National Grid gets NYSPC OK for KeySpan deal

WESTBOROUGH, Mass., and NEW YORK – The N.Y. State Public Service Commission yesterday granted its unanimous approval to the acquisition of KeySpan (NYSE: KSE) by National Grid (LSE: NG; NYSE: NGG).

The approval follows a tentative settlement announced July 9 (READ MORE), and could be the NYSPC’s final step in a review process that has lasted more than a year.
But in its decision, the panel laid out addional conditions on which its approval is based.

A written order detailing those conditions – related to service quality, “financial ring-fencing” for customers, and the required sale of the local Ravenswood subsidiary – was expected today, the utility company said in a statement, adding: “On receipt, National Grid will consider these conditions and, if acceptable, will move swiftly towards completion of the transaction.”

National Grid, a division of the U.K.-based National Grid plc, distributes electricity and natural gas to nearly 4 million customers in Massachusetts, New Hampshire, New York and Rhode Island. Additional information on is available at www.nationalgridus.com.

- Advertisement -

No posts to display