BayCorp Announces Acquisition of Vermont Generating Facilities of Citizens Communications.

Energy Editors/Business Editors

PORTSMOUTH, N.H.--(BUSINESS WIRE)--April 1, 2004

BayCorp Holdings, Ltd. ("BayCorp") (AMEX: MWH) announced today that its wholly owned subsidiary Great Bay Hydro Corporation ("Great Bay Hydro") completed the acquisition of the Vermont generating facilities of Citizens Communications Company ("Citizens").

Great Bay Hydro has acquired all of the generating facilities in Vermont owned by the Vermont Electric Division of Citizens. The generating facilities include an operating hydroelectric facility of approximately 4 megawatts located in Newport, Vermont, diesel engine generators totaling approximately 7 megawatts located in Newport, Vermont and non-operating hydroelectric facilities in Troy, Vermont and West Charleston, Vermont. Great Bay Hydro will immediately assume operating responsibility for these facilities and will use the output of the Newport plant as a physical hedge for meeting a portion of BayCorp's supply obligations under the long-term contract to supply 9.06 megawatts to Unitil.

Great Bay Hydro paid a nominal purchase price to Citizens for the generating facilities and 650 acres of real property associated with the generating facilities. In addition, Citizens has agreed to indemnify Great Bay Hydro for the reasonably anticipated costs of complying with the requirements of the new operating license issued by the Federal Energy Regulatory Commission ("FERC") on November 21, 2003. Great Bay Hydro and Citizens will share the savings if the costs of compliance during the next three years are less than the anticipated amount.

About BayCorp

BayCorp Holdings, Ltd. is an unregulated holding company incorporated in Delaware. BayCorp currently owns three subsidiaries including Great Bay Power Marketing, Inc., which purchases and markets power on the open market, BayCorp Ventures, LLC, which serves as a vehicle for the Company's investments and Great Bay Hydro Corporation, which was formed for the purpose of holding the generating facilities in Vermont formerly owned by the Vermont Electric Division of Citizens Communications Company. BayCorp also owns an equity investment 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, in particular statements concerning the function of plants as a hedge against long-term contracts and costs of compliance with regulatory requirements 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.