<PAGE><TABLE>
<CAPTION>
NATIONAL GRID USA COMMERCIAL PAPER
Number
Borrowing of Nominal
Effective Daily Total Maturity VALUE
Total
Date Type DEALER New/Roll Amount Days Rate
Rate Proceeds Interest Interest Date DATE
Outstanding
<S> <C> <C> <C> <C> <C>
<C> <C> <C> <C> <C> <C>
<C> <C>
Balance forward @
6/30/00
$8,100,000
1-Jul-00
2-Jul-00
3-Jul-00 CP MERRILL ROLL 8,100,000 2 7.15%
7.1528% 8,096,782.50 $1,608.75 $3,217.50 5-Jul-00 36,712
3-Jul-00 CP MERRILL NEW 15,450,000 2 7.15%
7.1528% 15,443,862.92 $3,068.54 $6,137.08 5-Jul-00
36,712 $23,550,000
4-Jul-00
5-Jul-00 CP MERRILL ROLL 23,050,000 1 6.68%
6.6812% 23,045,722.94 $4,277.06 $4,277.06 6-Jul-00
36,713 $23,050,000
6-Jul-00 CP MERRILL ROLL 16,575,000 1 6.75%
6.7513% 16,571,892.19 $3,107.81 $3,107.81 7-Jul-00
36,714 $16,575,000
7-Jul-00 CP MERRILL ROLL 13,975,000 3 6.48%
6.4835% 13,967,453.50 $2,515.50 $7,546.50 10-Jul-00
36,717 $13,975,000
8-Jul-00
9-Jul-00
10-Jul-00 CP MERRILL ROLL 1,100,000 1 6.55%
6.5512% 1,099,799.86 $200.14 $200.14 11-Jul-00 36,718
$1,100,000
11-Jul-00 CP MERRILL ROLL 1,100,000 1 6.53%
6.5312% 1,099,800.47 $199.53 $199.53 12-Jul-00 36,719
$1,100,000
11-Jul-00 CP MERRILL NEW 175,000 1 6.53%
6.5312% 174,968.26 $31.74 $31.74 12-Jul-00 36,719
$1,275,000
12-Jul-00
13-Jul-00
14-Jul-00
15-Jul-00
16-Jul-00
21-Jul-00 CP MERRILL NEW 4,050,000 3 6.49%
6.4935% 4,047,809.63 $730.13 $2,190.38 24-Jul-00
36,731 $4,050,000
22-Jul-00
23-Jul-00
24-Jul-00 CP MERRILL ROLL 1,950,000 1 6.49%
6.4912% 1,949,648.46 $351.54 $351.54 25-Jul-00 36,732
$1,950,000
25-Jul-00 CP MERRILL ROLL 1,950,000 1 6.55%
6.5512% 1,949,645.21 $354.79 $354.79 26-Jul-00 36,733
$1,950,000
26-Jul-00 CP MERRILL ROLL 1,150,000 1 6.58%
6.5812% 1,149,789.81 $210.19 $210.19 27-Jul-00 36,734
$1,150,000
27-Jul-00 CP MERRILL NEW 0 #DIV/0! 0.00
$0.00 $0.00 27-Jul-00 36,734 $0
28-Jul-00 CP MERRILL NEW 3,050,000 3 6.55%
6.5536% 3,048,335.21 $554.93 $1,664.79 31-Jul-00
36,738 $3,050,000
29-Jul-00
30-Jul-00
31-Jul-00 CP MERRILL ROLL 3,050,000 1 6.70%
6.7012% 3,049,432.36 $567.64 $567.64 1-Aug-00 36,739
31-Jul-00 CP MERRILL NEW 16,900,000 1 6.70%
6.7012% 16,896,854.72 $3,145.28 $3,145.28 1-Aug-00
36,739 $19,950,000
1-Aug-00 CP MERRILL ROLL 19,950,000 1 6.60%
6.6012% 19,946,342.50 $3,657.50 $3,657.50 2-Aug-00
36,740
<PAGE>
1-Aug-00 CP MERRILL NEW 3,175,000 1 6.60%
6.6012% 3,174,417.92 $582.08 $582.08 2-Aug-00 36,740
$23,125,000
2-Aug-00 CP MERRILL ROLL 16,225,000 1 6.53%
6.5312% 16,222,056.97 $2,943.03 $2,943.03 3-Aug-00
36,741 $16,225,000
3-Aug-00 CP MERRILL ROLL 14,625,000 1 6.48%
6.4812% 14,622,367.50 $2,632.50 $2,632.50 4-Aug-00
36,742 $14,625,000
4-Aug-00 CP MERRILL ROLL 14,625,000 3 6.45%
6.4535% 14,617,139.06 $2,620.31 $7,860.94 7-Aug-00
36,745
4-Aug-00 CP MERRILL NEW 17,500,000 3 6.45%
6.4535% 17,490,593.75 $3,135.42 $9,406.25 7-Aug-00
36,745 $32,125,000
5-Aug-00
6-Aug-00
7-Aug-00 CP MERRILL ROLL 22,125,000 2 0.0648
6.4823% 22,117,035.00 $3,982.50 $7,965.00 9-Aug-00
36,747
7-Aug-00 CP MERRILL ROLL 10,000,000 1 6.48%
6.4812% 9,998,200.00 $1,800.00 $1,800.00 8-Aug-00
36,746
7-Aug-00 CP MERRILL ROLL 2,700,000 2 6.48%
6.4823% 2,699,028.00 $486.00 $972.00 9-Aug-00 36,747
$34,825,000
8-Aug-00 CP MERRILL ROLL 0 #DIV/0!
0.00 $0.00 $0.00 8-Aug-00 36,746 $24,825,000
9-Aug-00 CP MERRILL ROLL 16,825,000 1 6.53%
6.5312% 16,821,948.13 $3,051.87 $3,051.87 10-Aug-00
36,748 $16,825,000
10-Aug-00 CP MERRILL ROLL 8,375,000 1 6.53%
6.5312% 8,373,480.87 $1,519.13 $1,519.13 11-Aug-00
36,749 $8,375,000
11-Aug-00 CP MERRILL ROLL 4,975,000 3 6.48%
6.4835% 4,972,313.50 $895.50 $2,686.50 14-Aug-00
36,752 $4,975,000
12-Aug-00
13-Aug-00
14-Aug-00 CP MERRILL ROLL 4,975,000 1 6.58%
6.5812% 4,974,090.68 $909.32 $909.32 15-Aug-00 36,753
14-Aug-00 CP MERRILL NEW 10,350,000 1 6.58%
6.5812% 10,348,108.25 $1,891.75 $1,891.75 15-Aug-00
36,753 $15,325,000
15-Aug-00 CP MERRILL ROLL 3,625,000 1 6.73%
6.7313% 3,624,322.33 $677.67 $677.67 16-Aug-00 36,754
$3,625,000
16-Aug-00 CP MERRILL ROLL 0 #DIV/0! 0.00
$0.00 $0.00 16-Aug-00 36,754 $0
17-Aug-00 CP MERRILL ROLL 0 #DIV/0! 0.00
$0.00 $0.00 17-Aug-00 36,755 $0
18-Aug-00 CP MERRILL ROLL 0 #DIV/0! 0.00
$0.00 $0.00 18-Aug-00 36,756 $0
19-Aug-00
20-Aug-00
21-Aug-00 CP MERRILL ROLL 9,550,000 1 6.52%
6.5212% 9,548,270.39 $1,729.61 $1,729.61 22-Aug-00
36,760 $9,550,000
22-Aug-00 CP MERRILL ROLL 1,950,000 1 6.48%
6.4812% 1,949,649.00 $351.00 $351.00 23-Aug-00 36,761
$1,950,000
23-Aug-00 CP MERRILL ROLL 0 #DIV/0! 0.00
$0.00 $0.00 23-Aug-00 36,761 $0
24-Aug-00 CP MERRILL ROLL 0 #DIV/0! 0.00
$0.00 $0.00 24-Aug-00 36,762 $0
25-Aug-00 CP MERRILL ROLL 0 #DIV/0! 0.00
$0.00 $0.00 25-Aug-00 36,763 $0
26-Aug-00
27-Aug-00
28-Aug-00 CP MERRILL ROLL 0
29-Aug-00 CP MERRILL ROLL 0
30-Aug-00 CP MERRILL ROLL 0
31-Aug-00 CP MERRILL ROLL 0
1-Sep-00 CP MERRILL NEW 1,825,000 4 6.58%
6.5848% 1,823,665.72 $333.57 $1,334.28 5-Sep-00 36,774
$1,825,000
2-Sep-00
3-Sep-00
4-Sep-00
5-Sep-00 CP MERRILL ROLL 1,825,000 1 6.66%
6.6612% 1,824,662.38 $337.63 $337.63 6-Sep-00 36,775
5-Sep-00 CP MERRILL NEW 21,975,000 1 6.66%
6.6612% 21,970,934.63 $4,065.38 $4,065.38 6-Sep-00
36,775 $23,800,000
6-Sep-00 CP MERRILL ROLL 12,725,000 1 6.65%
6.6512% 12,722,649.41 $2,350.59 $2,350.59 7-Sep-00
36,776 $12,725,000
7-Sep-00 CP MERRILL ROLL 10,125,000 1 6.59%
6.5912% 10,123,146.56 $1,853.44 $1,853.44 8-Sep-00
36,777 $10,125,000
8-Sep-00 CP MERRILL ROLL 0 #DIV/0!
0.00 $0.00 $0.00 8-Sep-00 36,777 $0
<PAGE>
9-Sep-00
10-Sep-00
11-Sep-00 CP MERRILL ROLL 0
12-Sep-00 CP MERRILL ROLL 0
13-Sep-00 CP MERRILL ROLL 0
14-Sep-00 CP MERRILL ROLL 0
15-Sep-00 CP MERRILL ROLL 0
16-Sep-00
17-Sep-00
18-Sep-00 CP MERRILL ROLL 0
19-Sep-00 CP MERRILL ROLL 0
20-Sep-00 CP MERRILL ROLL 0
21-Sep-00 CP MERRILL ROLL 0
22-Sep-00 CP MERRILL ROLL 5,100,000 3 6.48%
6.4835% 5,097,246.00 $918.00 $2,754.00 25-Sep-00
36,794 $5,100,000
23-Sep-00
24-Sep-00
25-Sep-00 CP MERRILL ROLL 5,100,000 1 6.55%
6.5512% 5,099,072.08 $927.92 $927.92 26-Sep-00 36,795
25-Sep-00 CP MERRILL NEW 1,800,000 1 6.55%
6.5512% 1,799,672.50 $327.50 $327.50 26-Sep-00 36,795
$6,900,000
26-Sep-00 CP MERRILL ROLL 4,825,000 1 6.55%
6.5512% 4,824,122.12 $877.88 $877.88 27-Sep-00 36,796
$4,825,000
27-Sep-00 CP MERRILL ROLL 4,275,000 1 6.55%
6.5512% 4,274,222.19 $777.81 $777.81 28-Sep-00 36,797
$4,275,000
28-Sep-00 CP MERRILL ROLL 4,275,000 1 6.63%
6.6312% 4,274,212.69 $787.31 $787.31 29-Sep-00 36,798
28-Sep-00 CP MERRILL NEW 9,775,000 1 6.63%
6.6312% 9,773,199.77 $1,800.23 $1,800.23 29-Sep-00
36,798 $14,050,000
29-Sep-00 CP MERRILL ROLL 14,050,000 3 6.80%
6.8039% 14,042,038.33 $2,653.89 $7,961.67 2-Oct-00
36,801
29-Sep-00 CP MERRILL NEW 32,425,000 3 6.80%
6.8039% 32,406,625.83 $6,124.72 $18,374.17 2-Oct-00
36,801 $46,475,000
30-Sep-00
$46,475,000
</TABLE>
