BayCorp Announces Completion of Successful Seabrook Refueling Outage.Business Editors and Energy Writers ELIOT, Maine--(BUSINESS WIRE)--June 10, 2002 BayCorp Holdings, Ltd. ("BayCorp") (AMEX AMEX See: American Stock Exchange : MWH See watt-hour. ) announced today the successful completion of the recent refueling outage at the Seabrook Nuclear Power Plant. The plant returned to service on May 31, 2002, twenty-eight days after the beginning of the refueling outage on May 4, 2002 and resumed full power generation on June 5, 2002. The twenty-eight day refueling outage is the shortest in Seabrook's operating history. Its previous shortest refueling outage was performed in 1995 and lasted 37 days. No further refueling outages are scheduled prior to the expected closing of the sale of BayCorp's Seabrook interests to FPL Group, Inc. On April 15, 2002, BayCorp announced that it and the other selling owners had entered into an agreement with FPL Group for the sale of approximately 88% of Seabrook. The selling owners and FPL Group have submitted all of the applications for the principal regulatory approvals and expect the sale to close at the end of 2002. Under the terms of the agreement and BayCorp's agreement with Northeast Utilities Northeast Utilities (NU) is a publicly-traded, Fortune 500 energy company headquartered in Berlin, Connecticut, with several regulated subsidiaries offering retail electricity and natural gas service to more than 2 million customers in New England. , assuming a December 31, 2002 closing and based upon expected balances for nuclear fuel and inventory and other purchase price adjustments, BayCorp expects to receive approximately $117 million for its 15% ownership interest in the Seabrook plant, nuclear fuel and inventory. BayCorp will retain all of its cash and other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. in addition to the proceeds from the sale. In addition to the sale proceeds, on December 31, 2002 BayCorp expects to have net working capital of approximately $22-$25 million assuming a 92% Seabrook capacity factor for the balance of the year. This figure includes a reduction for expected tax liabilities and an increase for the cash that would be received by the Company upon the exercise of all outstanding stock options. Other assets of BayCorp include an above-market power sales contract Sales Contract Contract between a seller and buyer for the sale of goods, services, or both. , an equity interest in HoustonStreet, Inc. and expected net operating loss carryforwards Net operating loss carryforwards Application of losses to offset earnings in future years. of approximately $70 million after the sale of the Seabrook interests. Assuming the exercise of all options currently outstanding, BayCorp would have approximately 9.49 million shares outstanding. About BayCorp BayCorp is an unregulated holding company incorporated in Delaware. BayCorp's wholly owned subsidiaries Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Great Bay and Little Bay, are electric generating companies whose principal assets total an approximate 15% joint ownership in the Seabrook Nuclear Power Plant in Seabrook, New Hampshire Seabrook is a town in Rockingham County, New Hampshire, United States. The population was 7,979 at the 2000 census. Located at the southern end of the coast of New Hampshire on the border with Massachusetts, Seabrook is noted as the location of the Seabrook Nuclear Power Station, . HoustonStreet, Inc., an equity investment of BayCorp, operates HoustonStreet.com, an independent internet-based crude oil and refined products trading exchange. This press release contains forward-looking statements concerning the completion of the sales process A sales process is a systematic approach for performing product or service sales. The reasons for having a sales process include seller and buyer risk management, achieving standardized customer interaction in sales and scalable revenue generation. , expected proceeds and sale closing date. Numerous factors could cause the sales process and the results of BayCorp to differ materially from those indicated by such forward-looking statements. Factors that may affect future results include sale closing date, power prices realized after November 2002, receipt of shareholder and regulatory approvals and satisfaction of other closing conditions, Seabrook plant performance and operating costs, purchase price adjustments, the extent and timing of the exercise of stock options, decommissioning Decommissioning is a general term for a formal process to remove something from operational status. Some specific instances include:
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