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   (Date of earliest event reported):
                               December 31, 1997



                         LONG ISLAND LIGHTING COMPANY
              (Exact name of registrant as specified in charter)
         New York                1-3571                   11-1019782
(State of Incorporation)   (Commission File No.)          (I.R.S.Employer
                                                          Identification
                                                          No.)

            175 East Old Country Road, Hicksville, New York  11801
                                 516-755-6650
         (Address and telephone number of Principal Executive Offices)




<PAGE>




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 Long Island Lighting Company
("LILCO") and for KeySpan Energy  Corporation  ("Keyspan") 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,  LILCO and Keyspan  believe that the
applicability  of  the  purchase  method  of  accounting  is  probable.  If  the
transaction   contemplated   with  the  Long  Island  Power   Authority  is  not
consummated,  it is possible that the combination contemplated between LILCO and
Keyspan 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 LILCO contained in its Quarterly Report on
Form 10-Q filed on  November  14,  1997 and of Keyspan  contained  in its Annual
Report on Form 10-K filed on December  19,  1997,  which Form 10-K of Keyspan 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 Keyspan's
Annual Report on Form 10-K filed on December 19, 1997, referred to above in Item
5 and  incorporated  herein by reference,  are attached  hereto as the following
Exhibits:

Exhibit
Number

10        Agreement and Plan of Merger dated as of June 26, 1997 by and among BL
          Holding  Corp.,  Long  Island  Lighting  Company,  Long  Island  Power
          Authority and LIPA Acquisition Corp. (filed as Annex D to Registration
          Statement  on Form S-4,  No.  333-30353  on June 30,  1997) and hereby
          incorporated by reference and made a part of this report with the same
          effect as if filed herewith.

*23       Consent of Independent Public Accountants
          
*99.1     Unaudited  pro forma  combined  condensed  financial  information  for
          LILCO and Keyspan Energy Corporation at September 30, 1997 and for the
          twelve months ended September 30, 1997.

*99.2     Keyspan  Annual  Report on Form  10-K for the  12-month  period  ended
          September 30, 1997.

*Filed Herewith


                                     2


<PAGE>








                                    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 thereunto duly authorized.

Dated:  December 31, 1997






                        LONG ISLAND LIGHTING COMPANY
                                 Registrant



                        By: /s/ Anthony Nozzolillo                       
                        -------------------------------
                              ANTHONY NOZZOLILLO
                         Senior Vice President - Finance






















                                     3



<PAGE>



                                  Exhibit Index


Exhibit
Number

10        Agreement and Plan of Merger dated as of June 26, 1997 by and among BL
          Holding  Corp.,  Long  Island  Lighting  Company,  Long  Island  Power
          Authority and LIPA Acquisition Corp. (filed as Annex D to Registration
          Statement  on Form S-4,  No.  333-30353  on June 30,  1997) and hereby
          incorporated by reference and made a part of this report with the same
          effect as if filed herewith.

*23       Consent of Independent Public Accountants begins on page 5.

*99.1     Unaudited  pro forma  combined  condensed  financial  information  for
          LILCO and KeySpan Energy Corporation at September 30, 1997 and for the
          twelve months ended September 30, 1997, begins on page 6.

*99.2     KeySpan  Energy  Corporation  Annual  Report for the  12-month  period
          ended September 30, 1997 begins on page 13.

                              
*Filed Herewith

                                   4
[{"type": "8-K", "sequence": "1", "description": "LILCO CURRENT REPORT ON FORM 8-K", "secsgml_size_bytes": 5557}]
{"company-data": {"conformed-name": "LONG ISLAND LIGHTING CO", "cik": "0000060251", "assigned-sic": "4931", "irs-number": "111019782", "state-of-incorporation": "NY", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-03571", "film-number": "97747322"}, "business-address": {"street1": "175 E OLD COUNTRY RD", "city": "HICKSVILLE", "state": "NY", "zip": "11801", "phone": "5165455184"}, "mail-address": {"street1": "175 E. OLD COUNTRY RD", "city": "HICKSVILLE", "state": "NY", "zip": "11801"}}
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   (Date of earliest event reported):
                               December 31, 1997

                         LONG ISLAND LIGHTING COMPANY
              (Exact name of registrant as specified in charter)
         New York                1-3571                   11-1019782
(State of Incorporation)   (Commission File No.)          (I.R.S.Employer
                                                          Identification
                                                          No.)

            175 East Old Country Road, Hicksville, New York  11801
                                 516-755-6650
         (Address and telephone number of Principal Executive Offices)
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 Long Island Lighting Company
("LILCO") and for KeySpan Energy  Corporation  ("Keyspan") 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,  LILCO and Keyspan  believe that the
applicability  of  the  purchase  method  of  accounting  is  probable.  If  the
transaction   contemplated   with  the  Long  Island  Power   Authority  is  not
consummated,  it is possible that the combination contemplated between LILCO and
Keyspan 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 LILCO contained in its Quarterly Report on
Form 10-Q filed on  November  14,  1997 and of Keyspan  contained  in its Annual
Report on Form 10-K filed on December  19,  1997,  which Form 10-K of Keyspan 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 Keyspan's
Annual Report on Form 10-K filed on December 19, 1997, referred to above in Item
5 and  incorporated  herein by reference,  are attached  hereto as the following
Exhibits:

Exhibit
Number

10        Agreement and Plan of Merger dated as of June 26, 1997 by and among BL
          Holding  Corp.,  Long  Island  Lighting  Company,  Long  Island  Power
          Authority and LIPA Acquisition Corp. (filed as Annex D to Registration
          Statement  on Form S-4,  No.  333-30353  on June 30,  1997) and hereby
          incorporated by reference and made a part of this report with the same
          effect as if filed herewith.

*23       Consent of Independent Public Accountants
          
*99.1     Unaudited  pro forma  combined  condensed  financial  information  for
          LILCO and Keyspan Energy Corporation at September 30, 1997 and for the
          twelve months ended September 30, 1997.

*99.2     Keyspan  Annual  Report on Form  10-K for the  12-month  period  ended
          September 30, 1997.

*Filed Herewith

                                     2
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 thereunto duly authorized.

Dated:  December 31, 1997

                        LONG ISLAND LIGHTING COMPANY
                                 Registrant

                        By: /s/ Anthony Nozzolillo                       
                        -------------------------------
                              ANTHONY NOZZOLILLO
                         Senior Vice President - Finance

                                     3
Exhibit Index

Exhibit
Number

10        Agreement and Plan of Merger dated as of June 26, 1997 by and among BL
          Holding  Corp.,  Long  Island  Lighting  Company,  Long  Island  Power
          Authority and LIPA Acquisition Corp. (filed as Annex D to Registration
          Statement  on Form S-4,  No.  333-30353  on June 30,  1997) and hereby
          incorporated by reference and made a part of this report with the same
          effect as if filed herewith.

*23       Consent of Independent Public Accountants begins on page 5.

*99.1     Unaudited  pro forma  combined  condensed  financial  information  for
          LILCO and KeySpan Energy Corporation at September 30, 1997 and for the
          twelve months ended September 30, 1997, begins on page 6.

*99.2     KeySpan  Energy  Corporation  Annual  Report for the  12-month  period
          ended September 30, 1997 begins on page 13.

                              
*Filed Herewith

                                   4