<PAGE>Exhibit A-3
<TABLE>
National Grid Group
30 September 2000
Rule 24 Capitalisation Table
<CAPTION>
National Grid National Grid National Grid (US) National
Grid National Grid National Grid National Grid
Group plc Holdings Limited Holdings Limited (US)
Investments (Ireland) 1 Limited (Ireland) 2 Limited General
Partnership
$'m % $'m % $'m % $'m % $'m %
$'m % $'m %
<S> <C> <C> <C> <C> <C> <C> <C> <C>
<C> <C> <C> <C> <C> <C>
Common Stock
Holders' Funds 2,549.0 33.5 9,461.2 53.4 (10.2)
(0.3) (101.7) (2.5) 1,089.1 26.9 3,099.2 100.0
1,689.9 38.7
Preferred Stock
Holders' Funds - - 8.7 0.0 - - 35.5
0.9 2,960.3 73.1 - - - -
Short - term debt 3,283.6 43.1 8,251.7 46.6
4,073.8 100.3 4,120.4 101.6 - - 0.1
0.0 - -
Long - term debt 1,785.2 23.4 - - - -
- - - - - - 2,680.0 61.3
Total capitalization 7,617.8 100.0 17,721.6 100.0
4,063.6 100.0 4,054.2 100.0 4,049.4 100.0
3,099.3 100.0 4,369.9 100.0
Notes:
The above table excludes all current accounts (both payables and receivables)
relating to trading, interest and dividends
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