National Grid acquisition of KeySpan clears government review

Westborough, MA, and Brooklyn, NY, July 13, 2006 — National Grid and KeySpan Corp. announced they have been notified that the Committee on Foreign Investment in the United States has completed review of National Grid’s proposed acquisition of KeySpan and has determined that there are no issues of national security sufficient to warrant an investigation of this transaction.

The Committee on Foreign Investment in the United States is an interagency committee chaired by the Department of the Treasury authorized to review foreign acquisitions of U.S. companies.

Remaining approvals for the acquisition include authorization by the Federal Energy Regulatory Commission and by the New York Public Service Commission and the New Hampshire Public Utilities Commission.

On February 27, 2006, National Grid and KeySpan announced an agreement for National Grid to acquire KeySpan.

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