24th Aug 2007 11:26
National Grid PLC24 August 2007 24 August 2007 National Grid plc ACQUISITION OF KEYSPAN National Grid is pleased to announce that it will complete the acquisition ofKeySpan today. The New York State Public Service Commission (NYPSC) unanimously voted toapprove the transaction on 22 August 2007; this was the final regulatoryapproval required. Our decision to complete the transaction follows a review ofthe NYPSC's written order, issued on 23 August 2007. Steve Holliday, National Grid Chief Executive, said: "We've been working towards this goal for a well over a year and I am absolutelydelighted that we have achieved the final milestone. "We are totally committed to making sure our customers and shareholders receivethe benefits coming from this merger. The substantial opportunities for costsavings are clear, and with our investment capability we can really unlockKeySpan's growth potential. Everyone is keen to start working towards these goals, and now, the real workstarts." National Grid will be holding an investor seminar on its enlarged GasDistribution and Electricity Distribution & Generation businesses on 17 and 18October 2007 in New York. To register an interest in attending this event,please contact Investor Relations (e-mail: [email protected]).Invitations and further details (including relating to the venue) will be issuedto interested parties nearer the time. Contacts National Grid: Investors David Rees +44 (0)20 7004 3170 +44 (0)7901 511322 (m) Richard Smith +44 (0)20 7004 3172 +44 (0)7747 006321 (m) James Waite +44 (0)20 7004 3171 +44 (0)7977 440902 (m) Media Clive Hawkins +44 (0)20 7004 3147 +44 (0)7836 357173 (m) Brunswick: Paul Scott +44 (0)20 7396 5333 +44 (0)7974 982333(m) CAUTIONARY STATEMENT This announcement contains certain statements that are neither reportedfinancial results nor other historical information. These statements areforward-looking statements within the meaning of Section 27A of the SecuritiesAct of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934,as amended. These statements include information with respect to our financialcondition, our results of operations and businesses, strategy, plans andobjectives. Words such as "anticipates", "expects", "intends", "plans","believes", "seeks", "estimates", "may", "will", "continue", "project" andsimilar expressions, as well as statements in the future tense, identifyforward-looking statements. These forward-looking statements are not guaranteesof our future performance and are subject to assumptions, risks anduncertainties that could cause actual future results to differ materially fromthose expressed in or implied by such forward-looking statements. Many of theseassumptions, risks and uncertainties relate to factors that are beyond ourability to control or estimate precisely, such as delays in obtaining, oradverse conditions contained in, regulatory approvals and contractual consents,unseasonable weather affecting the demand for electricity and gas, competitionand industry restructuring, changes in economic conditions, currencyfluctuations, changes in interest and tax rates, changes in energy marketprices, changes in historical weather patterns, changes in laws, regulations orregulatory policies, developments in legal or public policy doctrines, theimpact of changes to accounting standards and technological developments. Otherfactors that could cause actual results to differ materially from thosedescribed in this announcement include the ability to integrate the businessesrelating to announced or recently completed acquisitions with our existingbusiness to realise the expected synergies from such integration, theavailability of new acquisition opportunities and the timing and success offuture acquisition opportunities, the timing and success or other impact of thesales of our non-core businesses, the failure for any reason to achievereductions in costs or to achieve operational efficiencies, the failure toretain key management, the behaviour of UK electricity market participants onsystem balancing, the timing of amendments in prices to shippers in the UK gasmarket, the performance of our pension schemes and the regulatory treatment ofpension costs, and any adverse consequences arising from outages on or otherwiseaffecting energy networks, including gas pipelines, which we own or operate. Fora more detailed description of some of these assumptions, risks anduncertainties, together with any other risk factors, please see our filings withand submissions to the US Securities and Exchange Commission (the "SEC") (and inparticular the "Risk Factors" and "Operating and Financial Review" sections inour most recent Annual Report on Form 20-F). Except as may be required by law orregulation, National Grid undertakes no obligation to update any of itsforward-looking statements. The effects of these factors are difficult topredict. New factors emerge from time to time and we cannot assess the potentialimpact of any such factor on our activities or the extent to which any factor,or combination of factors, may cause results to differ materially from thosecontained in any forward-looking statement. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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