WESTBOROUGH, Mass. & BROOKLYN, N.Y. — National Grid announced that it will complete its acquisition of KeySpan today, Aug. 24. On Aug. 22, the New York State Public Service Commission unanimously voted to approve the transaction; this was the final regulatory approval required.
Once the acquisition is complete, National Grid will become the second-largest utility in the U.S., delivering electricity to approximately 3.3 million customers and natural gas to approximately 3.4 million customers in Massachusetts, New Hampshire, New York and Rhode Island. The company will also provide power to more than one million customers on Long Island and supply around a quarter of New York City’s electricity needs.
Steve Holliday, National Grid chief executive, said, “We’ve been working towards this goal for a well over a year and I am absolutely delighted that we have achieved the final milestone. We are totally committed to making sure our customers and shareholders receive the benefits coming from this merger. The substantial opportunities for cost savings are clear, and with our investment capability we can really unlock KeySpan’s growth potential.”
“Now, the real work starts,” Holliday concluded.
KeySpan CEO and Chairman Bob Catell, who now becomes chairman of National Grid USA, commented, “I’m proud of our record on community commitment. We will soon become a larger company, but I’m determined to make sure that we use our size and scale to continue to enhance customer service and continue to play an active role in the local areas that we serve. These are exciting times for our company and our customers.”
The companies announced an agreement for National Grid to acquire KeySpan on Feb. 27, 2006.