KeySpan CEO grilled by Suffolk lawmakers on National Grid takeover

KeySpan CEO Robert Catell was in the hot seat Monday as he answered questions about the energy company?s $7 billion merger with British utility National Grid. Catell was grilled by Suffolk lawmakers

News 12 Staff

Mar 28, 2006, 12:14 AM

Updated 6,682 days ago

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KeySpan CEO Robert Catell was in the hot seat Monday as he answered questions about the energy company?s $7 billion merger with British utility National Grid.
Catell was grilled by Suffolk lawmakers about what the buyout will mean for aging power plants, rates, reliability of service and workforce reductions. Many who attended the meeting in Smithtown say they have security concerns that come with foreign ownership. Union officials said they are also worried about the loss of jobs, even if reductions come through early retirement and attrition.
Catell says the merger will mean only good things for Long Island. He says the larger company will have more purchasing power and the ability to clean up existing plants. Catell also said he expects rates to stay the same or drop.
Related Story: London-based company purchases KeySpan in $7.3 billion deal


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