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KeySpan

KeySpan Corporation was an American energy focused on distribution and services in the . Formed on May 28, 1998, through the merger of Brooklyn Union Gas Company—the fourth-largest utility in the United States at the time—and the non-nuclear assets of (LILCO), KeySpan quickly grew into the fifth-largest gas distributor in the country, serving approximately 2.6 million customers and 1.1 million electric customers primarily in , with gas services also in and . The company operated as a publicly traded entity on the under the ticker symbol KSE until its acquisition by in 2007 for $7.6 billion, after which it was fully integrated into National Grid's U.S. operations and ceased independent existence. KeySpan's core operations encompassed regulated gas distribution through six utility subsidiaries, including KeySpan Energy Delivery (KEDNY) and KeySpan Energy Delivery (KEDNE), which handled transmission, storage, and delivery of to residential, commercial, and industrial users. In addition to gas services, the company provided electric transmission and distribution for the (LIPA) via subsidiaries like KeySpan Generation LLC, and engaged in unregulated activities such as energy project development, gas production through entities like KeySpan Exploration and Production, and investments in pipelines and storage facilities. As of 2006, KeySpan reported annual revenues of approximately $6.25 billion, reflecting its significant role in the regional energy infrastructure. Following its formation, KeySpan pursued strategic expansions, including the 1998 acquisition of a half-interest in Gulf Canada Resources' business for $189 million and investments in energy projects through KeySpan . Domestically, it extended services to 19 eastern states via subsidiaries such as KeySpan Services. The 2007 merger with National Grid not only expanded the latter's U.S. footprint but also preserved KeySpan's legacy assets, including notable facilities like the Ravenswood Generating Station, which was later sold to TransCanada in for $2.9 billion. Today, KeySpan's operations continue under the National Grid brand, serving millions in the Northeast with reliable delivery.

History

Predecessor companies

Brooklyn Union Gas was founded in 1895 through the consolidation of seven competing companies in , including the Brooklyn Gas Light Company and Fulton Municipal Gas Company, marking the beginning of a unified serving the . This merger addressed the fragmented market that had existed since the 1820s, with early efforts in . The company pursued further growth via small acquisitions, such as six additional firms between 1895 and 1897, including the Flatbush Gas Company in 1897, and achieved full integration of its operations by 1927. Under leadership like James Jourdan, Brooklyn Union Gas expanded its customer base from 108,000 in 1896 to 387,000 by 1910, focusing on gas for heating and cooking in urban households. In the 1920s, it invested heavily in infrastructure, constructing the Greenpoint Works in 1928 on 115 acres in Brooklyn to replace five older plants at 60% of the cost, utilizing advanced coke-oven and water-gas production methods to enhance efficiency and capacity. By the 1990s, the company had become the fourth-largest natural gas utility in the United States, distributing gas across 187 square miles in Brooklyn, Staten Island, and parts of Queens, playing a pivotal role in New York City's urban energy infrastructure. The (LILCO) was established on June 1, 1911, by merging four electric utilities in Suffolk County with initial capitalization of $300,000 in stock and $295,000 in bonds, initially focusing on electrical power distribution across . It expanded into services in 1917 and grew through acquisitions, such as the Babylon Electric Light Company in 1915 and Huntington Light & Power Company in 1919, eventually serving approximately 2.8 million people over 1,230 square miles by the late . Key milestones included reaching $100 million in revenues by 1959 and managing a peak load exceeding 1 million kilowatts in 1960, supported by a workforce that grew to 6,600 employees and annual sales of $2.45 billion by 1992. LILCO faced significant challenges in the 1970s and 1980s, particularly with the Shoreham Nuclear Power Plant, proposed in 1965 and under construction from 1973, whose costs ballooned from initial estimates to $4.6 billion by 1986 amid safety concerns, evacuation issues, and public opposition. The plant was completed in 1984 but never fully operated commercially, leading to intense regulatory battles over cost recovery, with LILCO raising rates 13 times in 12 years due to rising oil prices and nuclear overruns, resulting in bond rating downgrades and near-bankruptcy in the 1980s. A 1989 settlement with the Long Island Power Authority (LIPA) transferred Shoreham to LIPA for $1 and allowed phased rate increases, but financial pressures persisted. In 1997, state intervention culminated in LIPA acquiring LILCO's electric transmission and distribution assets, while generation and natural gas operations were transferred to subsidiaries, paving the way for LILCO's merger with Brooklyn Union Gas in 1998.

Formation and early years

The merger creating KeySpan was initially announced on December 30, 1996, as an agreement between Brooklyn Union Gas Company and Long Island Lighting Company (LILCO) in a stock swap valued at $3 billion. The deal was amended and restated on June 26, 1997, and ratified by stockholders in August 1997. It received approval from the New York Public Service Commission on February 5, 1998, at a revised valuation of $5.4 billion, enabling the combination of Brooklyn Union Gas's natural gas distribution expertise with LILCO's gas operations on Long Island. Concurrently, LILCO's electric transmission and distribution assets, along with its 18% interest in the Nine Mile Point 2 nuclear plant, were divested to the Long Island Power Authority (LIPA) for approximately $2.5 billion in cash, with LIPA assuming about $3.5 billion in LILCO debt. The merger closed on May 28, 1998, forming KeySpan Corporation as a holding company with subsidiaries such as KeySpan Energy Delivery for regulated utility services. Post-merger, the entity initially operated as MarketSpan Corporation, a structure designed to separate non-utility assets and ventures from core regulated operations, before rebranding to KeySpan Corporation in September 1998 to emphasize its energy focus. Operations were consolidated across , integrating gas distribution networks from Brooklyn Union Gas and LILCO's Long Island gas business while maintaining distinct regulatory entities for Brooklyn Union and former LILCO gas operations. Early financial performance reflected the merger's scale, with 1998 revenues of approximately $2.4 billion, primarily from gas operations totaling $2.0 billion, and a customer base exceeding 1.6 million accounts in and . Amid energy sector deregulation in the late , KeySpan shifted strategy toward core competencies in gas distribution, divesting non-nuclear generation interests inherited from LILCO through long-term power supply agreements with LIPA to support electric service without retaining ownership. This approach, including a 20% initial electric rate reduction for legacy LILCO customers via LIPA and projected merger savings of $413 million over eight years, positioned the company to navigate competitive markets by focusing on integrated gas supply and utility efficiency.

Expansion and acquisitions

In 2000, KeySpan pursued significant growth through the acquisition of Eastern Enterprises, a major operating primarily in , in a $2.5 billion all-cash transaction announced in late 1999 and completed on November 8, 2000. Eastern, through subsidiaries such as Gas and Colonial Gas, served approximately 800,000 customers across , focusing on distribution in the area and surrounding regions. Following the acquisition, Eastern's operations were integrated into KeySpan Energy Delivery (), enhancing KeySpan's regional footprint while maintaining its core focus on regulated services. As part of the same transaction, KeySpan simultaneously acquired EnergyNorth Inc., a distributor in central , for $61.13 per share in cash, adding about 80,000 customers to KeySpan's portfolio. EnergyNorth's operations complemented Eastern's by extending coverage into without venturing into unrelated geographic markets. The combined acquisitions increased KeySpan's customer base from 1.6 million to 2.4 million, positioning it as the largest distributor in the Northeast U.S. and the fifth largest nationally at the time. These acquisitions aligned with KeySpan's strategy to consolidate operations in the Northeast, leveraging synergies in , , and to improve efficiency and market density without expanding beyond established states. The deals drove substantial revenue growth, with projected combined annual revenues reaching $4.3 billion immediately post-acquisition, up from KeySpan's $3.5 billion in 1999, through in , infrastructure sharing, and customer service integration. This expansion solidified KeySpan's role as a dominant regional player in natural gas distribution during the early 2000s energy market consolidation.

Acquisition by National Grid

In February 2006, announced a definitive agreement to acquire KeySpan Corporation for $7.3 billion in cash, equivalent to $42 per share. The total transaction value, including the assumption of approximately $4.5 billion in KeySpan debt, reached about $11.8 billion. This deal aimed to establish National Grid as one of the largest utilities in the United States, serving roughly 7 million electricity and customers across the Northeast. The acquisition faced reviews from multiple regulators, including the (FERC), which approved the merger in October 2006 under 203 of the Federal Power Act, finding no adverse effects on competition or rates. The Public (NYPSC) conducted an extensive review and unanimously approved the transaction on August 22, 2007, imposing conditions related to rate protections, , and economic development benefits, such as $700 million in customer savings over 10 years. The merger closed on August 25, 2007, with KeySpan becoming a wholly owned of National Grid; the KeySpan brand was retained for at least one year for certain operations to ensure continuity. The transaction was financed entirely through debt, increasing National Grid's leverage but enabling rapid expansion in the U.S. market. Leadership transitioned smoothly, with KeySpan's Chairman and CEO Robert B. Catell assuming the role of Chairman of National Grid USA and Deputy Chairman of National Grid plc to oversee the integration. KeySpan's assets, including its dominant natural gas distribution in New York City and Long Island and electric services in parts of Long Island, significantly bolstered National Grid USA's presence in the densely populated Northeast region.

Operations

Natural gas distribution

KeySpan's natural gas distribution operations spanned the through a network of subsidiaries focused on regulated delivery to residential, commercial, and industrial customers. In , KeySpan Energy Delivery New York (KEDNY) served the boroughs of , , and [Staten Island](/page/Staten Island), while KeySpan Energy Delivery [Long Island](/page/Long Island) (KEDLI) covered and counties as well as the Rockaway . The 2000 acquisition of Eastern Enterprises expanded services to , encompassing utilities such as Gas Company and Colonial Gas Company, which provided distribution in eastern and central parts of the state. The 2000 acquisition of EnergyNorth added operations in central , including and surrounding areas. By 2007, these subsidiaries collectively served approximately 2.6 million customers across these regions. The infrastructure supporting these operations included an extensive system of underground pipelines, storage facilities, and advanced metering systems designed for safe and reliable delivery. In alone, the network comprised over 12,400 miles of gas distribution and transmission pipes, with 4,100 miles in and 8,300 miles on , emphasizing high-density urban distribution in challenging environments like and . Post-deregulation enhancements in the late and early focused on upgrading aging mains, improving pressure management, and integrating smart metering to enhance system reliability and reduce outages. Annual gas volumes delivered through these systems reached significant scales, with KeySpan's operations handling around 185 billion cubic feet in 2009, underscoring the utility's role in meeting regional heating and industrial demands. Regulatory oversight and safety were central to KeySpan's gas distribution practices, ensuring compliance with federal standards from the Pipeline and Hazardous Materials Safety Administration (PHMSA) under the U.S. Department of Transportation. These included integrity management programs for high-consequence areas, regular pipeline inspections, and leak detection protocols to mitigate risks in densely populated urban zones. State-specific regulations from the Public Service Commission (NYPSC), Department of Public Utilities (MDPU), and Public Utilities Commission (NHPUC) governed rate structures, , and infrastructure investments. Peak demand management strategies involved utilizing (LNG) storage facilities under contract, such as the Everett LNG terminal in with a capacity of over 3.4 billion cubic feet, alongside weather derivatives and gas adjustment clauses to stabilize supply during winter peaks and price volatility.

Electric distribution

KeySpan's electric distribution operations were primarily conducted through its , KeySpan Electric Services LLC, which managed the and distribution for the (LIPA) on . This handled all operation, maintenance, construction, and significant administrative services for LIPA's electric infrastructure, ensuring reliable delivery of power without involvement in generation activities, which remained LIPA's responsibility. The system served approximately 1.1 million residential and commercial customers across and counties and the Rockaway Peninsula in , covering a service territory of about 1,230 square miles. KeySpan oversaw an extensive network that included over 1,390 miles of and subtransmission lines operating at voltages of 345 kV, 138 kV, and 69 kV, along with more than 187 substations for and power delivery. occurred at lower voltages such as 33 kV, 23 kV, 13.2 kV, and 4.16 kV, supporting local customer connections through a dense web of overhead and underground lines. The arrangement originated from the 1998 restructuring of LILCO, where LIPA acquired ownership of the and assets, while KeySpan assumed operational management under a long-term contract focused on enhancing system reliability and minimizing outages. Annually, the system delivered around 19 billion kWh of electricity to meet customer demand, underscoring its scale in supporting Long Island's economic and residential needs. KeySpan emphasized innovations such as automated metering systems introduced in the early , which served as precursors to modern technologies by enabling remote meter reading and improved outage detection. These efforts contributed to ongoing reliability improvements, including proactive maintenance to reduce downtime and integrate emerging technologies for better network monitoring.

Energy services and investments

KeySpan's non-regulated business units included KeySpan Services Inc. (KSI), a wholly-owned serving as a for 16 entities that delivered energy-related services across the Northeast . These services encompassed audits, (HVAC) installations and maintenance, repairs, and electrical work for residential, commercial, and industrial customers. A key subsidiary, KeySpan Energy Solutions, Inc., focused on HVAC and solutions for residential and small commercial clients in the metropolitan area, including preventative maintenance, emergency repairs, and energy assessments to promote , such as installing detectors and upgrading heating systems. Complementing this, KeySpan Energy Management, Inc. provided advanced commercial , designing, installing, and operating customized HVAC and energy systems for large institutional clients like hospitals and universities, emphasizing cost-saving measures and system optimization. By the mid-2000s, these operations had expanded to include subsidiaries like KeySpan Solutions, Inc., which handled piping and maintenance contracts, generating steady revenue from service agreements in deregulated environments. KeySpan's energy investments extended to non-utility generation assets, particularly peaker plants designed for high-demand periods in urban areas. The company owned approximately 6,700 megawatts of total capacity, including 42 gas turbine peaker units on and in , which supported peak load balancing for the electric grid and contributed to reliability in the Northeast's deregulated power markets. These facilities, such as the Glenwood peaking plant, operated intermittently to supplement base-load power during summer peaks and emergencies. Diversifying beyond core energy, KeySpan pursued and ventures as strategic investments. KeySpan Communications Corp., a , developed and owned high-speed optic networks spanning over 1,000 route miles in the Northeast, enabling data transmission services for businesses; this unit was sold to Light Tower Fiber LLC in 2008 following the National Grid acquisition. In , KeySpan engaged in property development and divestitures, including the sale of a 10-acre office and warehouse site in , to Malachite Real Estate Investments for $6.2 million in 2002, as part of optimizing non-core assets. KeySpan positioned itself competitively in deregulated energy markets by offering gas supply contracts and demand-response programs tailored to commercial and industrial users. These included flexible procurement agreements to against price volatility and incentives for customers to curtail usage during periods, reducing system strain and lowering costs through coordinated load management. In the early , the company also piloted initiatives, such as a program deploying 200-kilowatt phosphoric acid s for clean, on-site power generation at commercial sites, aiming to integrate distributed renewables into its .

Legacy and impact

Integration into National Grid

The merger between National Grid and KeySpan closed on August 24, 2007, marking the beginning of a multi-year process that unified their operations in the . Following the closure, KeySpan subsidiaries underwent gradual to National Grid, with the KeySpan brand phased out over the subsequent year and entities like KeySpan Gas East adopting a doing-business-as (d/b/a) designation for National Grid by 2008. This extended to customer-facing materials and , while legal entity names were retained for regulatory purposes, with the transition completing over the following years. Integration efforts focused on consolidating back-office functions, including , , and IT systems, to streamline operations across the combined entity. National Grid incorporated KeySpan's approximately 9,700 employees into its workforce, resulting in a combined total of about 18,000, with plans to reduce headcount by roughly 10% through natural attrition and voluntary programs to achieve efficiencies without layoffs. These operational synergies were projected to generate $200 million in annual cost savings by eliminating redundancies and optimizing . The merger also strengthened the reliability of the Northeast and gas by combining assets and expertise, positioning National Grid as the second-largest in the U.S. by customer base. Regulatory approvals for the merger included commitments to rate stabilization, such as freezing rates for KeySpan customers through 2012 and delivering over $600 million in savings to gas customers in and over five years. Customers experienced no immediate service disruptions during the transition, with local service continuity maintained through retained operational teams and phased system integrations that concluded by 2012.

Environmental remediation efforts

KeySpan inherited environmental liabilities from its predecessor companies, including the (LILCO) and Brooklyn Union Gas Company, which operated over 15 manufactured gas plant (MGP) sites primarily on . These sites, dating back to the late 19th and early 20th centuries, were contaminated with coal-tar byproducts such as polycyclic aromatic hydrocarbons (PAHs), , and from processes used to produce town gas before became widespread. The contamination posed risks to soil, , and nearby waterways, prompting regulatory scrutiny under New York's environmental laws. KeySpan initiated active remediation programs in the early , focusing on site investigations, interim remedial measures (IRMs), and long-term cleanups to address these legacy issues. By 2007, the company had expended over $106 million on MGP-related activities for its KeySpan Energy Delivery (KEDLI) operations alone, with total estimated costs of approximately $335 million for these sites as of 2008. These efforts included excavation, monitoring, and barrier installations to contain contaminants, often funded through rate recovery mechanisms approved by the (PSC). Major projects encompassed cleanups at Long Island MGP sites, such as Bay Shore, Hempstead, and Hempstead Intersection Street, conducted under oversight from the New York State Department of Environmental Conservation (NYSDEC) through voluntary cleanup agreements and consent orders. In Massachusetts, KeySpan assumed responsibility for sites inherited from Eastern Enterprises following its 2000 acquisition, including locations like those operated by Boston Gas Company, where remediation addressed similar coal-tar impacts in compliance with state regulations akin to federal Superfund standards. Community engagement was integral, involving public meetings, fact sheets, and notifications to inform residents about investigation findings and remedial actions. Several sites saw partial completions by the mid-2000s, including the finalization of remedial investigation reports and initial IRMs at locations like Hempstead, though full remediation timelines extended due to the complexity of subsurface contamination. Following National Grid's acquisition of KeySpan in August 2007, environmental liabilities and ongoing programs were transferred to the parent company, which continued oversight and reporting. As of 2025, National Grid continues remediation at former KeySpan MGP sites, with ongoing investigations and cleanups reported in regulatory filings. KeySpan and its successor provided annual disclosures on environmental expenditures in regulatory filings to the and , ensuring transparency on remediation progress and costs.

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    Nov 9, 2007 · Since National Grid announced its takeover of KeySpan Energy, the total number of MGP sites has ballooned to 69. The National Grid proposed ...