Exhibit 99

                     BAYCORP HOLDINGS, LTD.
                1 New Hampshire Avenue, Suite 125
                 Portsmouth, New Hampshire 03801
            Phone (603) 766-4990  Fax (603) 766-4991


      BayCorp Reports Third Quarter 2005 Operating Results

     November  14,  2005 --- BayCorp Holdings,  Ltd.  ("BayCorp")
(AMEX:  MWH) announced today its operating results for the  third
quarter ended September 30, 2005.  BayCorp reported a net loss of
$5,427,000,  or  approximately $9.50 per  share,  for  the  third
quarter  of  2005  as  compared to a net  loss  of  $250,000,  or
approximately $0.45 per share, for the third quarter of 2004.

     The  increase in net loss in the third quarter  of  2005  as
compared  to the third quarter of 2004 was primarily attributable
to  the  net unrealized loss of approximately $5,490,000  on  the
mark-to-market  of  the Company's firm forward  long-term  energy
contract  in  the  third quarter of 2005 as  compared  to  a  net
unrealized loss of approximately $648,000 in the third quarter of
2004.   The  mark-to-market value of this long-term  contract  is
based on current projections of power prices over the life of the
contract.   Forward power prices increased more significantly  in
the  third  quarter of 2005 as compared to the third  quarter  of
2004  primarily due to increases in the forward price of  natural
gas  during  those time periods.  In the New England  Power  Pool
("NEPOOL"),  power generating plants that use natural  gas  as  a
fuel source are on the margin most of the time and therefore  are
setting  the forward price of power.  Accordingly, the  price  of
power in NEPOOL is highly dependent on the price of natural gas.

     Revenues increased approximately $2,656,000 to $4,098,000 in
the  third  quarter of 2005 as compared to revenues of $1,442,000
in  the  third  quarter  of 2004.  This  increase  was  primarily
attributable to Nacogdoches Gas, LLC ("Nacogdoches Gas") revenues
of  approximately  $2,385,000  and Great  Bay  Hydro  Corporation
("Great  Bay Hydro") and Benton Falls Associates ("Benton Falls")
revenues of approximately $457,000.  There were no revenues  from
Nacogdoches Gas and Benton Falls in the third quarter of 2004.

     Operating  expenses  increased approximately  $2,168,000  to
$3,667,000  in the third quarter of 2005 as compared to  expenses
of  $1,499,000  in the third quarter of 2004.   The  increase  in
operating  expenses  was attributable in  part  to  the  cost  of
purchased  power.   The Company purchases power  to  satisfy  its
power  supply obligation under its firm forward long-term  energy
contract.   The  cost  of purchased power increased  $803,000  to
$1,700,000  in the third quarter of 2005 as compared to  $897,000
in the third quarter of 2004.  The increase in operating costs in
the  third  quarter of 2005 as compared to the third  quarter  of
2004 was also attributable to Nacogdoches Gas operating costs  of
approximately  $704,000  and  Benton  Falls  operating  costs  of
approximately $153,000.  There were no operating costs associated
with  these operations in the third quarter of 2004.  Nacogdoches
Gas  owns and develops natural gas and oil assets in East  Texas.
In  the  fourth quarter of 2004, BayCorp announced  that  it  had
entered into agreements to develop natural gas and oil production
wells  in  Nacogdoches  County, Texas.  Through  its  subsidiary,
Nacogdoches  Gas, the Company held as of September 30,  2005,  an
approximate 10% working interest in two wells, an approximate 90%
working  interest in four wells, and an approximate 76.5% working
interest in four wells.

     The   Company   recognized  other  income  of  approximately
$486,000 in the third quarter of 2004 as compared to total  other
deductions  of  approximately $313,000 in the  third  quarter  of
2005.   Other  income  in  the third quarter  of  2004  primarily
reflected  closing adjustments and other income specific  to  the
Company's  sale  of its interests in the Seabrook  Nuclear  Power
Plant  in  November 2002.   Included in other deductions  in  the
third  quarter  of  2005 was approximately $362,000  in  interest
expense.  On March 15, 2005 and May 24, 2005, the Company and all
of  its  wholly  owned subsidiaries entered  into  a  $10,250,000
Convertible  Note  and  a  Pledge  Agreement  and  a  $10,000,000
Convertible  Note  and an Amended and Restated  Pledge  Agreement
with Sloan Group Ltd.  The debt, which accrues interest at 8% per
annum  and  is due and payable in full on December 15,  2005,  is
convertible by Sloan Group at any time between November 15,  2005
and  December  15,  2005 (or any time after  the  occurrence  and
during  the continuance of a material event of default under  the
notes) into shares of BayCorp's common stock, $.01 par value,  at
a  price of $14.04 per share.   There was no interest expense  in
the third quarter of 2004.

     For  the  nine  months  ended September  30,  2005,  BayCorp
reported  a net loss of $10,040,000, or approximately $17.78  per
share,  as compared to a net loss of $2,253,000, or approximately
$3.79  per  share, for the nine months ended September 30,  2004.
The  increase in net loss for the nine months ended September 30,
2005  as  compared  to  the same period  in  2004  was  primarily
attributable to an unrealized loss of approximately $8,878,000 on
the mark-to-market of the Company's firm forward long-term energy
contract  in the first nine months of 2005 as compared to  a  net
unrealized  loss of approximately $3,000,000 in  the  first  nine
months  of 2004. Other operating expenses increased approximately
$6,221,000, to $10,898,000 in the first nine months  of  2005  as
compared  to expenses of $4,677,000 in the first nine  months  of
2004.   Operating  expenses  in the first  nine  months  of  2005
included  Nacogdoches  Gas expenses of approximately  $3,870,000,
$2,116,000 of which reflected exploration expense recognized  due
to  the  impairment of one gas well determined to be unsuccessful
and   $,161,000  reflecting  depletion  expense.   Benton   Falls
operating  expenses  for  the first  nine  months  of  2005  were
approximately  $350,000.  There were no  operating  expenses  for
these  companies in the first nine months of 2004.  For the  nine
months  ended  September 30, 2005, Great Bay Hydro expenses  were
approximately $409,000 and HoustonStreet operating expenses  were
approximately $613,000.  For the nine months ended September  30,
2004,  Great  Bay  Hydro  operating expenses  were  approximately
$293,000, representing six months of operations and HoustonStreet
operating expenses were approximately $362,000, representing five
months   of  operations  reflected  in  the  Company's  financial
statements.

     Operating  revenues for the nine months ended September  30,
2005  increased $6,013,000 to $9,932,000 as compared to  revenues
of  $3,919,000 for the nine months ended September 30, 2004.  The
increase  in  revenues  in  2005 was  primarily  attributable  to
Nacogdoches  Gas  revenues  of approximately  $4,713,000,  Benton
Falls   revenues  of  approximately  $507,000,  Great  Bay  Hydro
revenues of approximately $929,000 and HoustonStreet revenues  of
approximately  $751,000.   For  the  nine  month   period   ended
September  30, 2004, the Company recognized six months  of  Great
Bay  Hydro  revenues, five months of HoustonStreet  revenues  and
there were no revenues from Nacogdoches Gas and Benton Falls.

     The Company had other income of approximately $1,256,000  in
the  first  nine  months  of  2004 as  compared  to  total  other
deductions of approximately $321,000 in the first nine months  of
2005.   Other  income in the first nine months of 2004  primarily
reflected  closing adjustments and other income specific  to  the
Company's  sale  of its interests in the Seabrook  Nuclear  Power
Plant.   In the first nine months of 2005, the Company recognized
interest  expense of approximately $623,000.  On March  15,  2005
and  May  24,  2005,  the Company and all  of  its  wholly  owned
subsidiaries entered into a $10,250,000 Convertible  Note  and  a
Pledge  Agreement  and  a  $10,000,000 Convertible  Note  and  an
Amended  and  Restated  Pledge Agreement with  Sloan  Group  Ltd.
There  was no interest expense in the first nine months of  2004.
Offsetting the interest expense in the first nine months of  2005
was  other  income  of  approximately  $236,000  related  to  the
Company's previous ownership in Seabrook.

     In  the first nine months of 2005 the Company recorded a tax
refund of $225,000 upon receipt of a refund from the State of New
Hampshire for overpayment of prior year state income taxes.

About BayCorp

     BayCorp  Holdings,  Ltd. is an unregulated  holding  company
incorporated  in  Delaware.  BayCorp currently has  wholly  owned
subsidiaries  that include Nacogdoches Gas, LLC, which  owns  and
develops  interests in natural gas and oil production  assets  in
Nacogdoches County, Texas; Benton Falls Associates, the owner and
operator of a hydroelectric generating facility in Benton, Maine;
Great   Bay   Hydro  Corporation,  which  owns  and  operates   a
hydroelectric generating facility in Newport, Vermont; Great  Bay
Power  Marketing, Inc., which purchases and markets power on  the
open   market;  and  Nacogdoches  Power,  LLC,  which  owns   the
development  rights  to the Sterne Power Project  in  Nacogdoches
County,  Texas.   BayCorp  also  holds  a  majority  interest  in
HoustonStreet  Exchange, Inc., which operates  HoustonStreet.com,
an  internet-based  independent 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."  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.

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<Table>
<Caption>

                             BAYCORP HOLDINGS, LTD.
                               STATEMENT OF INCOME
                                   (UNAUDITED)
            (Dollars in thousands, except shares and per share data)


                                               Three Months Ended      Nine Months Ended
                                                  September 30,          September 30,
                                                2005         2004      2005        2004
<S>                                          <C>          <C>        <C>        <C>
Operating Revenues                            $4,098       $1,442      $9,932    $3,919
Operating Expenses                             3,667        1,499      10,898     4,677
                                             _______      _______    ________   _______
Operating Income (Loss) Before Mark
   to Market of Energy Contracts                 431          (57)       (966)     (758)
Unrealized Loss on Energy Contracts            5,490          648       8,878     3,000
                                             _______      _______    _______    _______
Operating Loss                                (5,059)        (705)     (9,844)   (3,758
Other Income (Deductions)                       (313)         486        (321)    1,256
                                             _______      _______    ________   _______
Loss before                                                  (219)    (10,165)   (2,502)
   Income Taxes and Minority Interest         (5,372)
Income Taxes                                     (41)         (13)        184       (13)
Minority Interest Expense                        (14)         (18)        (59)      (16)
                                             _______      _______    ________   _______
Net Loss before Extraordinary Item            (5,427)        (250)    (10,040)   (2,531)
Extraordinary Item - Gain on                       0            0           0       278
   Consolidation of Subsidiary               _______      _______    ________   _______
Net Loss                                     ($5,427)       ($250)   ($10,040)  ($2,253)
                                             =======      =======    ========   =======
Weighted Average Shares
   Outstanding - Basic and Diluted           571,364      560,612     564,679   594,143
Basic and Diluted Net Loss Per Share                       ($0.45)    ($17.78)   ($4.26)
    before Extraordinary Item                 ($9.50)
Basic and Diluted Net Income Per
   Share -  Extraordinary Item                     -            -           -     $0.47
Basic and Diluted Net Loss                   ($9.50)       ($0.45)    ($17.78)   ($3.79)
   Per Share

</Table>