National Grid completes KeySpan merger

By Lisa Kerner

Charlotte, N.C., Aug. 24 - National Grid plc completed its acquisition of KeySpan Corp. The companies announced their merger agreement in February 2006.

KeySpan chief executive officer and chairman Bob Catell will become chairman of National Grid USA, which will be the second-largest U.S. utility. The company will provide power to more than one million customers on Long Island and supply around a quarter of New York's electricity needs.

"We've been working towards this goal for well over a year and I am absolutely delighted that we have achieved the final milestone," National Grid CEO Steve Holliday said in a company news release.

"The substantial opportunities for cost savings are clear, and with our investment capability we can really unlock KeySpan's growth potential."

National Grid is an electricity and gas delivery business based in London. Its U.S. operations are based in Westborough, Mass.

KeySpan is a Brooklyn, N.Y.-based gas utility company.

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