Impedance spectra of Co-doped NASICON polycrystalline samples (x = 2.0) were measured in the frequency range 0.5 MHz-1.2 GHz and analyzed in terms of the conductivity dispersion. The dispersion of bulk electrical conductivity obeys the power law frequency dependence s(w) = s 0 + Kw n . It is observed from room temperature up to 450 K, i.e. up to the temperature of phase transformation of NASICON. The activation energy of the conductivity of grain interiors and the activation energy of the frequency, at which the dispersion sets on, have the same value of 0.313 eV. The activation energy value of the frequency dependent part of conductivity (0.077 eV) constitutes the proper fraction of the activation energy of the dc conductivity. Similar dispersion is found at lower frequencies for the grain-boundary conductivity. It extends in temperature up to 550 K, well over the temperature of phase transformation of NASICON. The phase transformation, taking place in the crystal grains of the material, does not influence the electrical behavior of grain boundaries. The activation energies for the grain boundary conductivity and for the grain-boundary onset frequency also have equal values (0.440 eV).