National Grid (NGG) F-3ASR Automatic shelf registration (foreign)

EXHIBIT 12.1

Statement re: Computation of ratio of earnings to fixed charges

     The following tables set forth our ratio of earnings to fixed charges for the periods indicated, using financial information compiled in accordance with IFRS, as adopted by the European Union and IFRS issued by the IASB. IFRS is our primary GAAP.

	Year ended March 31,
	2009		2008		2007		2006		2005
Earnings to fixed charges		1.89		2.73		2.49		2.91		2.62

     The ratio of earnings to fixed charges is computed by dividing earnings by fixed charges. Earnings represents pre-tax income from continuing operations before minority interests, income or loss from joint ventures and associates, fixed charges, amortization of capitalized interest plus dividends received from joint ventures and associates less capitalized interest. Fixed charges includes interest expense (including amortized premiums, discounts and capitalized expenses related to indebtedness and, for IFRS, excluding amounts recognized in interest in respect of pension liabilities) plus interest portion of lease rentals and preferred stock dividends.

	Year ended March 31,
	2009			2008			2007			2006			2005
	(£ in millions)
Profit before tax from continuing operations before adjustment for minority interest or income or loss from joint ventures and associates		1,389			2,178			1,748			1,776			1,436
Fixed charges (see below)		1,441			1,200			1,137			910			862
Dividends from joint ventures and associates		—			—			—			2			5
Amortization of capitalized interest		25			22			17			19			15
Less: capitalized interest		(133	)		(119	)		(70	)		(60	)		(63	)
		2,722			3,281			2,833			2,647			2,255
Fixed charges
Interest expense, including amortization of debt expense and similar charges		1,414			1,179			1,109			870			834
Interest portion of rental expense (33% of rentals) (1)		27			21			28			40			28
		1,441			1,200			1,137			910			862

(1) 33% is considered to be a reasonable approximation of the interest factor.