National Grid goes ex-dividend on its interim payout on Thursday 19 November, a fixture on the FTSE 100's income calendar, although the size of the payment has yet to be announced.

The date that decides who gets paid

For income-focused investors, few dates matter as much as the ex-dividend date. National Grid (LSE:NG.), one of the FTSE 100's best-known Dividend payers, has an interim ex-dividend date of Thursday 19 November.

The mechanics are simple but important. A company's dividend goes to shareholders on its register at a set point. The ex-dividend date is effectively the cut-off: shares bought on or after that date generally come without the right to the upcoming payment, which stays with the seller. As a result, a share price often falls by roughly the value of the dividend when it goes ex, all else being equal. That is not a loss in itself, because the value moves from the share price into the dividend that will be paid.

What is not yet known is how much National Grid will pay. The amount of the Interim Dividend is listed as to be announced. A consensus figure of 16.86p, based on nine analysts, has been published, but it is an expectation only and should not be treated as confirmed.

The utility's half-year results on Thursday 5 November are its next scheduled update, a fortnight before the ex-dividend date. Investors will be looking to see what that update says about Shareholder returns, and whether it brings any confirmation of the interim amount ahead of the cut-off.

Last year's record as a reference point

The most recent confirmed dividend information comes from National Grid's full-year results in May 2026. The company declared a total dividend of 48.49p for the year, up 3.8%. Adjusted Earnings Per Share rose 8% to 78p, which means the company paid out about 62% of its adjusted earnings as dividends.

The same results set out a five-year plan to invest at least £70bn across the UK and the US Northeast, up from £60bn announced in May 2024. National Grid also guided to compound growth in earnings per share of 8–10% a year over five years. Chief executive Zoë Yujnovich described it as "the largest Investment programme in our history".

That combination is central to the income story. Heavy investment can support long-term earnings growth for a regulated network business, but it also has to be funded. How National Grid balances spending, borrowing and payouts is a question that hangs over every dividend announcement.

Illustration: Suppose a hypothetical investor holds 1,000 National Grid shares. If the interim dividend matched the 16.86p consensus, the payment would be £168.60 (1,000 × 16.86p). If it came in 1p higher at 17.86p, the payment would be £178.60, and at 1p lower, 15.86p, it would be £158.60. The consensus figure is an expectation, not a declared dividend, and these numbers are purely illustrative.

National Grid is far from the only FTSE 100 name going ex-dividend this month. The first is Tritax Big Box (LSE:BBOX), which goes ex on Thursday 5 November with a 2.0p quarterly payment.

Thursday 12 November is a bumper day. Shell (LSE:SHEL) goes ex on a quarterly dividend of 39.06 US cents, payable on 21 December. GSK (LSE:GSK) has a 17p quarterly payment, Unilever (LSE:ULVR) 39.07p quarterly, Bunzl (LSE:BNZL) a 20.8p interim and Sainsbury's (LSE:SBRY) a 4.1p interim, payable on 18 December. Pershing Square Holdings (LSE:PSH) goes ex on $0.1837 quarterly.

After National Grid on 19 November, fellow Utility Severn Trent (LSE:SVT) has an interim ex-dividend date pencilled in for Thursday 26 November, still to be confirmed. For anyone tracking income across the index, that makes November a crowded month, with payers spread across energy, consumer goods, healthcare, property and utilities.

Rates and the income equation

Dividends never exist in a vacuum. Their appeal depends partly on what investors can earn elsewhere, and that brings the Bank of England into focus. The Bank announces its rate decision on Thursday 5 November, the same day as National Grid's half-year results. Bank Rate is 3.75%, and markets are pricing a quarter-point rise to 4% at about 95%. It would be the first rise in more than three years.

Bond markets matter too. UK 10-year gilt yields reached 5.44% in early October, a 19-year high, before easing below 5.3% by late October. When Government Bonds offer higher yields, the relative attraction of dividend-paying shares can shift, and rate-sensitive sectors such as utilities often feel it.

Recent data has supported the case for tighter policy. UK Inflation rose faster than expected in September, and the UK Manufacturing PMI rose to 52.8 in October, a five-month high. Economists expect a 7–2 vote. Any pushback from Governor Andrew Bailey on further increases would be read as dovish, according to market commentators.

The wider market is in a positive phase. The FTSE 100 closed on Monday 2 November at 10,761.33, up 0.3% for a fourth straight session of gains, even as a slump in Brent Crude to around $105 a barrel dragged on energy shares.

Key dates to watch

  • Thursday 5 November: National Grid half-year results and Bank of England rate decision
  • Thursday 5 November: Tritax Big Box ex-dividend (2.0p)
  • Thursday 12 November: Ex-dividend date for Shell, GSK, Unilever, Bunzl, Sainsbury's and Pershing Square
  • Thursday 19 November: National Grid interim ex-dividend date (amount to be announced)
  • Thursday 26 November (to be confirmed): Severn Trent interim ex-dividend date

The bottom line

National Grid's interim ex-dividend date on 19 November is a key marker for FTSE 100 income investors, but the amount is still to be announced. The 16.86p consensus is only an expectation, while the latest confirmed reference point is May's 48.49p total dividend, up 3.8%. With half-year results and a likely Bank of England rate rise both due on 5 November, the fortnight ahead should bring more clarity on both the payout and the backdrop against which income investors will judge it.