SECURITIES AND EXCHANGE COMMISSION
                     WASHINGTON, D.C. 20549



                            FORM 8-K



                         CURRENT REPORT




             Pursuant to Section 13 or 15(d) of the
                 Securities Exchange Act of 1934



               Date of Report: December 19, 1997



                   KEYSPAN ENERGY CORPORATION
     (Exact name of registrant as specified in its charter)




        NEW YORK                  1-14508        11-3344628    
(State or other jurisdiction   (Commission    (I.R.S. Employer
of incorporation or             File Number)   Identification No.)
organization)







One MetroTech Center,Brooklyn, New York          11201-3850
(Address of principal executive offices)         (Zip Code)





Registrant's telephone number, including area code (718) 403-1000



                                 

Item 5.   Other Events

The Company is filing this Current Report on Form 8-K to provide
unaudited pro forma combined condensed financial information for
KeySpan and Long Island Lighting Company (LILCO) at September 30,
1997 and for the twelve months ended September 30, 1997 in order to
give effect under the purchase method of accounting to the
transactions summarized in Exhibit 99.1 hereto and in the
assumptions set forth in the notes thereto.

Based on current facts and circumstances, KeySpan and LILCO believe
that the applicability of the purchase method of accounting is
probable.  If the LIPA Transaction is not consummated, it is
possible that the combination between KeySpan and LILCO would
qualify for the pooling of interests method of accounting.

The unaudited pro forma combined condensed financial information
set forth in Exhibit 99.1 to this Current Report on Form 8-K
reflects the condensed consolidated financial information of
KeySpan and LILCO contained in KeySpan's Form 10-K Report filed
December 19, 1997 and LILCO's Form 10-Q Report filed on November
11, 1997, which Quarterly Report of LILCO is attached hereto as
Exhibit 99.2.  Exhibits 99.1 and 99.2 are hereby incorporated by
reference in response to this Item 5.

Item 7.   Financial Statements, Pro Forma Financial Information 
          and Exhibits

The unaudited pro forma combined condensed financial information
and LILCO's Quarterly Report on Form 10-Q filed on November 11,
1997, referred to above in Item 5 and incorporated herein by
reference, are attached hereto as the following Exhibits:

Exhibit
Number

 99.1     Unaudited pro forma combined condensed financial
          information for KeySpan and LILCO at September 30, 1997
          and for the twelve months ended September 30, 1997.
  
 99.2     LILCO 10-Q Report for the quarter ended September 30,
          1997. 



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                          SIGNATURE

     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.

Dated: December 19, 1997

                                   KEYSPAN ENERGY CORPORATION

                              By:  /s/ Vincent D. Enright
                                   -----------------------------
                                   Vincent D. Enright
                                   Senior Vice President, 
                                   Chief Financial Officer and
                                   Chief Accounting Officer




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                              Exhibit Index
Exhibit
Number 

 99.1     Unaudited pro forma combined condensed financial 
          information for KeySpan and LILCO at September 30, 1997
          and for the twelve months ended September 30, 1997,
          begins on page 5.

 99.2     LILCO 10-Q Report for the quarter ended September 30,
          1997 begins on page 14.      




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