Hicksville, NY (March 23, 2007) – National Grid (LSE: NG. NYSE: NGG) and KeySpan Corp. (NYSE: KSE) today announced an amended and enhanced seven-year agreement with the Long Island Power Authority (“LIPA”) to operate the electricity transmission and distribution system on Long Island. This agreement affirms that the National Grid/KeySpan merger is in the best interest of Long Island electric customers, and is also an important step in the merger of National Grid and KeySpan, targeted for completion in mid-2007.

To view the webcast of this announcement and to view more information regarding the acquisition, please click here