LIPA trustees approve KeySpan-National Grid contract

Long Island Power Authority trustees moved the $12 billion National Grid takeover of KeySpan forward Wednesday by unanimously approving a management contract. Trustees voted in favor of the measure

News 12 Staff

Jun 7, 2007, 12:51 AM

Updated 6,251 days ago

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Long Island Power Authority trustees moved the $12 billion National Grid takeover of KeySpan forward Wednesday by unanimously approving a management contract.
Trustees voted in favor of the measure despite a New York State Public Service Commission (PSC) staff report that urged the takeover's rejection. Critics have also said the LIPA approval is premature until the PSC hands down its decision. The PSC has final say on the merger, with a report expected in late September or early fall.
Meanwhile, National Grid spokesperson Alberto Bianchetti promised major benefits for ratepayers. They can expect increased energy efficiency, $100 million toward re-powering the Port Jefferson and Northport plants and $90 million in additional benefits, Bianchetti said.
Legis. Wayne Horsley (D-Lindenhurst) believes LIPA voted too early. "With schedules not set, negotiations ongoing, litigation, LIPA's decision is premature," he said.
With several former KeySpan gas plants contaminated, there are still questions of who will pay for the cleanup.
Related Information: KeySpan discloses polluted sites; LIPA postpones vote LIPA surges ahead with KeySpan/National Grid deal LIPA reaches $236M deal with KeySpan, National Grid


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