Exhibit 99.1

KEYSPAN
Climate is everything
                                                                           NEWS
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KeySpan Corporation                                       For Immediate Release

Contact: George Laskaris                                      Jody Fisher
         Investors                                            Media Relations
         (718)403-2526                                        (718)403-2503



New  York,  NY -  February  17,  2006 -  KeySpan  Corporation  (NYSE:KSE)  today
confirmed that it is in discussions  with various  parties  regarding  potential
strategic combinations.

"We have been  pursuing a successful  strategy that is working well to serve our
customers and deliver  shareholder value, and we are well positioned to continue
doing so as an  independent  company,"  said  Robert B.  Catell,  KeySpan  Chief
Executive  Officer.  "However,  as our industry  has  evolved,  we believe it is
appropriate to explore all alternatives that may be in the best interests of all
our stakeholders, particularly the customers we serve."

The Company  stated that there can be no  assurance  that any  transaction  will
occur,  or, if one is undertaken,  its terms or timing.  The Company also stated
that it does not expect to disclose  developments  with  respect to  discussions
unless and until its Board of Directors has approved a definitive transaction or
terminated discussions.


A member of Standard & Poor's 500 Index,  KeySpan Corporation  (NYSE:KSE) is the
largest  distributor of natural gas in the Northeast with 2.6 million customers,
operating  regulated  natural gas utilities in New York,  Massachusetts  and New
Hampshire which do business as KeySpan Energy  Delivery.  This customer  focused
business  is  complemented  by the  Energy  Services  business  which  offers  a
portfolio  of  energy-related  products,  services  and  solutions  to homes and
businesses. KeySpan is also the largest owner of electric generation in New York
State.  We own  approximately  6,650  megawatts of  generating  capacity,  which
provides power to the 1.1 million  customers of the Long Island Power  Authority
and supplies 25% of New York City's capacity needs. In addition to these assets,
KeySpan  has  strategic  investments  in  production,  pipeline  transportation,
distribution and storage. KeySpan has headquarters in Brooklyn,  Boston and Long
Island.