National Grid is seeking to undertake an intercompany reorganization under which the current intermediate holding company KeySpan Corporation would be dissolved, and KeySpan Energy Corp. (the parent of utility KeySpan NY) and utility KeySpan Gas East Corporation (KeySpan Long Island), which are currently organized as subsidiaries of KeySpan Corporation, would become direct subsidiaries of National Grid USA

There would be no change to the rates or tariffs of the KeySpan LDCs under the reorganization, and there would be no consolidation among the LDCs

National Grid sought a ruling from the New York PSC that Section 70 of the PSL does not apply to the proposed transaction.

Tags:
New York   M&A  

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