstrates our commitment to the US market." The National Grid Group National Grid owns, operates and maintains the high-voltage transmission network in England and Wales, which connects generators with major customers and regional electricity companies. It is joint owner and registered operator of Argentina's main transmission system, and is joint owner and operator of the Zambian high-voltage system which supplies electricity to the mines of the Zambian Copperbelt. National Grid created and in 1997 floated Energis, itself one of the 100 largest UK quoted companies. National Grid brought key skills to the building of Energis and was central to creating the business concept and sponsoring it through the early stages of operation. National Grid now has an economic interest of 48.3%. National Grid also owns 50% of a consortium licensed to provide inter-regional and international voice and data services in Brazil. National Grid's role is developing the network linking Brazil's major cities. On December 14, 1998, National Grid announced that, subject to obtaining the required approvals, it would acquire all the outstanding shares of NEES for approximately $3.2 billion. NEES is one of the leading electric utilities in the northeastern United States. The acquisition is expected to complete during the period November 1999 to January 2000. NEES announced on February 1, 1999 that, subject to obtaining the required approvals, NEES would acquire all the outstanding shares of Eastern Utilities Associates ("EUA") for approximately $634 million. The proposed merger between NEES and EUA will result in a company that serves more than 1.6 million electricity customers in 228 communities in Massachusetts, Rhode Island and New Hampshire.