SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event repFebruary 4, 1999
MARKETSPAN CORPORATION
(Exact Name of Registrant as Specified in Its Charter)
New York
(State or Other Jurisdiction of Incorporation)
1-14161 11-3431358
(Commission File Number) (IRS Employer Identification No.)
175 East Old Country Road, Hicksville, New York 11801
One MetroTech Center, Brooklyn, New York 11201
(Address of Principal Executive Offices) (Zip Code)
(516) 755-6650 (Hicksville)
(718) 403-1000 (Brooklyn)
(Registrant's Telephone Number, Including Area Code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events.
On January 28, 1999, MarketSpan Corporation d/b/a KeySpan Energy
("the Company") entered into a definitive agreement with Consolidated Edison
Company of New York, Inc. to purchase for approximately $597 million, the
2,168-megawatt Ravenswood electric generating facilities located in Long Island
City, Queens, New York. Consummation of this transaction is subject to various
regulatory approvals, the timing of which cannot be determined.
For additional information concerning this transaction, please refer
to the Company's press release, attached hereto as Exhibit 99, which is
incorporated herein by reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits
(1) Press Release of the Company dated January 28, 1999.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
MARKETSPAN CORPORATION
Dated: February 4, 1999 By: /s/ Craig G. Matthews
--- ----- -- --------
Name: Craig G. Matthews
Title: President and Chief
Operating Officer
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INDEX TO EXHIBITS
Exhibit No. Exhibit Page
- ----------- ------- ----
99 Press Release, dated January 28, 1999 5
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Exhibit 99
KEYSPAN PRESS RELEASE
KeySpan Energy Acquires Con Edison Generating Plant
Brooklyn and Hicksville, NY, January 28, 1999 -- KeySpan Energy (NYSE: KSE) has
reached an agreement to purchase the 2,168-megawatt Ravenswood electric
generating facility from The Consolidated Edison Company (NYSE: ED) for $597
million. The assets to be acquired include the 1,753-megawatt Ravenswood
Generating Station and the 415-megawatt
Ravenswood Gas Turbines.
Located in Long Island City, Queens, and powered primarily by natural gas,
Ravenswood is vital to the region's power supply.
"This is a major achievement toward our goal of becoming the premier energy
company in the Northeast. With this acquisition, KeySpan Energy is building on
its expertise in electric generation and natural gas to further implement our
strategy to provide reliable and competitive energy in the Northeast," said
Robert B. Catell, Chairman and Chief Executive Officer of KeySpan Energy. "This
is an important step in creating shareholder value, since the purchase will
contribute to earnings in the first year as well as provide long-term growth."
KeySpan Energy's two principal operating subsidiaries, each doing business under
the name Brooklyn Union, distribute natural gas to nearly 1.6 million customers
in the New York City boroughs of Staten Island, Brooklyn, and Queens, and the
Long Island counties of Nassau and Suffolk. Other KeySpan subsidiaries provide
gas-marketing and energy services, including system installation and management,
primarily in the greater New York metropolitan area; generate electricity
primarily in Nassau and Suffolk Counties at five plants and 42 smaller
facilities with an aggregate-rated generating capacity of 3,978 megawatts; and
provide electric transmission-and-distribution operating services and
customer-billing services to the Long Island Power Authority for its one-million
electric customers. Through investments by subsidiaries, KeySpan also owns 64
percent of the gas-exploration-and-production operations of The Houston
Exploration Company (NYSE:THX) as well as interests in domestic and
international pipeline operations and international gas-distribution operations.
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