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LIPA & National Grid/KeySpan Announce Agreement on
New Contracts

Melville, N.Y. – March 23, 2007 – The Long Island Power Authority (LIPA) today announced that an Agreement in Principle has been reached with National Grid/KeySpan on a series of contract-related issues that will provide significant ratepayer, reliability and repowering or power plant emission reduction benefits to LIPA’s electric customers and to the Long Island region.
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Related March 23, 2007 Release

 

“We have been engaged in extensive and deliberate process that has allowed LIPA to achieve its goal of obtaining the maximum amount of economic benefit for Long Island’s electric consumers from the planned acquisition of KeySpan by National Grid,” said LIPA Chairman Kevin Law

“We believe the proposed agreement with National Grid/KeySpan provides a range of benefits for LIPA’s customers that will help stabilize or even reduce electric rates and charges, maintain our high level of electric system reliability, and provide an affordable approach to repowering and/or power plant emission reductions,” said LIPA CEO/President Richard M. Kessel

 

“With its knowledge and expertise, National Grid is the best company to assist Long Island as it addresses the challenges of energy supply and efficiency in the future,” said KeySpan’s Chairman and CEO Robert Catell.

“National Grid looks forward to working with LIPA to bring the assets and expertise of a global company with the continued benefits of expert local management and a strong commitment to Long Island,” said National Grid Chief Executive Steve Holliday.
“We believe that to continue to maintain the high standards that we have achieved, reliability and performance metrics tied to financial incentives and disincentives are necessary. We commend LIPA and KeySpan/National Grid for reaching an agreement that will maintain the skilled workforce necessary to provide the first class energy delivery system Long Islanders so richly deserve,” said Robert Shand, Business Manager of IBEW Local 1049.
"This agreement shows a commitment by National Grid and LIPA to provide excellent service and reliability to the electric customers of Long Island, and to do it with an experienced and dedicated Union work force," said Donald J. Daley, Jr. Business Manager, Local 1381, IBEW.