<PAGE><TABLE>
<CAPTION>
NATIONAL GRID USA COMMERCIAL PAPER
Borrowing Number Nominal Effective
Daily Total Total
Date Type DEALER New/Roll Amount of Days Rate
Rate Proceeds Interest Interest Outstanding
<S> <C> <C> <C> <C> <C> <C> <C> <C>
<C> <C> <C>
Balance Forward @3/31/00 $0
1-Apr-00
2-Apr-00
3-Apr-00 $0
4-Apr-00
5-Apr-00
6-Apr-00
7-Apr-00
8-Apr-00
9-Apr-00
10-Apr-00
11-Apr-00
12-Apr-00
13-Apr-00
14-Apr-00
15-Apr-00
16-Apr-00
17-Apr-00
18-Apr-00
19-Apr-00
20-Apr-00
21-Apr-00
22-Apr-00
23-Apr-00
24-Apr-00
25-Apr-00
26-Apr-00
27-Apr-00
28-Apr-00
29-Apr-00
30-Apr-00
1-May-00
2-May-00
3-May-00
4-May-00
<PAGE>5-May-00
6-May-00
7-May-00
8-May-00
9-May-00
10-May-00
11-May-00
12-May-00
13-May-00
14-May-00
15-May-00
16-May-00
17-May-00
18-May-00
19-May-00
20-May-00
21-May-00
22-May-00
23-May-00
24-May-00
25-May-00
26-May-00
27-May-00
28-May-00
29-May-00
30-May-00
31-May-00
1-Jun-00
2-Jun-00
3-Jun-00
4-Jun-00
5-Jun-00
6-Jun-00
7-Jun-00
8-Jun-00
9-Jun-00
10-Jun-00
11-Jun-00
12-Jun-00
13-Jun-00
14-Jun-00
15-Jun-00 CP MERRILL NEW 15,000,000 1 6.7000%
6.7012% 14,997,208.33 $2,791.67 $2,791.67
15-Jun-00 CP MERRILL NEW 31,100,000 6 6.6500%
6.6574% 31,065,530.83 $5,744.86 $34,469.17 $46,100,000
16-Jun-00 CP MERRILL ROLL 11,100,000 3 6.5000%
6.5035% 11,093,987.50 $2,004.17 $6,012.50 $42,200,000
17-Jun-00
<PAGE>18-Jun-00
19-Jun-00 $31,100,000
20-Jun-00 $31,100,000
21-Jun-00 CP MERRILL ROLL 31,100,000 1 6.5500%
6.5512% 31,094,341.53 $5,658.47 $5,658.47
21-Jun-00 CP MERRILL NEW 15,700,000 1 6.5500%
6.5512% 15,697,143.47 $2,856.53 $2,856.53 $46,800,000
22-Jun-00 CP MERRILL ROLL 31,800,000 4 6.5500%
6.5548% 31,776,856.67 $5,785.83 $23,143.33
22-Jun-00 CP MERRILL ROLL 9,800,000 1 6.5500%
6.5512% 9,798,216.94 $1,783.06 $1,783.06 $41,600,000
23-Jun-00 CP MERRILL ROLL 9,800,000 5 6.5700%
6.5760% 9,791,057.50 $1,788.50 $8,942.50
23-Jun-00 CP MERRILL NEW 6,900,000 5 6.5500%
6.5560% 6,893,722.92 $1,255.42 $6,277.08 $48,500,000
24-Jun-00
25-Jun-00
26-Jun-00 CP MERRILL ROLL 31,800,000 2 6.00%
6.0020% 31,789,400.00 $5,300.00 $10,600.00
26-Jun-00 CP MERRILL NEW 22,000,000 1 6.62%
6.6212% 21,995,954.44 $4,045.56 $4,045.56 $70,500,000
27-Jun-00 CP MERRILL ROLL 17,600,000 2 6.67%
6.6725% 17,593,478.22 $3,260.89 $6,521.78 $66,100,000
28-Jun-00 CP MERRILL ROLL 48,500,000 1 6.67%
6.6712% 48,491,014.03 $8,985.97 $8,985.97
28-Jun-00 CP MERRILL NEW 24,850,000 1 6.67%
6.6712% 24,845,395.85 $4,604.15 $4,604.15 $90,950,000
29-Jun-00 CP MERRILL ROLL 1,300,000 1 6.67%
6.6712% 1,299,759.14 $240.86 $240.86 $ 1,300,000
30-Jun-00 CP MERRILL ROLL 1,300,000 3 7.10%
7.1042% 1,299,230.83 $256.39 $769.17
30-Jun-00 CP MERRILL NEW 6,800,000 3 7.10%
7.1042% 6,795,976.67 $1,341.11 $4,023.33 $ 8,100,000
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