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: A resolution will be put forward at the 2022 AGM for shareholders to approve the continuation of the scrip dividend scheme. Certain additional administrative changes, which are not material to the way in which the National Grid Scrip Dividend Scheme currently operates, will be made to the terms and conditions of the Scheme with effect from the conclusion of the AGM. A copy of the current terms and conditions and a copy of the terms and conditions with proposed amends can be viewed below.

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