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 First Quarter 2005 Operating Results
      ----------------------------------------------------

     May  16, 2005 --- BayCorp Holdings, Ltd. ("BayCorp")  (AMEX:
MWH)  announced today its operating results for the first quarter
ended March 31, 2005.  BayCorp reported a net loss of $1,804,000,
or  approximately $3.23 per share, for the first quarter of  2005
as  compared to a net loss of $2,098,000, or approximately  $3.33
per share, for the first quarter of 2004.

     The  decrease in net loss in the first quarter  of  2005  as
compared to the first quarter of 2004 was attributable in part to
net   income   of  approximately  $398,000  from  the   Company's
subsidiary, Nacogdoches Gas, LLC. which 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 wholly-owned subsidiary,  Nacogdoches  Gas,
LLC, the Company held an approximate 10% working interest in  two
wells and an approximate 90% working interest in three wells, two
producing  and one under development, as of March 31,  2005.   In
addition,  the Company recorded a tax refund of $225,000  in  the
first quarter of 2005 upon receipt of a refund from the State  of
New Hampshire for overpayment of prior year state income taxes.

     Offsetting  this increase to earnings, the Company  recorded
an  unrealized  loss on the mark-to-market of the Company's  firm
forward long-term energy contract of approximately $1,989,000  in
the first quarter of 2005 as compared to a net unrealized loss of
approximately $1,637,000 in the first 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  first
quarter  of  2005  as  compared to  the  first  quarter  of  2004
primarily  due to increases in the forward price of  natural  gas
during  those  time periods.  Power generating  plants  that  use
natural  gas as a fuel source are increasingly on the margin  and
therefore  are  setting the forward price of  power  in  the  New
England  Power Pool ("NEPOOL").  Accordingly, the price of  power
in NEPOOL is highly dependent on the price of natural gas.

Revenues increased approximately $1,326,000, to $2,360,000 in the
first  quarter  of 2005 as compared to $1,034,000  in  the  first
quarter  of  2004.  This increase was attributable to Nacogdoches
Gas  revenues of approximately $931,000, Great Bay Hydro revenues
of   approximately   $144,000  and  HoustonStreet   revenues   of
approximately $243,000 in the first quarter of 2005.


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Operating  expenses  in  the  first  quarter  of  2005  increased
approximately $907,000, or 58.2%, from $1,559,000  in  the  first
quarter of 2004 to $2,466,000 in the first quarter of 2005.   The
increase  in operating expenses in the first quarter of 2005  was
primarily   attributable   to   Nacogdoches   Gas   expenses   of
approximately $534,000, Great Bay Hydro expenses of approximately
$253,000  and  HoustonStreet expenses of approximately  $201,000.
There were no revenues or operating expenses from these companies
in the first quarter of 2004.

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 hydroelectric  generating
facilities;  Nacogdoches Power, LLC, which owns  the  development
rights  to the 1000 MW natural gas-fired Sterne Power Project  in
Nacogdoches County, Texas; Nacogdoches Gas, LLC, which  owns  and
develops  interests in natural gas and oil production  assets  in
Nacogdoches County, Texas and Benton Falls Associates, L.P.,  the
owner  and  operator  of a hydroelectric generating  facility  in
Benton,  Maine.   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
                                                                     March 31,
<S>                                                             <C>        <C>
                                                                  2005         2004
                                                                  ----         ----

Operating Revenues                                                2,360        $1,034

Operating Expenses                                                2,466         1,559
                                                                -------       -------

Operating Loss Before Mark to Market of Energy Contracts           (106)         (525)

Unrealized Loss on Energy Contracts                               1,989         1,637
                                                                -------       -------

Operating Loss                                                   (2,095)       (2,162)

Other Income                                                         86            64
                                                                -------       -------

Loss before
   Income Taxes and Minority Interest                            (2,009)       (2,098)

Income Taxes                                                        225             0

Minority Interest Expense                                           (20)            0
                                                                -------       -------

Net Loss                                                        ($1,804)      ($2,098)
                                                                =======       =======

Weighted Average Shares Outstanding - Basic and Diluted         557,945       629,353

Basic and Diluted Net Loss Per Share                             ($3.23)       ($3.33)

</Table>