25th Aug 2006 07:01
National Grid PLC25 August 2006 25 August 2006 NATIONAL GRID COMPLETES ACQUISITION OF NEW ENGLAND GAS RHODE ISLAND ASSETS National Grid plc ("National Grid") yesterday completed the acquisition of theRhode Island assets of New England Gas Company from Southern Union Company. Theacquisition, for a cash consideration of $498m and the assumption of $77m ofdebt, was announced on 16 February 2006. With this acquisition, National Grid will add New England Gas' 245,000 naturalgas customers to the more than 477,000 electricity customers it already servesin Rhode Island. Michael E. Jesanis, President and Chief Executive Officer of National Grid's USbusiness, said, "This transaction is an expression of our commitment to RhodeIsland and New England. It's also a natural fit as we expand our core energydelivery business." The acquisition was approved by the Rhode Island Division of Public Utilitiesand Carriers on 25 July 2006 and the waiting period under the Hart-Scott-RodinoAntitrust Improvements Act expired on 3 April 2006. Contact details: National Grid InvestorsAlexandra Lewis +44 (0)20 7004 3170 +44 (0)7768 554879(m)James Waite +44 (0)20 7004 3171 +44 (0)7977 440902(m) Media Chris Mostyn +44 (0)1926 655275 +44 (0)7879 668025(m)Stewart Larque +44 (0)1926 655274 +44 (0)7831 864034(m) Citigate Dewe RogersonAnthony Carlisle +44 (0)20 7638 9571 +44 (0)7973 611888(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. Because these forward-looking statements are subject to assumptions,risks and uncertainties, actual future results may differ materially from thoseexpressed in or implied by such statements. Many of these assumptions, risks anduncertainties relate to factors that are beyond National Grid's ability tocontrol or estimate precisely, such as delays in obtaining, or adverseconditions contained in, regulatory approvals, competition and industryrestructuring, changes in economic conditions, currency fluctuations, changes ininterest and tax rates, changes in energy market prices, changes in historicalweather patterns, changes in laws, regulations or regulatory policies,developments in legal or public policy doctrines, the impact of changes toaccounting standards, technological developments, the failure to retain keymanagement, the availability of new acquisition opportunities or the timing andsuccess of future acquisition opportunities. Other factors that could causeactual results to differ materially from those described in this announcementinclude the ability to continue to integrate the US and UK businesses acquiredby or merged with National Grid, the failure for any reason to achievereductions in costs or to achieve operational efficiencies, unseasonable weatherimpacting on demand for electricity and gas, the behaviour of UK electricitymarket participants on system balancing, the timing of amendments in prices toshippers in the UK gas market, the performance of National Grid's pensionschemes and the regulatory treatment of pension costs, the impact of theseparation and sale by National Grid of four of its UK gas distribution networksand any adverse consequences arising from outages on or otherwise affectingenergy networks owned and/or operated by National Grid. For a more detailed description of these assumptions, risks and uncertainties,together with any other risk factors, please see National Grid's filings withthe US Securities and Exchange Commission (and in particular the "Risk Factors"and "Operating and Financial Review" sections in its most recent annual reporton Form 20-F). Recipients are cautioned not to place undue reliance on theseforward-looking statements, which speak only as of the date of thisannouncement. National Grid does not undertake any obligation to releasepublicly any revisions to these forward-looking statements to reflect events orcircumstances after the date of this announcement. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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