24th Oct 2006 09:15
National Grid PLC24 October 2006 24 October 2006National Grid plc UPDATE ON NATIONAL GRID ACQUISITION OF KEYSPAN National Grid is pleased that the US Federal Energy Regulatory Commission (FERC)has voted to approve the proposed acquisition of KeySpan. In its order, dated20 October 2006, FERC noted KeySpan's ownership of generating plants located inNew York City and Long Island and stated that the combination of National Grid'sand KeySpan's electric generation resources is not likely to harm competition inany relevant energy market. This order follows the announcement on 10 July 2006 that the Federal TradeCommission granted early termination of the waiting period under the HSRImprovements Act, and the announcement on 12 July 2006 that the CFIUS hadcompleted its review of the transaction and determined there are no issues ofnational security sufficient to warrant an investigation. National Gridshareholders gave their approval on 31 July 2006, and KeySpan stockholders votedin favour of the proposed acquisition on 17 August 2006. Remaining approvals for the acquisition include authorisation by state publicutility regulatory commissions, including the New York Public Service Commission(NYPSC) and the New Hampshire Public Utilities Commission (NHPUC). Filingsrequesting approval from each of the NYPSC and NHPUC were made on 21 July 2006and 11 August 2006 respectively. Contacts Investors Richard Smith +44 (0)20 7004 3172 +44 (0)7747 006321(m)James Waite +44 (0)20 7004 3171 +44 (0)7977 440902(m) MediaClive Hawkins +44 (0)20 7004 3147 +44 (0)7836 357173(m) Citigate Dewe Rogerson +44 (0)20 7836 9571Anthony Carlisle +44 (0)7973 611888 (m) This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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