Exhibit 99


KEYSPAN PRESS RELEASE


KeySpan Energy Acquires Con Edison Generating Plant

Brooklyn and Hicksville,  NY, January 28, 1999 -- KeySpan Energy (NYSE: KSE) has
reached  an  agreement  to  purchase  the  2,168-megawatt   Ravenswood  electric
generating  facility from The  Consolidated  Edison Company (NYSE:  ED) for $597
million.  The  assets  to be  acquired  include  the  1,753-megawatt  Ravenswood
Generating Station and the 415-megawatt
Ravenswood Gas Turbines.

Located in Long Island  City,  Queens,  and powered  primarily  by natural  gas,
Ravenswood is vital to the region's power supply.

"This is a major  achievement  toward our goal of becoming  the  premier  energy
company in the Northeast.  With this acquisition,  KeySpan Energy is building on
its expertise in electric  generation  and natural gas to further  implement our
strategy to provide  reliable and  competitive  energy in the  Northeast,"  said
Robert B. Catell,  Chairman and Chief Executive Officer of KeySpan Energy. "This
is an important  step in creating  shareholder  value,  since the purchase  will
contribute to earnings in the first year as well as provide long-term growth."

KeySpan Energy's two principal operating subsidiaries, each doing business under
the name Brooklyn Union,  distribute natural gas to nearly 1.6 million customers
in the New York City boroughs of Staten Island,  Brooklyn,  and Queens,  and the
Long Island counties of Nassau and Suffolk.  Other KeySpan  subsidiaries provide
gas-marketing and energy services, including system installation and management,
primarily  in the  greater  New York  metropolitan  area;  generate  electricity
primarily  in  Nassau  and  Suffolk  Counties  at  five  plants  and 42  smaller
facilities with an aggregate-rated  generating capacity of 3,978 megawatts;  and
provide   electric   transmission-and-distribution    operating   services   and
customer-billing services to the Long Island Power Authority for its one-million
electric customers.  Through  investments by subsidiaries,  KeySpan also owns 64
percent  of  the   gas-exploration-and-production   operations  of  The  Houston
Exploration   Company   (NYSE:THX)   as  well  as   interests  in  domestic  and
international pipeline operations and international gas-distribution operations.




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