The National Grid share price has experienced a significant decline, dropping 10.8% on May 23 and another 11.5% the following day. This decline comes after the company announced its plan to raise £7 billion from shareholders to fund its capital program. Despite the recent drop, the share price is still more than 20% higher than it was in May 2019. National Grid, which operates with monopoly status in key markets, is subject to regulation. The company aims to secure funding for its £60 billion capital program through March 2029. Shareholders have been offered the opportunity to purchase seven new shares for every 24 currently owned at a price of 645p each, which is 27% below the current share price. National Grid has a history of increasing its dividend annually, with a current yield of over 6%. It is also projected to achieve 6%-8% annual growth in earnings per share over the next five years. However, critics highlight the company's high level of debt. While utility stocks typically perform well during economic downturns, the rapid growth of the US economy and signs of recovery in the UK may impact National Grid's favorability. The author of the analysis suggests waiting until after June 10, when the company will have a clearer picture of how many shareholders have taken up their rights and the share price is likely to stabilize. [95e85afe]