British Utility to Buy KeySpan

Today’s Providence Journal reports that the British company National Grid PLC plans to purchase KeySpan Corp. for $7.3 billion. In doing so, National Grid will acquire KeySpan’s LNG storage tank at Fields Point in Providence; if this deal and another for New England Gas Co. both go through, National Grid also will own a 42 acre parcel adjacent to the tank. Michael E. Jesanis, President and CEO of National Grid USA, says the company currently does not “have any particular plans” to revive KeySpan’s marine terminal expansion proposal, which was rejected by FERC. “We recognize the great interest of the citizens of Rhode Island in that facility,” Jesanis said. “We’ll be having discussions at the appropriate time with KeySpan and with Rhode Island policymakers.

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