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 report): June 18, 1999
KEYSPAN 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 June 18, 1999, KeySpan Corporation d/b/a KeySpan Energy ("the
Company") issued a press release concerning the consummation of its acquisition
of the 2,168-megawatt Ravenswood electric-generating facility located in Long
Island City, Queens, New York, from The Consolidated Edison Company of New York,
Inc.
The Company's press release is attached hereto as Exhibit 99 and is
incorporated herein by reference.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits
(1) Press Release of the Company dated June 18, 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.
KEYSPAN CORPORATION
Dated: June 22, 1999 By: /s/ Robert R. Wieczorek
--------------------------
Name: Robert R. Wieczorek
Title: Vice President, Secretary and Treasurer
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INDEX TO EXHIBITS
Exhibit No. Exhibit Page
- ----------- ------- ----
99 Press Release, dated June 18, 1999 5
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Exhibit 99
KEYSPAN ENERGY ACQUIRES RAVENSWOOD
GENERATING PLANT
- KeySpan Now Largest Investor-Owned Power Generator in NYS -
Brooklyn and Hicksville, N.Y. June 18, 1999 -- New York City has a major new
producer of electric power. As of today, KeySpan Energy (NYSE:KSE), through its
KeySpan Electric division, owns and operates the 2,168-megawatt Ravenswood
electric-generating facility, located in Long Island City, Queens.
KeySpan purchased the plant from The Consolidated Edison Company (NYSE:ED) for
$597 million. Ravenswood represents 27% of New York City's "in-city"
electric-generation capacity.
Located across the East River from Manhattan, Ravenswood's three principal
generators, fueled primarily by natural gas, can generate 1,753 megawatts of
electricity. In addition, Ravenswood's gas turbines are capable of producing 415
megawatts of power for peak use.
"With the acquisition of Ravenswood, KeySpan has become the largest
investor-owned producer of power in New York State," said Robert B. Catell,
Chairman and Chief Executive Officer of KeySpan Corporation. "We also have the
largest electric-producing capacity in New York City and will play a critical
role in providing competitive, market-based power to retail customers."
"KeySpan has achieved true convergence as we build our base of electric and gas
customers in both our regulated and non-regulated businesses," Catell said. "As
a prime generating asset in a major urban load pocket, Ravenswood gives us
strategic leverage in the demanding New York market. This acquisition will
contribute to our earnings this year and advance our strategy to be the premier
energy company in the Northeast through electric generation, natural gas
transmission and distribution, and unregulated energy services."
