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 Second Quarter 2003 Operating Results


     August 11, 2003 --- BayCorp Holdings, Ltd. ("BayCorp") (AMEX:
MWH) announced today its operating results for the second quarter
ended June 30, 2003.  BayCorp reported net income of $35,000, or
approximately $0.05 per share, for the second quarter of 2003 as
compared to a net loss of $1,723,000, or approximately of $0.20 per
share, for the second quarter of 2002.

     As of June 30, 2002, BayCorp held a 15% ownership interest in
the Seabrook Nuclear Power Plant ("Seabrook").  The net loss for the
second quarter of 2002 was primarily attributable to the second
quarter 2002 Seabrook refueling outage.  On November 1, 2002, BayCorp
sold its ownership interest in Seabrook.  Under the purchase and sale
agreement and BayCorp's agreement with Northeast Utilities, BayCorp
received approximately $113 million for its 15% ownership interest in
the Seabrook plant, nuclear fuel and inventory.  As of June 30, 2003,
the Company's principal assets were a long-term power sales contract
for 9.06 megawatts and an investment in HoustonStreet Exchange, Inc.

          Operating revenues for the second quarter of 2003 were
approximately $996,000, all of which were from the long-term power
sales contract.  Operating revenues for the second quarter of 2002
were primarily from the sale of the Company's share of Seabrook
generation and were approximately $10,126,000.  In the second quarter
of 2003, as required by the Emerging Issues Task Force Issue 98-10
("EITF 98-10"), the Company recorded a net unrealized gain on the
mark-to-market of firm forward power contracts and a deferred gain on
its long-term power contract of approximately $498,000.   Sales for
the second quarter of 2002 were made on a unit-contingent basis as
opposed to firm sales and the company had no firm forward power
contracts that required mark-to-market accounting treatment.  Other
Income for the second quarter of 2003 included a cash distribution of
approximately $275,000 received from Nuclear Electric Insurance
Limited ("NEIL") representing BayCorp's share of distributions under
mutual insurance policies associated with the Seabrook Plant.

     For the six months ended June 30, 2003, BayCorp reported a net
loss of $1,727,000, or approximately $0.41 per share, compared to net
income of $1,921,000, or approximately $0.23 per share, for the six
months ended June 30, 2002.  The decrease in earnings for the six
months ended June 30, 2003 as compared to the same period ended June
30, 2002 was primarily due to loss of revenues following the November
2002 sale of Seabrook.

     Operating revenues for the first six months of 2003 were
approximately $1,987,000 from the Company's long-term power sales
contract.  Operating revenues for the first six months of 2002 were
primarily from the sale of the Company's share of Seabrook generation
and were approximately $25,494,000.  Other Income for the first six
months of 2003 included a NEIL distribution of approximately $275,000
representing BayCorp's share of distributions under mutual insurance
policies associated with the Seabrook Plant.

About BayCorp
     BayCorp Holdings, Ltd. is an unregulated holding company
incorporated in Delaware.  BayCorp currently owns two subsidiaries,
Great Bay Power Marketing, Inc., which purchases and markets power on
the open market, and BayCorp Ventures, LLC, which serves as a vehicle
for the Company's investments.  HoustonStreet Exchange, Inc., an
equity investment of BayCorp, operates HoustonStreet.com, an
independent internet-based crude oil and refined products trading
exchange.  Prior to the November 1, 2002 sale to FPL Energy of
substantially all of the assets of its electric generating
subsidiaries, BayCorp's wholly owned subsidiaries, Great Bay Power
Corporation and Little Bay Power Corporation, were electric
generating companies whose principal assets consisted of joint
ownership in the Seabrook Nuclear Power Plant in Seabrook, New
Hampshire.  Both companies have been dissolved and are being
liquidated.

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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                             BAYCORP HOLDINGS, LTD.
                               STATEMENT OF INCOME
                                   (UNAUDITED)
            (Dollars in thousands, except shares and per share data)
<TABLE>
<CAPTION>
                                              Three Months                  Six Months
                                             Ended June 30,               Ended June 30,
                                          2003            2002          2003          2002
                                          ----            ----          ----          ----
<S>                                  <C>            <C>           <C>           <C>
Operating Revenues                          $996       $10,126        $1,987      $25,494

Operating Expenses                         1,811        12,125         3,890       23,821
                                     ------------   -----------    ----------   ---------


Operating (Loss) Income Before Mark
to Market of Firm Energy Contracts          (815)       (1,999)       (1,903)       1,673
Unrealized Loss (Gain) on Firm
Energy Contracts                            (498)            0           585            0
                                     ------------   -----------    ----------   ----------
Operating (Loss) Income                     (317)       (1,999)       (2,488)       1,673

Total Other Income                           352           276           761          248
                                     ------------   -----------    ----------   ----------
Net (Loss) Income                            $35       ($1,723)      ($1,727)      $1,921
                                     ============   ===========    ==========   ==========
Weighted Average Shares Outstanding      646,917     8,390,226     4,225,628    8,392,390
- Basic
Weighted Average Shares Outstanding      653,357     8,390,226     4,225,628    8,692,600
- Diluted
Basic Net Income (Loss) Per Share          $0.05        ($0.20)       ($0.41)       $0.23
Diluted Net Income (Loss) Per Share        $0.05        ($0.20)       ($0.41)       $0.22


Following the Company's self tender offer and as of June 30, 2003, there were 646,937 shares of common stock outstanding.
                                                          ###
</TABLE>