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 2005 Operating Results

     August 2, 2005 --- BayCorp Holdings, Ltd. ("BayCorp") (AMEX:
MWH) announced today its operating results for the second quarter
ended  June 30, 2005.  BayCorp reported a net loss of $2,809,000,
or  approximately $4.98 per share, for the second quarter of 2005
as  compared to net income of $95,000, or approximately $0.16 per
share, for the second quarter of 2004.

     The  increase in net loss in the second quarter of  2005  as
compared to the second quarter of 2004 was attributable  in  part
to  increased  operating expenses.  Operating expenses  increased
approximately $3,142,000, to $4,765,000 in the second quarter  of
2005  as  compared to $1,623,000 in the second quarter  of  2004.
Operating  expenses  in  the  second  quarter  of  2005  included
Nacogdoches   Gas,   LLC   ("Nacogdoches   Gas")   expenses    of
approximately   $2,624,000,   $2,116,000   of   which   reflected
exploration  expense attributable to the impairment  of  one  gas
well  determined  to  be  unsuccessful  and  $429,000  reflecting
depletion  expense.   There  were  no  expenses  associated  with
Nacogdoches  Gas in the second quarter of 2004.    The  Company's
wholly-  owned  subsidiary, 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 June 30, 2005, an approximate  10%  working
interest  in  two wells, an approximate 90% working  interest  in
four  wells,  three producing and one under development,  and  an
approximate 76.5% working interest in one well under development.

Also   contributing  to  the  increased  loss   in   the   second
quarter  of 2005 as compared to the same period in 2004,  was  an
unrealized  loss  on  the mark-to-market of  the  Company's  firm
forward long-term energy contract of approximately $1,399,000  in
the  second quarter of 2005 as compared to a net unrealized  loss
of  approximately $716,000 in the second 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  second quarter of 2005 as compared to the second 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.


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     Revenues  increased approximately $2,031,000, to  $3,474,000
in  the  second quarter of 2005 as compared to $1,443,000 in  the
second quarter of 2004.  This increase was primarily attributable
to revenues in the second quarter of 2005 from Nacogdoches Gas of
approximately  $1,397,000 and from Benton Falls Associates,  L.P.
("Benton  Falls")  of  approximately  $406,000.   There  were  no
revenues from these companies in the second quarter of 2004.

     The   Company   recognized  other  income  of  approximately
$711,000 in the second quarter of 2004 as compared to total other
deductions  of  approximately $94,000 in the  second  quarter  of
2005.   This  decrease in other income of approximately  $805,000
was  primarily  due  to  receipts by the Company  in  the  second
quarter  of  2004  of  one-time payments  totaling  approximately
$572,000  following the final reconciliation and  termination  of
certain  escrow accounts specific to the Company's  sale  of  its
interests  in the Seabrook Nuclear Power Plant in November  2002.
The  Company  also recognized approximately $225,000 in  interest
expense in the second quarter of 2005.  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 the 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 second quarter of 2004.

     The Company recognized an extraordinary gain of $278,000  in
the   second   quarter   of  2004  upon  the   consolidation   of
HoustonStreet Exchange, Inc. ("HoustonStreet").   As  of  May  1,
2004,  BayCorp's  ownership in HoustonStreet was  59.7%,  and  in
accordance  with  EITF  Topic D-84,  the  Company  followed  step
acquisition  accounting to consolidate HoustonStreet.   The  fair
value  of  current  assets exceeded BayCorp's net  investment  in
HoustonStreet  by  $278,000 resulting in negative  goodwill  upon
application of step acquisition accounting.

     For  the six months ended June 30, 2005, BayCorp reported  a
net  loss  of  $4,613,000, or approximately $8.22 per  share,  as
compared to a net loss of $2,002,000, or approximately $3.28  per
share,  for the six months ended June 30, 2004.  The increase  in
net loss for the six months ended June 30, 2005 as

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compared to the same period in 2004 was primarily attributable to
increased   operating  expenses.   Operating  expenses  increased
approximately $4,050,000, to $7,231,000 in the first  six  months
of  2005  as  compared to $3,181,000 in the first six  months  of
2004.   Operating  expenses  in the  first  six  months  of  2005
included  Nacogdoches  Gas  operating expenses  of  approximately
$3,158,000,  $2,116,000  of which reflected  exploration  expense
attributable to the impairment of one gas well determined  to  be
unsuccessful  and $669,000 reflecting depletion expense.   Benton
Falls  operating expenses for the first six months of  2005  were
approximately  $197,000.  There were no  operating  expenses  for
these  companies in the first six months of 2004.   For  the  six
months  ended June 30, 2005, Great Bay Hydro Corporation  ("Great
Bay    Hydro")   expenses   were   approximately   $269,000   and
HoustonStreet  operating  expenses were  approximately  $411,000.
For the six months ended June 30, 2004, Great Bay Hydro operating
expenses  were approximately $107,000, representing three  months
of   operations   and  HoustonStreet  operating   expenses   were
approximately  $162,000, representing two  months  of  operations
reflected  in  the Company's financial statements.   The  Company
recorded  an  unrealized  loss  on  the  mark-to-market  of   the
Company's firm forward long-term energy contract of approximately
$3,388,000 in the first six months of 2005 as compared to  a  net
unrealized  loss  of approximately $2,353,000 in  the  first  six
months  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.

     Operating  revenues for the six months ended June  30,  2005
increased $3,357,000, to $5,834,000 as compared to $2,477,000 for
the six months ended June 30, 2004.  The increase in revenues  in
2005 was primarily attributable to six months of revenues in 2005
from  Nacogdoches Gas, with revenues of $2,327,000, Benton  Falls
with  revenues  of  $438,000, Great Bay Hydro  with  revenues  of
$533,000  and HoustonStreet with revenues of $513,000.   For  the
six  month  period  ended June 30, 2004, the  Company  recognized
three  months  of  Great  Bay  Hydro  revenues,  two  months   of
HoustonStreet   revenues  and  there  were   no   revenues   from
Nacogdoches Gas and Benton Falls.

     The  Company  had other income of approximately $775,000  in
the  first  six  months  of  2004  as  compared  to  total  other
deductions  of  approximately $8,000 in the first six  months  of
2005.   This  decrease in other income of approximately  $783,000
was  primarily  due  to  receipts by the Company  in  the  second
quarter  of  2004  of  one-time payments  totaling  approximately
$572,000  following the final reconciliation and  termination  of
certain  escrow accounts specific to the Company's  sale  of  its
interests  in the Seabrook Nuclear Power Plant in November  2002.
The  Company  also recognized approximately $261,000 in  interest
expense  in the first six months of 2005.  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 six months of 2004.

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     In  addition, the Company recorded a tax refund of  $225,000
in the first six months of 2005 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,  L.P.,  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          Six Months Ended
                                                 June 30,                   June 30,
                                             2005         2004          2005         2004

<S>                                         <C>          <C>           <C>          <C>
Operating Revenues                           $3,474       $1,443        $5,834       $2,477
Operating Expenses                            4,765        1,623         7,231        3,181
                                            -------      -------       -------      -------
Operating Loss Before Mark to
   Market of Energy Contracts                (1,291)        (180)       (1,397)        (704)
Unrealized Loss on Energy Contracts           1,399          716         3,388        2,353
                                            -------      -------       -------      -------
Operating Loss                               (2,690)        (896)       (4,785)      (3,057)
Other Income (Deductions)                       (94)         711            (8)         775
                                            -------      -------       -------      -------
Loss before
   Income Taxes and Minority Interest        (2,784)        (185)       (4,793)      (2,282)
Income Taxes                                      0            0           225            0
Minority Interest Income (Expense)              (25)           2           (45)           2
                                            -------      -------       -------      -------
Net Loss before Extraordinary Item           (2,809)        (183)       (4,613)      (2,280)
Extraordinary Item - Gain on
   Consolidation of Subsidiary                    0          278             0          278
                                            -------      -------       -------      -------
Net Income (Loss)                           ($2,809)         $95       ($4,613)     ($2,002)
                                            =======      =======       =======      =======
Weighted Average Shares
   Outstanding - Basic and Diluted          564,581      592,833       561,281      611,093
Basic and Diluted Net Loss Per Share
    before Extraordinary Item                ($4.98)      ($0.31)       ($8.22)      ($3.73)
Basic and Diluted Net Income Per
   Share -  Extraordinary Item                    -        $0.47             -        $0.45
Basic and Diluted Net Income (Loss)
   Per Share                                 ($4.98)       $0.16        ($8.22)      ($3.28)

</Table>