Document:

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                                                                   EXHIBIT 10(o)

                          NATIONAL GRID USA COMPANIES'

                            EXECUTIVE SEVERANCE PLAN

                                            Adopted April 1, 2000
                                            Amended and Restated March 1, 2003

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                           NATIONAL GRID USA COMPANIES
                            EXECUTIVE SEVERANCE PLAN

                                TABLE OF CONTENTS

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ARTICLE I  PREAMBLE...................................................         1

   1.1      Purpose...................................................         1

ARTICLE II  DEFINITIONS...............................................         2

   2.1      Base Pay..................................................         2

   2.2      Benefits Appeal Committee.................................         2

   2.3      Bonus Average.............................................         2

   2.4      CEO.......................................................         2

   2.5      Change in Control.........................................         2

   2.6      Code......................................................         3

   2.7      Company...................................................         3

   2.8      Eligible Executive........................................         3

   2.09     ERISA.....................................................         3

   2.10     Excise Tax................................................         3

   2.11     Executive.................................................         3

   2.12     Health Plan...............................................         3

   2.13     Incentive Compensation Plan...............................         3

   2.14     ICP.......................................................         3

   2.15     ICP I, ICP II, and ICP III................................         3

   2.16     A Major Transaction.......................................         3

   2.17     National Grid.............................................         4

   2.18     Plan Year.................................................         4

   2.19     Severance Committee.......................................         4

   2.20     Termination Date..........................................         4

   2.21     Total Compensation........................................         4

   2.22     Total Payments............................................         4
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   2.23     Undue Hardship............................................         4

ARTICLE III  ELIGIBILITY FOR BENEFITS.................................         5

   3.1      Eligibility...............................................         5

   3.2      Notification of Eligible Executives.......................         6

   3.3      Acceptance of Severance Pay...............................         6

ARTICLE IV  BENEFITS..................................................         7

   4.1      Severance Pay.............................................         7

   4.2      Healthcare................................................         7

   4.3      Insurance.................................................         8

   4.4      Outplacement..............................................         8

   4.5      Nonduplication of Benefits................................         9

ARTICLE V  PAYMENT....................................................        10

   5.1      Payment...................................................        10

   5.2      Limitation on Payments....................................        10

   5.3      Source of Payment.........................................        11

   5.4      Contributions.............................................        11

ARTICLE VI  ADMINISTRATION OF THE PLAN................................        12

   6.1      Severance Committee's Discretionary Powers and Duties.....        12

   6.2      Indemnification...........................................        13

ARTICLE VII  DENIED CLAIMS............................................        14

   7.1      Denied Claims.............................................        14

   7.2      Claims Appeal Procedure...................................        14

   7.3      Delay in Payment Pending Resolution of Claim..............        14

ARTICLE VIII  GENERAL PROVISIONS......................................        15

   8.1      Nonguarantee of Employment................................        15

   8.2      Nonalienation of Benefits.................................        15

   8.3      Governing Law.............................................        15

   8.4      Participation.............................................        15

   8.5      Separability..............................................        15

   8.6      Titles of Articles and Sections...........................        15
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   8.7      Agent for Service of Legal Procedures.....................        15

ARTICLE IX  AMENDMENT OR TERMINATION OF PLAN..........................        16

   9.1      Amendment of Plan.........................................        16

   9.2      Termination of Plan.......................................        16

   9.3      Limitation on Amendment or Termination....................        16
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                                    ARTICLE I

                                    PREAMBLE

1.1   Purpose. The purpose of this Executive Severance Plan (the Plan) is to
      provide severance benefits to participants in the National Grid USA
      Companies' Incentive Compensation Plan who do not have individual change
      in control agreements or other individual agreements which provide for
      severance payments and who are permanently released from the Company for
      reasons beyond their control. The Plan is an unfunded severance benefit
      plan which is intended to be a welfare benefit plan within the meaning of
      Section 3(I) of the Employment Retirement Income Security Act (ERISA) but
      is maintained primarily for the purpose of providing benefits for a select
      group of management or highly compensated employees. The severance
      benefits paid under the Plan are intended to assist employees in making a
      transition to new employment and are not intended to be a reward for prior
      service with the Company.

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                                   ARTICLE II

                                   DEFINITIONS

2.1   Base Pay shall mean the higher of the Executive's "annual rate" recorded
      in the Company's payroll system immediately preceding the Executive's
      Termination Date or the "annual rate" in the payroll system at any time
      during the two years prior to the Executive's Termination Date.

2.2   Benefits Appeal Committee shall mean the committee by that name
      established in accordance with the National Grid USA Companies' Final
      Average Pay Pension Plan.

2.3   Bonus Average shall mean the average plan payout percentage under National
      Grid USA Companies' Incentive Compensation Plan combined with the payout
      percentage under the National Grid USA Companies' Incentive Share Plan for
      the three completed Plan Years prior to the Termination Date, for which a
      calculation is available at the time of determination.

2.4   CEO shall mean the Chief Executive Officer of National Grid USA.

2.5   Change in Control occurs when the conditions set forth in any of the
      following sections shall have been satisfied:

      (a)   any person or persons in concert obtains Control (as defined in
            Section 840 of the United Kingdom's Income and Corporation Taxes Act
            1988) of National Grid Transco plc as a result of making a general
            offer to acquire shares in National Grid Transco plc, or having
            obtained Control, makes such an offer; or

      (b)   the consummation of the sale or disposition by National Grid Transco
            plc of all or substantially all of the assets of National Grid USA
            to a non-affiliated entity; or

      (c)   the complete liquidation, dissolution or winding up of National Grid
            Transco plc and/or of National Grid USA, or

      (d)   the acquisition by National Grid Transco plc or National Grid USA or
            their successors of all or substantially all of the assets of or
            ownership of all or substantially all of the outstanding shares of a
            U.S. electric and/or gas utility company which would increase the
            size or revenues of National Grid USA by 25% or more.

            A Change in Control shall not be deemed to have occurred if the
      events referred to above are part of an arrangement ("a Reorganisation")
      which will mean that National Grid Transco plc and/or National Grid USA
      will be under the Control of another

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      company, or the business of National Grid Transco plc is carried on by
      another company, and the persons who owned the shares in National Grid
      Transco plc immediately before the Change in Control will immediately
      afterwards own more than 50% of the shares in that other company.

2.6   Code shall mean the Internal Revenue Code, as adopted from time to time.

2.7   Company shall mean the National Grid USA company that employed the
      Executive on the day immediately prior to his/her termination provided
      said company adopted the Plan.

2.8   Eligible Executive shall mean an Executive employed by the Company as a
      regular full time or part time employee immediately prior to his/her
      termination who meets all the requirements and conditions set forth under
      the Plan and is notified of his/her eligibility in accordance with Article
      III.

2.09  ERISA shall mean the Employment Retirement Income Security Act of 1974, as
      amended.

2.10  Excise Tax shall mean any excise tax imposed under section 4999 of the
      Code.

2.11  Executive shall mean a participant in the ICP.

2.12  Health Plan shall mean the Company provided healthcare plan in which the
      Executive was enrolled immediately prior to his/her Termination Date.

2.13  Incentive Compensation Plan shall mean National Grid USA Companies'
      Incentive Compensation Plan which is comprised of two parts (a) the
      Incentive Compensation Plan or Cash Plan and (b) the Incentive Share Plan
      or Share Plan.

2.14  ICP shall mean National Grid USA Companies' Incentive Compensation Plan
      (Incentive Compensation Plan).

2.15  ICP I, ICP II, and ICP III shall have the meaning set forth in the
      Incentive Compensation Plan.

2.16  A Major Transaction shall be deemed to have occurred if the conditions set
      forth in any one of the following sections shall have been satisfied:

      (a)   any person becomes bound or entitled to acquire shares in National
            Grid Transco plc under Sections 428 to 430F of the United Kingdom's
            Companies Act 1985, or a scheme of arrangement or compromise under
            Section 425 of the United Kingdom's Companies Act 1985 is proposed
            for National Grid Transco plc, or

      (b)   National Grid Transco plc's shareholders approve the sale or
            disposition of all or substantially all of the assets of National
            Grid USA to a non-affiliated entity, or

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      (c)   National Grid Transco plc passes a resolution for voluntary winding
            up, or an order is made for the compulsory winding up of National
            Grid Transco plc and/or National Grid USA or

      (d)   The shareholders of National Grid Transco plc, approve an event the
            consummation of which would result in the occurrence of a Change in
            Control, or

      (e)   The Board adopts a resolution that, for purposes of the Incentive
            Compensation Plan, a Major Transaction has occurred.

            A Major Transaction shall not be deemed to have occurred if the
      events referred to above are part of an arrangement ("a Reorganisation")
      which will mean that National Grid Transco plc and/or National Grid USA
      will be under the Control of another company or the business of National
      Grid Transco plc is carried on by another company, and the persons who
      owned the shares in National Grid Transco plc immediately before the
      series of transactions are consummated will immediately after consummation
      own more than 50% of the shares in that other company.

2.17  National Grid shall mean National Grid USA and any affiliate, subsidiary,
      or parent company.

2.18  Plan Year shall mean a twelve month period beginning on April 1 of any
      year.

2.19  Severance Committee shall mean the committee made up of at least three
      individuals appointed by the CEO, from time to time.

2.20  Termination Date shall mean the date established by the Company as of
      which the Executive is no longer employed by the Company.

2.21  Total Compensation shall mean the sum of (a) one year's Base Pay plus (b)
      the product of one year's Base Pay times the Bonus Average.

2.22  Total Payments shall have the meaning provided in section 5.2 hereof.

2.23  Undue Hardship shall mean relocation to a position that is located more
      than 50 miles from the location where the Executive worked immediately
      prior to termination, or such other circumstances as determined by the
      Severance Committee.

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                                   ARTICLE III

                            ELIGIBILITY FOR BENEFITS

3.1   Eligibility. All regular full time or part time Executives who have been
      with the Company for six months or more who (i) do not have individual
      change in control agreements or other individual agreements which provide
      for severance payments and (ii) are permanently released from employment
      for reasons beyond their control are eligible for the benefits of the
      Plan, except for those who:

      (a)   are offered, but do not accept, a position with a National Grid
            company that is at least substantially equivalent to the position
            held by the Executive immediately prior to the offer unless
            acceptance would cause Undue Hardship;

      (b)   voluntarily leave (whether or not eligible for pension benefits),

      (c)   are transferred from one Company to another affiliated company in at
            least a substantially equivalent position regardless of whether the
            transfer would cause an undue hardship unless the transfer is part
            of a company-wide reorganization in which case, undue hardship will
            be deemed relevant;

      (d)   are offered employment by a successor of the Company or a Company
            affiliate in a position that is at least substantially equivalent to
            the position held by the Executive immediately prior to the offer
            unless such acceptance would cause Undue Hardship;

      (e)   are offered employment by a Purchaser of all or a substantial
            portion of the Company's assets or a Purchaser of all or a
            substantial portion of a Company affiliate's assets in a position
            that is at least substantially equivalent to the position held by
            the Executive immediately prior to the offer unless such acceptance
            would cause Undue Hardship.

      (f)   leave for medical reasons including disability,

      (g)   die prior to their Termination Date;

      (h)   are terminated for cause;

      (i)   take a Company approved leave of absence and fail to return to work
            from the leave of absence by the expiration date of said leave
            (except as otherwise required by law);

      (j)   receive benefits under any other National Grid severance plan; or

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      (k)   fail to return all Company property including but not limited to,
            badges, computers, phones, keys, documents and records.

3.2   Notification of Eligible Executives. Each Executive who the Company
      determines has met the eligibility criteria for benefits under the Plan
      shall be notified in writing. Such notice shall provide each Executive
      with a description of the terms of the Plan and the conditions the
      Executive must satisfy for payment of benefits.

3.3   Acceptance of Severance Pay. As a condition of acceptance of the benefits
      under the Plan, an Eligible Executive shall be required to sign an
      Agreement and Release prepared by and provided by the Company. Among other
      things, said Agreement and Release waives any claims the Eligible
      Executive or his/her representatives may have against National Grid, and
      releases them from any liability for any such claims, to the fullest
      extent permitted by law. An Eligible Executive shall be required to return
      a signed copy of said Agreement and Release to National Grid USA Service
      Company, Inc. within 21 days from the date of receipt if the severance is
      on an individual basis, or 45 days from the date of receipt if the
      severance is part of a group process. After signature, the Executive will
      have seven days to revoke the Agreement and Release. To do so the
      Executive must notify National Grid USA Service Company, Inc. in writing.
      In the event an Eligible Executive fails to sign and return said Agreement
      and Release within said 21 or 45-day period, as applicable, or revokes the
      Agreement and Release within the 7-day revocation period, the Eligible
      Executive shall still be terminated but shall be deemed to have forfeited
      any rights to benefits under the Plan and shall only be eligible for
      reduced severance pay as set forth in Section 4.1(a) of the National Grid
      USA Companies' Basic Severance Plan for Non-Union Employees.

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                                   ARTICLE IV

                                    BENEFITS

Subject to the Article V, an Eligible Executive who provides a valid Agreement
and Release in accordance with Section 3.3 above shall be entitled to the
following benefits as of the Eligible Executive's Termination Date.

4.1   Severance Pay

      (a)   An Eligible Executive in ICP I shall receive a payment equal to two
            times his or her Total Compensation.

      (b)   An Eligible Executive in ICP II or III shall receive a payment equal
            to his or her Total Compensation.

      (c)   An Eligible Executive in ICP I, II, or III shall receive a Bonus
            Award as defined in the Incentive Compensation Plan and Share Plan,
            prorated, to reflect the number of months worked during the Plan
            Year, provided however if the Executive's Termination Date occurs
            prior to the determination of the Bonus Award for said Plan Year,
            the Participant shall receive a pro-rated Bonus Award for said Plan
            Year based upon the applicable Target Payout, as defined in Section
            7.04 of the Incentive Compensation Plan.

4.2   Healthcare

      (a)   An Eligible Executive in ICP I, who was a participant in a Company
            Health Plan up until his/her Termination Date, shall receive a
            payment in an amount equal to 18 times the Employer's monthly
            contribution toward the cost of the Health Plan, grossed up to
            reflect applicable payroll withholding taxes on such payment. Said
            lump sum is intended to supplement the Eligible Executive's cost of
            COBRA coverage, but need not necessarily be used by the Eligible
            Executive for that purpose.

      (b)   An Eligible Executive in ICP II or III who was a participant in a
            Company Health Plan up until his/her Termination Date, shall receive
            a payment in an amount equal to 12 times the Employer's monthly
            contribution toward the cost of the Health Plan, grossed up to
            reflect any state or Federal income taxes on such payment. Said lump
            sum is intended to supplement the Eligible Executive's cost of COBRA
            coverage, but need not necessarily be used by the Eligible Executive
            for that purpose.

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      (c)   An Eligible Executive who was not a participant in a Company Health
            Plan up until his/her Termination Date, shall receive a lump sum
            payment equal to 1 -1/2 times the amount of his/her annual opt-out
            payment if the Eligible Executive is in ICP I and an amount equal to
            his/her annual opt-out payment if the Eligible Executive is in ICP
            II or III.

4.3   Insurance

      (a)   If an Eligible Executive in ICP I is a participant in the New
            England Electric System Companies Life Insurance Program for
            Executives I or II (Program), the Company shall provide the same
            dollar amount of life insurance in effect for an additional 18
            months, either by maintaining the policy provided under that plan,
            or by providing the Eligible Executive with a lump sum payment in an
            amount equal to eighteen months' premiums on the policy, grossed up
            for taxes. Notwithstanding the foregoing, if the Eligible
            Executive's Program agreement provides for the continuation of
            premium payments following his/her termination of employment the
            Eligible Employee shall not receive a payment under this Section 4.3
            (a).

      (b)   If an Eligible Executive in ICP II or III is a participant in the
            Program, the Company shall provide the same dollar amount of life
            insurance in effect for an additional 12 months, either by
            maintaining the policy provided under that plan, or by providing the
            Eligible Executive with a lump sum payment in an amount equal to
            twelve months' premiums on the policy, grossed up for taxes.
            Notwithstanding the foregoing, if the Eligible Executive's Program
            agreement provides for the continuation of premium payments
            following his/her termination of employment the Eligible Employee
            shall not receive a payment under this Section 4.3 (b).

4.4   Outplacement

      (a)   Outplacement services of the Company's choice shall be made
            available to an Eligible Executive in ICP I for eighteen months from
            the Eligible Executive's Termination Date.

      (b)   Outplacement services of the Company's choice shall be made
            available to an Eligible Executive in ICP II or III for twelve
            months from the Eligible Executive's Termination Date.

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4.5   Nonduplication of Benefits. To the fullest extent permitted by law, an
      Executive who receives benefits under the Plan shall not be entitled to
      any other benefits that are duplicative. An Executive who receives
      benefits under any other National Grid company severance plan, program, or
      arrangement that provides severance payments or benefits duplicative of
      benefits hereunder shall not be entitled to such benefits hereunder.
      Payments from incentive or other employee benefit plans occurring
      automatically upon a Change of Control or Major Transaction shall not be
      considered duplicative hereof.

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                                    ARTICLE V

                                     PAYMENT

5.1   Payment. Severance pay and healthcare, and/or insurance pay, if
      applicable, shall be paid to the Eligible Executive in one lump sum within
      approximately 14 days of receipt by the Company of a an irrevocable signed
      Agreement and Release unless the Executive requests and the Company
      approves, in its sole discretion, payment of all or a portion of said
      payment at a later date. Approval of a later date will be subject to the
      receipt of such further documentation as may be required by the Company,
      including a second signed Agreement and Release delivered at said later
      date. If payment at a later date has been approved, no interest or other
      earnings will be credited to said payment. Said payment shall be subject
      to all applicable Federal, state, and local withholding requirements.

5.2   Limitation on Payments. Notwithstanding any other provisions of the Plan,
      in the event that any payment or benefit received or to be received by the
      Executive under other National Grid plans in connection with a Change in
      Control or a Major Transaction, as defined therein, or the termination of
      the Executive's employment (whether pursuant to the terms of the Plan or
      any other plan, arrangement, or agreement with National Grid, any Person
      whose actions result in a Change in Control, or a Major Transaction or any
      Person affiliated with National Grid or such Person) (all such payments
      and benefits, including the payments under the Plan, being hereinafter
      called Total Payments) would be subject (in whole or part), to the Excise
      Tax, then the payments under the Plan shall be reduced to the extent
      necessary so that no portion of the Total Payments is subject to the
      Excise Tax (after taking into account any reduction in the Total Payments
      provided by reason of section 280G of the Code in such other plan,
      arrangement, or agreement) if (A) the net amount of such Total Payments,
      as so reduced, (and after deduction of the net amount of federal, state,
      and local income tax on such reduced Total Payments) is greater than (B)
      the excess of (i) the net amount of such Total Payments, without reduction
      (but after deduction of the net amount of federal, state, and local income
      tax on such Total Payments), over (ii) the amount of Excise Tax to which
      the Executive would be subject in respect of such Total Payments. For
      purposes of determining whether and the extent to which the Total Payments
      will be subject to the Excise Tax, (i) no portion of the Total Payments
      the receipt or enjoyment of which the Executive shall have effectively
      waived in writing prior to the Date of Termination shall be taken into
      account, (ii) no portion of the Total Payments shall be taken into account
      which in the opinion of tax counsel selected by the Company does not
      constitute a "parachute payment" within the meaning of section 280G(b)(2)
      of the Code, (including by reason of section 280G(b)(4)(A) of the Code)
      and, in calculating the Excise Tax, no portion of such Total Payments
      shall be taken into account which constitutes reasonable compensation for
      services actually rendered, within the meaning of section 280G(b)(4)(B) of
      the Code, in excess of the base amount allocable to such reasonable
      compensation, and (iii) the value of any noncash benefit or any deferred
      payment or benefit included in the Total Payments shall be determined by
      the Company in accordance with the principles of sections 280G(d)(3) and
      (4) of the Code.

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5.3   Source of Payment. All benefits under the Plan shall be payable solely
      from the Company's general assets which include operating revenues. The
      Company shall not be required to set aside or segregate any assets of any
      kind to meet any obligations under the Plan. All obligations of the
      Company shall be reflected by bookkeeping entries only. The rights of a
      Participant under the Plan shall be those of a general, unsecured creditor
      of the Company.

5.4   Contributions. There shall be no contributions to the Plan by Executives.

                                       11
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                                   ARTICLE VI

                           ADMINISTRATION OF THE PLAN

6.1   Severance Committee's Discretionary Powers and Duties. The Severance
      Committee shall be responsible for the administration of the Plan and
      shall be the "administrator" within the meaning of Section 3(16) of ERISA.
      The Severance Committee shall have such discretionary powers as may be
      necessary to discharge its duties hereunder, including, but not by way of
      limitation, the following powers and duties:

      (a)   to construe and interpret the Plan, including questions of
            eligibility, and the amount, manner, and time of payment of any
            benefits hereunder;

      (b)   to prescribe rules for the operation of the Plan;

      (c)   to receive from the Company and Eligible Executives such information
            as shall be necessary for the proper administration of the Plan;

      (d)   to delegate to one or more of the members of the Severance Committee
            or other persons the right to act in its behalf in all matters
            connected with the administration of the Plan, except with respect
            to any matters described in (a) and (b) above;

      (e)   to appoint or employ for the Plan any agents it deems advisable,
            including, but not limited to, legal counsel;

      (f)   to file with the appropriate government agency (or agencies)
            pertinent documents and other items which may be required by law or
            duly requested;

      (g)   to furnish each Eligible Executive a plan description explaining the
            Plan;

      (h)   to maintain all records necessary for verification of information
            required to be filed with the appropriate government agency (or
            agencies); and

      (i)   to report to the Company all available information regarding the
            amount of benefits payable to each Executive, and to provide any
            other information which the Company may require in order to operate
            the Plan.

      To the fullest extent permitted by law, the Severance Committee shall have
      the discretion to determine all matters relating to eligibility or
      benefits under the Plan and the Severance Committee shall have the
      discretion to determine all matters relating to the interpretation,
      construction, and administration of the Plan. Any determination by the
      Severance Committee shall be final and binding in the absence of clear and
      convincing evidence that the Severance Committee acted arbitrarily and
      capriciously.

                                       12
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6.2   Indemnification. To the maximum extent permitted by law, no member of the
      Severance Committee or any other Executive of the Company or National Grid
      USA Service Company, Inc. who has been assigned authority or
      responsibility to act on behalf of the Severance Committee, the Company,
      or National Grid USA Service Company, Inc. hereunder, shall be personally
      liable by reason of any contract instrument, communication, or other
      document executed or approved by the Severance Committee member or on
      behalf of the Severance Committee member made in good faith in his or her
      capacity as a member of the Severance Committee; nor for any mistake of
      judgment made in good faith. National Grid USA Service Company, Inc. shall
      indemnify and hold harmless each member of the Severance Committee; and
      the Company or National Grid USA Service Company, Inc. shall indemnify
      each of its officers, Executives, employees, or directors to whom any duty
      or power relating to the administration or interpretation of the Plan may
      be delegated or allocated, against any claims, damages, costs or expenses
      (legal or otherwise), or liability (including any sum paid in settlement
      of a claim with approval of the Company or National Grid USA Service
      Company, Inc.), as the case may be, arising out of any act or omission to
      act in connection with the Plan unless arising out of such person's fraud,
      or bad faith.

                                       13
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                                   ARTICLE VII

                                  DENIED CLAIMS

7.1   Denied Claims. If a claim for benefits has been denied by the Severance
      Committee, the Severance Committee shall notify the claimant in writing
      within 90 days if the claim is denied in whole or in part, provided that
      if special circumstances warrant an extension of the time for reviewing
      the claim, the Severance Committee may extend the review period by an
      additional 90 days by so notifying the claimant in writing before the
      expiration of the initial 90-day period.

      If a claim is denied in whole or in part by the Severance Committee, the
      notice to the claimant shall specify the reason or reasons for the denial,
      reference the specific Plan provisions on which the denial is based,
      describe any additional material or information necessary for the claimant
      to perfect said claim, explain why such material or information is
      necessary, and describe the steps which should be taken if the claimant
      wishes to appeal the claim.

7.2   Claims Appeal Procedure. A claimant or his/her representative may appeal
      the Severance Committee's denial of his/her claim, such appeal shall be
      subject to the following rules:

      (a)   The appeal shall be submitted to the Benefits Appeal Committee in
            writing no later than 60 days after the claimant or his/her
            representative receives written notice of the denial.

      (b)   The Benefits Appeal Committee shall review the appeal and provide
            the claimant or his/her representative with written notice of its
            decision no later than 60 days after it receives notification of the
            appeal which may be extended to 120 days if the Severance Committee
            determines it to be necessary.

      (c)   The decision on an appeal shall be in writing in a manner calculated
            to be understood by the claimant or his/her representative.

      (d)   The decision shall include reasons for the decision and specific
            references to the Plan provisions on which the decision is based.

7.3   Delay in Payment Pending Resolution of Claim. Any payment otherwise due
      hereunder may be delayed pending resolution of any claim.

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                                  ARTICLE VIII

                               GENERAL PROVISIONS

8.1   Nonguarantee of Employment. Nothing contained in the Plan shall be
      construed as a contract of employment between the Company and Executive,
      or as a right of any Executive to continued employment with the Company,
      or as a limitation of the right of the Company to discharge any of its
      Executives, with or without cause.

8.2   Nonalienation of Benefits. Except as related to orders for child support
      and/or alimony, or federal or state tax levies, to the fullest extent
      permitted by law, benefits payable under the Plan shall not be subject in
      any manner to anticipation, alienation, sale, transfer, assignment,
      pledge, encumbrance, charge, garnishment, execution, or levy of any kind,
      either voluntary or involuntary. Any attempt to anticipate, alienate,
      sell, transfer, assign, pledge, encumber, charge, garnish, execute, levy,
      or otherwise dispose of any rights to benefits payable hereunder shall be
      void. The Company shall not in any manner be liable for, or subject to,
      the debts, contracts, liabilities, engagements, or torts of any person
      entitled to benefits hereunder. None of the Plan benefits or Company
      assets shall be considered an asset of an Executive in the event of his or
      her insolvency or bankruptcy.

8.3   Governing Law. The Plan and each of its provisions shall be construed and
      their validity determined by the application of the laws of The
      Commonwealth of Massachusetts, except to the extent such laws are
      preempted by Federal statute. It is intended that ERISA, as amended, shall
      fully preempt any and all state laws relating to the Plan.

8.4   Participation. Any Company may discontinue its participation in the Plan
      by appropriate action of its Board of Directors.

8.5   Separability. In case any one or more of the provisions of the Plan (or
      part thereof) shall be held to be invalid, illegal or otherwise
      unenforceable in any respect, such invalidity, illegality or
      unenforceability shall not affect the other provisions hereof, and the
      Plan shall be construed as if such invalid, illegal or unenforceable
      provisions (or part thereof) never had been contained herein.

8.6   Titles of Articles and Sections. Titles of Articles and Sections herein
      are for convenience only and shall not be construed as part of the Plan.
      Words used in the singular or plural may be construed as though in the
      plural or singular when they would so apply.

8.7   Agent for Service of Legal Procedures. Legal process with respect to
      claims under the Plan may be served upon the Severance Committee.

                                       15
<PAGE>

                                   ARTICLE IX

                        AMENDMENT OR TERMINATION OF PLAN

9.1   Amendment of Plan. The CEO may amend the Plan, in whole or in part, at any
      time subject to Section 9.3 below.

9.2   Termination of Plan. Any participating Company may at any time terminate
      the Plan with respect to its Executives. Such termination shall be
      effected by a written instrument of termination executed by an authorized
      officer of the Company. A copy of such instrument shall be delivered to an
      officer of National Grid USA Service Company, Inc.

9.3   Limitation on Amendment or Termination. If a Change in Control or a Major
      Transaction shall have occurred, the Plan may not be amended or terminated
      for a period of 36 months beyond the month in which such Change in Control
      or Major Transaction occurred.

                                       16
<PAGE>

      IN WITNESS WHEREOF, each of the following companies has caused the Amended
and Restated Plan, effective as of March 1, 2003 to be duly executed on its
behalf.

GRANITE STATE ELECTRIC COMPANY                        NATIONAL GRID USA SERVICE
                                                      COMPANY, INC.

By: /s/ Cheryl A. LaFleur                             By: /s/ John G. Cochrane
    ---------------------                                 ----------------------
Date: 4/3/03                                          Date: 3/11/03

MASSACHUSETTS ELECTRIC COMPANY                        NANTUCKET ELECTRIC COMPANY

By: /s/ Cheryl A. LaFleur                             By: /s/ Cheryl A. LaFleur
    ---------------------                                 ----------------------
Date: 4/3/03                                          Date: 4/3/03

THE NARRAGANSETT ELECTRIC                             NIAGARA MOHAWK POWER
COMPANY                                               CORPORATION

By: /s/ Cheryl A. LaFleur                             By: /s/ John G. Cochrane
    ---------------------                                 ---------------------
Date: 4/3/03                                          Date: 3/11/03

                                       17
<PAGE>

                    Amendment to National Grid USA Companies'
                            Executive Severance Plan

      Pursuant to the provisions of Article IX of the National Grid USA
Companies' Executive Severance Plan, said Plan is hereby amended effective
September 1, 2003 as follows:

      1.    Section 2.5 is amended to read:

            2.5   A Change in Control shall be deemed to have occurred if the
                  conditions set forth in any of the following paragraphs shall
                  have been satisfied:

                  (a)   any Person or Persons in concert obtains Control (as
                        defined in Section 840 of the United Kingdom's Income
                        and Corporation Taxes Act 1988) of National Grid Transco
                        plc as a result of making a general offer to acquire
                        shares in National Grid Transco plc or having obtained
                        Control, makes such an offer;

                  (b)   the consummation of the sale or disposition by National
                        Grid Transco plc of National Grid USA to a
                        non-affiliated entity (whether by merger, sale of all or
                        substantially all of the capital stock or assets of
                        National Grid USA or otherwise);

                  (c)   the complete liquidation, dissolution or winding up of
                        National Grid Transco plc and/or of National Grid USA;
                        or

                  (d)   the acquisition by National Grid Transco plc or National
                        Grid USA or their successors of all or substantially all
                        of the assets of or ownership of all or substantially
                        all of the outstanding shares of a U.S. electric and/or
                        gas utility company which would increase the size or
                        revenues of National Grid USA by 25% or more.

                              A Change in Control shall not be deemed to have
                        occurred if the events referred to above are part of an
                        arrangement ("a Reorganization") which will mean that
                        National Grid Transco plc and/or National grid USA will
                        be under the Control of another company or the business
                        of National Grid Transco plc is carried on by another
                        company, and the Persons who owned the shares in
                        National Grid Transco plc immediately before the Change
                        in Control will immediately afterwards own more than 50%
                        of the shares in that other company.

<PAGE>

      2.    Section 2.16 is amended to read:

            2.16  A Major Transaction shall be deemed to have occurred if the
                  conditions set forth in any one of the following paragraphs
                  shall have been satisfied:

                  (a)   any Person becomes bound or entitled to acquire shares
                        in National Grid Transco plc under Sections 428 to 430F
                        of the United Kingdom's Companies Act 1985, or a scheme
                        of arrangement or compromise under Section 425 of the
                        United Kingdom's Companies Act 1985 is proposed for
                        National Grid Transco plc;

                  (b)   National Grid Transco plc shareholders, National Grid
                        USA's shareholders and/or the Board of Directors of
                        National Grid USA approve the sale of National Grid USA
                        to a non-affiliated entity (whether by merger, sale of
                        all or substantially all of the capital stock or assets
                        of National Grid USA, or otherwise);

                  (c)   National Grid Transco plc passes a resolution for
                        voluntary winding up, or an order is made for the
                        compulsory winding up of National Grid Transco plc
                        and/or National Grid USA;

                  (d)   the shareholders of National Grid Transco plc, the
                        shareholders of National Grid USA and/or the Board of
                        Directors of National Grid USA approve an event the
                        consummation of which would result in the occurrence of
                        a Change in Control; or

                  (e)   the Board of Directors of National Grid Transco plc
                        adopts a resolution that, for purposes of this
                        Agreement, a Major Transaction has occurred.

                              A Major Transaction shall not be deemed to have
                        occurred if the events referred to above are part of an
                        arrangement ("a Reorganization") which will mean that
                        National Grid Transco plc and/or National Grid USA will
                        be under the Control of another company or the business
                        of National Grid Transco plc is carried on by another
                        company, and the Persons who owned the shares in
                        National Grid Transco plc immediately before the series
                        of transactions are consummated will immediately after
                        consummation own more than 50% of the shares in that
                        other company.

                                                    By: /s/ Richard P. Sergel
                                                        -----------------------
                                                        Chief Executive Officer
                                                        National Grid USA

                                       2<PAGE>

                                                                   EXHIBIT 10(p)

                                  AMENDMENT TO
                          NATIONAL GRID USA COMPANIES'
                     EXECUTIVE SUPPLEMENTAL RETIREMENT PLAN

      Pursuant to the provisions of the National Grid USA Companies' Executive
Supplemental Retirement Plan (the Supplemental Plan) said Supplemental Plan is
hereby amended as of February 1, 2002 as follows:

      A second paragraph shall be added to Section 1.04 "Qualifications and
      Effect" and shall read:

      All benefits under Eastern Utilities Associate's Supplemental Retirement
      Plan for Certain Officers of Eastern Utilities Associates and its
      Affiliated Companies and the Retirement Restoration Plan for Members of
      the Employee's Retirement Plan of Eastern Utilities Associates and its
      subsidiary Companies (together referred to as the EUA Plans) were frozen
      as of April 30, 2000. Benefit calculation methodology for former Eastern
      Utility Associate employees who became National Grid employees and
      Participants in the Supplemental Plan as of May 1, 2000 or thereafter is
      set forth in Appendix C, a copy of which is attached hereto and
      incorporated by reference as if fully set forth herein.

      A third paragraph shall be added to Section 1.04 "Qualification and
      Effect" and shall read:

      Niagara Mohawk Supplemental Executive Retirement Plan (NIMO SERP) shall be
      merged and incorporated into the Supplemental Plan, effective February 1,
      2002. All benefit accruals under the NIMO SERP shall be frozen as of
      January 31, 2002. Except as set forth in Appendix C, inconsistent
      provisions between the NIMO SERP and the Supplemental Plan shall be
      controlled by the terms of the Supplemental Plan. The benefit calculation
      and methodology for NIMO SERP participants, including those who become
      National Grid employees on or after January 31, 2002 and meet Supplemental
      Plan eligibility requirements necessary to accrue additional benefits is
      set forth in Appendix C.

      Section 2.18 "Level E Participant" is amended to read:

      Level E Participant means any Participant who is specially designated such
      by the CEO in Appendix B, a copy of which is attached hereto and
      incorporated by reference as if fully set forth herein, notwithstanding
      the fact that he/she would otherwise have qualified as a Level A, B, or C
      Participant.

                                       1
<PAGE>

      Section 2.2.2 "Qualified Compensation" is amended to read:

      Qualified Compensation means compensation utilized in the calculation of
      the Participant's Qualified Plan benefit, without regard to any reduction
      required by Section 4.01(a)(17) of the Code; provided, however, Qualified
      Compensation shall include additional earnings received by a Participant
      from any entity as specifically authorized by the CEO. Effective April 1,
      2003 future deferrals under the National Grid USA Companies Deferred
      Compensation Plan will be included under this Section 2.22 for
      Supplemental Plan Participants who accrue benefits on or after said date.

      A new Section 5.04 "Cash Out" shall be added to Article 5.0 and shall read
      as follows:

      In the event that a Participant has a benefit under the Supplemental Plan
      with a value of less than ten thousand dollars ($10,000), determined
      utilizing the interest rate and mortality assumptions applicable for
      determining five thousand dollar ($5,000) cash outs under the Qualified
      Plan, the benefit shall automatically be paid out in the form of a lump
      sum distribution at retirement. In the event that FICA taxes are due on
      Supplemental Plan benefits commencing upon retirement, unless the
      Participant elects to pay FICA taxes due at retirement on said
      Supplemental Plan benefit out of pocket, to the extent permitted by law,
      the taxes will be paid through an actuarial reduction in the Participant's
      benefit in an amount sufficient to cover a lump sum payment of the FICA
      taxes and applicable withholding taxes.

      Appendix A shall be titled "Level D Participants".

      A new "Appendix B" shall be added to the Supplemental Plan and shall read
      as f follows:

      Appendix B - Level E Participants

      For purposes of the Supplemental Plan, William E. Davis shall be
      considered a Level B Participant.

      For purposes of Sections 2.22 and 3.01 of the Supplemental Plan, Thomas E.
      Rogers and Charles H. Moser shall be deemed Level B Participants. For all
      other purposes they shall be deemed Level C Participants.

      A new "Appendix C" shall be added to the Supplemental Plan and shall read
      as follows:
                                       2
<PAGE>

      Appendix C - Merger Transferees

      Supplemental Plan Participants who were former Eastern Utility Associate
      employees and who became Participants in the Supplemental Plan effective
      May 1, 2000 or thereafter, shall have their benefits calculated under the
      Supplemental Plan through April 30, 2000 utilizing eligible pay and
      service credited through April 30, 2000 under the terms of EUA's Plans,
      which pay and service shall be utilized in the final calculation of their
      Supplemental Plan benefit. Accruals commencing May 1, 2000 and thereafter
      shall be calculated in accordance with the terms of the Supplemental Plan.
      Notwithstanding the foregoing, said Participant's final Supplemental Plan
      benefit shall be reduced by the frozen benefit payable under the EUA Plans
      for accruals up through April 30, 2000.

      NIMO SERP Participants whose benefits were frozen as of January 31, 2002
      and who are not eligible for benefit accruals under the terms of the
      Supplemental Plan on or after February 1, 2002, shall have their benefits
      paid in accordance with the terms of the NIMO SERP. Participants who were
      former Niagara Mohawk Power Company or Niagara Mohawk Holdings Inc.
      employees who become Participants in the Supplemental Plan for purposes of
      accruing benefits at anytime on or after February 1, 2002, shall in lieu
      of the NIMO SERP benefit, have their Supplemental Plan benefit calculated
      under the terms of the Supplemental Plan utilizing eligible pay and
      service credited under the terms of the NIMO SERP through January 31, 2002
      with accruals thereafter made strictly under the terms of the Supplemental
      Plan. In the event, however, a Participant received a partial or total
      lump sum payment under the NIMO SERP said Participant's Supplemental Plan
      benefit will be offset by the annuity value of such lump sum payment(s),
      determined in accordance with the actuarial equivalence factors defined in
      the Qualified Plan. A Participant's final Supplemental Plan benefit shall
      be no less than the frozen benefit determined under the NIMO SERP as of
      January 31, 2002 reduced by any previously received lump sum.

                                                      /s/ Richard P. Sergel
                                                      ------------------------
                                                      Chief Executive Officer
                                                      National Grid USA

                                       3
<PAGE>

                    Amendment to National Grid USA Companies'
                     Executive Supplemental Retirement Plan

      Pursuant to the provisions of Article XIV of the National Grid USA
Companies" Executive Supplemental Retirement Plan (Supplemental Plan), it is
hereby amended effective August 1, 2003 to recognize that any pension benefit
enhancement provided pursuant to the terms of any of the below listed voluntary
early retirement offers that cannot be delivered under the Qualified Plan or the
Niagara Mohawk Pension Plan, as applicable, due to any legal limits applicable
to such plans, including, but not limited to, Section 4.01(a)(17), Section 414
or Section 415 of the Code, shall be delivered to the participant through the
Supplemental Plan, subject to any legal limits that apply to the Supplemental
Plan. Further, the terms of said voluntary early retirement offers shall apply
to Level A and Level B Participants under applicable provisions of the
Supplemental Plan, except to the extent they may relate to the CEO, whose
Supplemental Plan benefit shall not increase as a result of the terms of any
applicable Qualified Plan voluntary early retirement offer.

            -     National Grid USA Companies' 2003 Group 1 Voluntary Early
                  Retirement Offer For Eligible Non-Union Employees

            -     National Grid USA Companies' 2003 Group 2 Voluntary Early
                  Retirement Offer For Eligible Non-Union Employees

            -     National Grid USA Companies' Limited Voluntary Early
                  Retirement Offer For Non-Union Employees

            -     National Grid USA Companies' 2003 Voluntary Early Retirement
                  Offer For Eligible Non-Union Employees Who Participate In The
                  Niagara Mohawk Pension Plan

By: /s/ Richard P. Sergel
    ---------------------
Richard P. Sergel
Chief Executive Officer
National Grid USA

Witnessed By: /s/ Lawrence J. Reilly
              ----------------------
<PAGE>

                    Amendment to National Grid USA Companies'
                     Executive Supplemental Retirement Plan

      Pursuant to the provisions of Article XIV of the National Grid USA
Companies' Executive Supplemental Retirement Plan, said Plan is hereby amended
effective September 1, 2003 as follows:

      1.    Section 2.05 is amended to read:

            2.05  A Change in Control shall be deemed to have occurred if the
                  conditions set forth in any of the following paragraphs shall
                  have been satisfied:

                  (a)   any Person or Persons in concert obtains Control (as
                        defined in Section 840 of the United Kingdom's Income
                        and Corporation Taxes Act 1988) of National Grid Transco
                        plc as a result of making a general offer to acquire
                        shares in National Grid Transco plc or having obtained
                        Control, makes such an offer;

                  (b)   the consummation of the sale or disposition by National
                        Grid Transco plc of National Grid USA to a
                        non-affiliated entity (whether by merger, sale of all or
                        substantially all of the capital stock or assets of
                        National Grid USA or otherwise);

                  (c)   the complete liquidation, dissolution or winding up of
                        National Grid Transco plc and/or of National Grid USA;
                        or

                  (d)   the acquisition by National Grid Transco plc or National
                        Grid USA or their successors of all or substantially all
                        of the assets of or ownership of all or substantially
                        all of the outstanding shares of a U.S. electric and/or
                        gas utility company which would increase the size or
                        revenues of National Grid USA by 25% or more.

                              A Change in Control shall not be deemed to have
                        occurred if the events referred to above are part of an
                        arrangement ("a Reorganization") which will mean that
                        National Grid Transco plc and/or National grid USA will
                        be under the Control of another company or the business
                        of National Grid Transco plc is carried on by another
                        company, and the Persons who owned the shares in
                        National Grid Transco plc immediately before the Change
                        in Control will immediately afterwards own more than 50%
                        of the shares in that other company.

<PAGE>

      2.    Section 2.19 is amended to read:

            2.19  A Major Transaction shall be deemed to have occurred if the
                  conditions set forth in any one of the following paragraphs
                  shall have been satisfied:

            (a)   any Person becomes bound or entitled to acquire shares in
                  National Grid Transco plc under Sections 428 to 430F of the
                  United Kingdom's Companies Act 1985, or a scheme of
                  arrangement or compromise under Section 425 of the United
                  Kingdom's Companies Act 1985 is proposed for National Grid
                  Transco plc;

            (b)   National Grid Transco plc shareholders, National Grid USA's
                  shareholders and/or the Board of Directors of National Grid
                  USA approve the sale of National Grid USA to a non-affiliated
                  entity (whether by merger, sale of all or substantially all of
                  the capital stock or assets of National Grid USA, or
                  otherwise);

            (c)   National Grid Transco plc passes a resolution for voluntary
                  winding up, or an order is made for the compulsory winding up
                  of National Grid Transco plc and/or National Grid USA;

            (d)   the shareholders of National Grid Transco plc, the
                  shareholders of National Grid USA and/or the Board of
                  Directors of National Grid USA approve an event the
                  consummation of which would result in the occurrence of a
                  Change in Control; or

            (e)   the Board of Directors of National Grid Transco plc adopts a
                  resolution that, for purposes of this Agreement, a Major
                  Transaction has occurred.

                        A Major Transaction shall not be deemed to have occurred
                  if the events referred to above are part of an arrangement ("a
                  Reorganization") which will mean that National Grid Transco
                  plc and/or National Grid USA will be under the Control of
                  another company or the business of National Grid Transco plc
                  is carried on by another company, and the Persons who owned
                  the shares in National Grid Transco plc immediately before the
                  series of transactions are consummated will immediately after
                  consummation own more than 50% of the shares in that other
                  company.

                                                    By: /s/ Richard P. Sergel
                                                        ------------------------
                                                        Chief Executive Officer
                                                        National Grid USA

                                       2

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