EX-99
4
baycorp8kex992mar182005.txt
BAYCORP HOLDINGS, LTD. FORM 8-K EXHIBIT 99.1
Exhibit 99.2
BAYCORP HOLDINIGS, LTD.
1 New Hampshire Avenue, Suite 125
Portsmouth, New Hampshire 03801
Phone (603) 766-4990 Fax (603) 766-4991
BayCorp Announces Acquisition of Benton Falls Hydroelectric Plant
-------------------------------------------------------------
PORTSMOUTH, NEW HAMPSHIRE, March 17, 2005 --- BayCorp
Holdings, Ltd. ("BayCorp") (AMEX: MWH) announced today that it
completed the acquisition of Benton Falls Associates, a limited
partnership which owns a 4.3 megawatt hydroelectric generation
plant in Benton, Maine ("Benton Falls"). BayCorp acquired the
plant from The Arcadia Companies for $2.2 million.
BayCorp will immediately assume operating responsibility for
Benton Falls. The output from Benton Falls is sold to Central
Maine Power Corporation ("CMP") under a power purchase agreement
("PPA") that expires in December 2007. The rates under the PPA
are indexed to CMP's standard rates for energy and capacity
purchases established annually by the Maine Public Utilities
Commission. Upon expiration of the PPA, the output of Benton
Falls will be used as a physical hedge for a portion of BayCorp's
supply obligations under its nine megawatt supply contract with
Unitil Power Corp. that runs through October 2010.
About BayCorp
-------------
BayCorp Holdings, Ltd. is an unregulated holding company
incorporated in Delaware. BayCorp currently has wholly owned
subsidiaries that include Great Bay Power Marketing, Inc., which
purchases and markets power on the open market; Great Bay Hydro
Corporation, which owns and operates hydrogeneration facilities
in Vermont; Nacogdoches Power, LLC, which is developing the
Sterne Power Project in Texas; Nacogdoches Gas, LLC, which owns
and develops natural gas and oil assets in East Texas; and Great
Bay Hydro Maine, LLC and its subsidiary, Great Bay Hydro Benton,
LLC, the owners and operators of Maine hydroelectric generation
assets. BayCorp also owns a majority interest in HoustonStreet
Exchange, Inc., which operates HoustonStreet.com, an independent
internet-based crude oil and refined products trading exchange.
Forward Looking Statements
--------------------------
Any statements contained in this release regarding the Company's
goals, strategies, and expectations are "forward-looking
statements." Such statements include those addressing the
Company's participation in the Central Maine Power agreement and
use of the Benton Falls project as a physical hedge. Factors
that may affect future results include the performance of parties
under the PPA, actions of the Maine Public Utilities Commission,
other governmental regulation and changes in laws and the results
of continued operation of the Benton Falls facilities. No
assurances can be given that the results in any forward-looking
statements will be achieved and actual results could differ
materially. Please review reports filed by BayCorp with the
Securities and Exchange Commission for information and factors
that could affect the Company's business.
# # #

EX - 99 4 baycorp8kex992mar182005 . txt BAYCORP HOLDINGS , LTD . FORM 8 - K EXHIBIT 99 . 1 Exhibit 99 . 2 BAYCORP HOLDINIGS , LTD . 1 New Hampshire Avenue , Suite 125 Portsmouth , New Hampshire 03801 Phone ( 603 ) 766 - 4990 Fax ( 603 ) 766 - 4991 BayCorp Announces Acquisition of Benton Falls Hydroelectric Plant ------------------------------------------------------------- PORTSMOUTH , NEW HAMPSHIRE , March 17 , 2005 --- BayCorp Holdings , Ltd . ( " BayCorp " ) ( AMEX : MWH ) announced today that it completed the acquisition of Benton Falls Associates , a limited partnership which owns a 4.3 megawatt hydroelectric generation plant in Benton , Maine ( " Benton Falls " ) . BayCorp acquired the plant from The Arcadia Companies for $ 2.2 million . BayCorp will immediately assume operating responsibility for Benton Falls . The output from Benton Falls is sold to Central Maine Power Corporation ( " CMP " ) under a power purchase agreement ( " PPA " ) that expires in December 2007 . The rates under the PPA are indexed to CMP 's standard rates for energy and capacity purchases established annually by the Maine Public Utilities Commission . Upon expiration of the PPA , the output of Benton Falls will be used as a physical hedge for a portion of BayCorp 's supply obligations under its nine megawatt supply contract with Unitil Power Corp . that runs through October 2010 . About BayCorp ------------- BayCorp Holdings , Ltd . is an unregulated holding company incorporated in Delaware . BayCorp currently has wholly owned subsidiaries that include Great Bay Power Marketing , Inc . , which purchases and markets power on the open market ; Great Bay Hydro Corporation , which owns and operates hydro generation facilities in Vermont ; Nacogdoches Power , LLC , which is developing the Sterne Power Project in Texas ; Nacogdoches Gas , LLC , which owns and develops natural gas and oil assets in East Texas ; and Great Bay Hydro Maine , LLC and its subsidiary , Great Bay Hydro Benton , LLC , the owners and operators of Maine hydroelectric generation assets . BayCorp also owns a majority interest in HoustonStreet Exchange , Inc . , which operates HoustonStreet.com , an independent internet - based crude oil and refined products trading exchange . Forward Looking Statements -------------------------- Any statements contained in this release regarding the Company 's goals , strategies , and expectations are " forward - looking statements . " Such statements include those addressing the Company 's participation in the Central Maine Power agreement and use of the Benton Falls project as a physical hedge . Factors that may affect future results include the performance of parties under the PPA , actions of the Maine Public Utilities Commission , other governmental regulation and changes in laws and the results of continued operation of the Benton Falls facilities . No assurances can be given that the results in any forward - looking statements will be achieved and actual results could differ materially . Please review reports filed by BayCorp with the Securities and Exchange Commission for information and factors that could affect the Company 's business . # # #