Scrip Dividend Scheme

The National Grid scrip dividend scheme, when offered, allows shareholders to elect to receive their dividend as additional fully paid ordinary shares in the Company, with no stamp duty or commission to pay.

To join the scrip dividend scheme please complete the Scrip Dividend Mandate form and return to Equiniti.

For ordinary shareholders, the scrip dividend reference price is calculated as the average closing mid-market price of an ordinary share for the five dealing days commencing with, and including, the ex-dividend date. For ADS holders this is calculated by multiplying the reference share price for ordinary shares by five (as there are five ordinary shares underlying each ADS) and by the average US$ rate for the equivalent dealing days.

In accordance with the scrip dividend terms and conditions, you can cancel your scrip election by contacting Equiniti.

Note: in May 2016 we updated the terms and conditions of the National Grid scrip dividend scheme to reflect current tax information and for other small administrative changes. The terms and conditions of the scrip dividend scheme have also been updated to reflect the new nominal value of the Company’s ordinary shares following the share consolidation that took place in May 2017 and further administrative changes following the change of our Registrar from Link Asset Services to Equiniti which took place in April 2019. These changes were administrative in nature and do not affect the way the scheme operates. 

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