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For $7.3 billion in cash, National Grid U.S. has completed its acquisition of Keyspan Corporation. The merger was approved when National Grid accepted the conditions set forth by the New York Public Service Commission, making the corporation the third largest energy utility in the United States. With a presence in Massachusetts, New Hampshire, New York and Rhode Island, the company will provide electricity to over 3.3 million customers and natural gas to 3.4 million.
By agreeing to sell the Ravenswood power plant rather than enter a long-term, fixed price contract for the output of the plant, National Grid overcame a major obstacle in the list of the Commission’s conditions. It is expected that the winning bidder of the 2,400 megawatt plant will be announced by the end of the first quarter in 2008.
Keyspan is now a wholly owned subsidiary of National Grid and becomes their fifth U.S. acquisition. The company has stated that it will maintain Keyspan’s Brooklyn office as well as its own Westborough facility. National Grid has a market capitalization of close to $42 billion and is the largest distributor of natural gas in the northeastern U.S.