This is the same power supply impedance, that you also model/measure for other (e.g. onboard) power converters.
Grids have extremely low impedance at low frequencies (10 mHz and below) due to feedback through the power reserves.
At higher frequencies, the grid impedance becomes terribly high (several Ω) because the generators are too far away to react in time.
Here is an article with some curves.
One consequence is that the amplitude at nominal mains frequency is often rather constant, while the shape during the cycle can deviate 10s of V under heavy loads.
A consequence in turn is, that power factor correction is now mandatory for heavy loads. This forces most of the power consumption to be at low frequencies around the mains frequency and away from the several kHz frequencies.