Exhibit 99.1


KEYSPAN                                                                    NEWS
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KeySpan Corporation                                       For Immediate Release

Contacts:         Investors                               Media Relations
                  George Laskaris                         Ed Yutkowitz
                  718.403.2526                            718.403.2523


           KeySpan Increases 5 Year Credit Facilities to $1.5 Billion
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Brooklyn,  New York, June 28, 2005 - KeySpan  Corporation  (NYSE: KSE) announced
today  that it closed on a five  year  credit  facility  of $920  million.  This
facility replaces an existing $660 million, 3-year facility due June 2006.


The Company now has credit facilities,  totaling $1.5 billion, with $580 million
(reduced  from $640  million) due June 2009 and the  remaining  $920 million due
June  2010.  The credit  facilities  will  continue  to  support  the  Company's
commercial  paper program for ongoing  working  capital needs.  The facility was
over-subscribed with 15 banks participating.

"We are  very  pleased  with  the  market's  positive  reception  to our  credit
facility,"  said Gerald  Luterman,  Executive Vice President and Chief Financial
Officer.  "This facility further confirms KeySpan's  corporate  strategy,  while
enhancing its strong credit and liquidity position."


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A member of the Standard & Poor's 500 Index,  KeySpan Corporation  (NYSE:KSE) is
the largest distributor of natural gas in the Northeast, operating regulated gas
utilities in New York,  Massachusetts,  and New Hampshire that serve 2.6 million
customers. These customer-focused  businesses are complemented by a portfolio of
service companies that offer energy-related products, services, and solutions to
homes and businesses. KeySpan is also the largest electric generator in New York
State, with approximately  6,650 megawatts of generating  capacity that provides
power to 1.1 million customers of the Long Island Power Authority (LIPA) on Long
Island and supplies  approximately 25 percent of New York City's capacity needs.
KeySpan also operates LIPA's transmission and distribution system under contract
to LIPA.  In addition to these  assets,  KeySpan has  strategic  investments  in
pipeline  transportation,  distribution,  storage,  and production.  KeySpan has
headquarters in Brooklyn,  New England,  and Long Island.  For more information,
visit KeySpan's web site at www.keyspanenergy.com.