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 reported) :              October 15, 2003


                               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)








Item 5.           Other Events and Required FD Disclosure
                  ---------------------------------------

     As previously  disclosed,  in March 2003, a jury rendered a verdict against
our  subsidiary,  KeySpan  Generation  LLC  ("KeySpan  Generation"),  and  other
defendants  in the amount of $47  million in a  proceeding  filed by a plaintiff
claiming injury from asbestos exposure at generating  facilities  formerly owned
by the Long Island  Lighting  Company  ("LILCO")  and others.  In October  2003,
KeySpan  Generation  agreed  to  pay  $400,000  to  resolve  this  matter  and a
stipulation discontinuing this lawsuit has been filed with the court.

     In  connection  with the May 1998  transaction  with the Long Island  Power
Authority  ("LIPA"),  costs  incurred by KeySpan for  liabilities  for  asbestos
exposure  arising from the  activities of the generating  facilities  previously
owned by LILCO,  including the facility  involved in the case referred to above,
are  recoverable  from LIPA  through a Power Supply  Agreement  between LIPA and
KeySpan.















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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: October 15, 2003                     By:    /s/ John J. Bishar, Jr.
                                                   -----------------------
                                            Name:  John J. Bishar, Jr.
                                            Title: Senior Vice President,
                                                   General Counsel and Secretary


















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