London, January 12, 2026, 09:03 GMT — Regular session
- National Grid shares fell about 1.1% in early London trade
- Broader risk appetite turned cautious after fresh fallout over U.S. central bank independence
- Investors also have National Grid’s interim dividend payment due on Jan. 13 on the radar
National Grid (NG.L) shares fell 1.1% to 1,179 pence by 0903 GMT, after trading between 1,178 and 1,193 pence early in the session. 1
The move matters because utilities are often priced off interest-rate expectations as much as company news. When bond yields rise or markets turn defensive, dividend-heavy names can move fast.
Global markets were on edge after Federal Reserve Chair Jerome Powell said the Trump administration had threatened him with a criminal indictment, raising fresh questions over central bank independence. “Trump is pulling at the loose threads of central bank independence,” Andrew Lilley, chief rates strategist at Barrenjoey, said, as U.S. equity futures dipped and gold hit record highs. 2
National Grid has also been trading near the top of its 52-week range, leaving less room for disappointment on rates or sentiment. The stock’s previous close was 1,192.5 pence, and it has been within sight of a 52-week high of 1,195 pence. 1
The company’s interim dividend is the next company marker. In its half-year statement, National Grid said it had approved an interim dividend of 16.35 pence per share, due to be paid on Jan. 13, and reiterated its policy to grow the annual dividend per share in line with UK CPIH inflation. 3
Rate moves tend to dominate the tape for the sector. Higher yields can undercut the appeal of steady payouts, while falling yields can pull investors back into “bond proxy” stocks such as utilities.
National Grid runs electricity transmission in Britain and electricity and gas networks in parts of the northeastern United States. Those are regulated businesses, meaning earnings depend heavily on the returns set by regulators and the pace of approved spending.
