NIAGARA MOHAWK POWER CORP /NY/
10-K/A, 1994-06-27
ELECTRIC & OTHER SERVICES COMBINED
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          SECURITIES AND EXCHANGE COMMISSION
          Washington, D.C.  20549

          FORM 10-K/A

          (Mark One)
          /X/  Annual  Report  Pursuant to  Section  13  or  15(d)  of  the
               Securities Exchange Act of 1934
                    For the fiscal year ended December 31, 1993
                         OR

          / /  Transition Report  Pursuant to  Section 13  or 15(d)  of the
               Securities Exchange Act of 1934 for the transition period
               from ......to......

                         Commission file number 1-2987
          -----------------------------------------------------------------
          -
                         NIAGARA MOHAWK POWER CORPORATION

                    (Exact name of registrant as specified in its charter)
          State of New York                            15-0265555
          (State or other jurisdiction of              (IRS Employer 
          incorporation or organization)                Identification No.)

          300 Erie Boulevard West   Syracuse, New York          13202
          (Address of principal executive offices)              (zip code)

                         (315) 474-1511
               Registrant's telephone number, including area code
          -----------------------------------------------------------------
          --
               Securities registered pursuant to Section 12(b) of the Act:
               (Each class is registered on the New York Stock Exchange)

                         Title of each class 
                         Common Stock ($1 par value)

          Preferred Stock ($100 par                  Preferred  Stock  ($25
          par
          value-cumulative):                         value - cumulative):
          3.40%  Series   4.10% Series  6.10% Series        8.75% Series
          3.60%  Series    4.85% Series  7.72% Series     Adjustable Rate  

          3.90%  Series   5.25% Series                    Series A & Series
          C
          -----------------------------------------------------------------
          --
          Indicate by check mark  whether the registrant (1) has  filed all
          reports  required to  be  filed by  Section  13 or  15(d)  of the
          Securities  Exchange Act of  1934 during the  preceding 12 months
          (or for such shorter  period that the registrant was  required to
          file  such  reports), and  (2) has  been  subject to  such filing
          requirements for the past 90 days.        Yes  /X/  No /  /

          Indicate  by  check  mark  if  disclosure  of  delinquent  filers
          pursuant to Item 405  of Regulation S-K is not  contained herein,
          and will not be contained, to the best of registrant's knowledge,
          in  definitive proxy  or  information statements  incorporated by
          reference in  Part III of this Form 10-K or any amendment to this
          Form 10-K   / X /

          State the aggregate market value of the voting stock held by non-
<PAGE>

          affiliates of the registrant.
               Approximately $2,689,000,000 at March 1, 1994.

          Indicate  the  number  of  shares  outstanding  of  each  of  the
          registrant's  classes  of   common  stock,  as   of  the   latest
          practicable date.


               Common stock $1 par 142,596,892 shares outstanding March  1,
               1994.

          Documents incorporated by reference:
            Definitive Proxy Statement in connection with annual meeting of
             stockholders to be held  May 3, 1994 incorporated in  Part III
          to
             the extent described therein.
<PAGE>




                                                       Exhibit  99(1)

          Securities and Exchange Commission
          Washington, D.C.  20549

          -----------------------------------------------------------------

          FORM 11-K

          FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS
          AND SIMILAR PLANS PURSUANT TO SECTION 15(d) OF THE
          SECURITIES EXCHANGE ACT OF 1934

          ----------------------------------------------------------------

          (Mark one)

          [ X ]     ANNUAL  REPORT   PURSUANT  TO  SECTION   15(d)  OF  THE
          SECURITIES          EXCHANGE ACT OF 1934 (Fee Required)

                    FOR FISCAL YEAR ENDED:   DECEMBER 31, 1993

                         or

          [   ]     TRANSITION  REPORT PURSUANT  TO  SECTION 15(d)  OF  THE
                    SECURITIES EXCHANGE ACT OF 1934 (No fee required)

                    For   the   transition   period  from   __________   to
          ____________

          -----------------------------------------------------------------
          --

          Commission file number 1-2987

          A.   Full  title of  the plan  and  the address  of the  plan, if
               different from that of the issuer named below:

          EMPLOYEE SAVINGS FUND PLAN
          FOR REPRESENTED EMPLOYEES OF
          NIAGARA MOHAWK POWER CORPORATION

          B.   Name of issuer of  the securities held pursuant to  the plan
          and  the address of its principal executive office:

          NIAGARA MOHAWK POWER CORPORATION
          300 ERIE BOULEVARD WEST
          SYRACUSE, NY  13202
<PAGE>




                              EMPLOYEE SAVINGS FUND PLAN
                             FOR REPRESENTED EMPLOYEES OF
                           NIAGARA MOHAWK POWER CORPORATION



                     INDEX TO FINANCIAL STATEMENTS AND SCHEDULES


                                                                       Page

          Report of Independent Accountants                               3

          Index to Financial Statements:

               Statements of Net Assets at December 31, 1993 and 1992     4

               Statements of Changes in Net Assets for the years ended
                    December 31, 1993 and 1992                            5

               Notes to Financial Statements                              6


          Supplemental Schedules (Note A):

                I.  Other Investments at December 31, 1993               13


               II.  Transactions or series of transactions in excess
                    of 5% of the current value of plan assets
                    for the year ended December 31, 1993                 14
           

               Note A -  Schedules not included with this additional
                         financial data have been omitted because
                         they are not applicable.



          Financial Statement Schedules: 

                    Statements of Net Assets by Fund at 
                       December 31, 1993 and 1992                        15


                    Statements of Changes in Net Assets by Fund
                       for the years ended December 31, 1993 
                       and 1992                                          17


          Signature Page                                                 19




          Consent of Independent Accountants - Exhibit #23               20
<PAGE>



          <PAGE> 

          PRICE WATERHOUSE


          REPORT OF INDEPENDENT ACCOUNTANTS


          March 25, 1994

          To the Participants and the
          Administrative Committee
          of the Employee Savings Fund Plan
          for Represented Employees of
          Niagara Mohawk Power Corporation


          In our opinion, the accompanying statements of net assets and the
          related statements of  changes in net  assets present fairly,  in
          all  material respects,  the financial  position of  the Employee
          Savings  Fund Plan  for Represented  Employees of  Niagara Mohawk
          Power  Corporation at December 31, 1993 and 1992, and the changes
          in its financial position for the years then ended, in conformity
          with  generally accepted accounting  principles.  These financial
          statements are  the responsibility  of the  Company's management;
          our responsibility  is to express  an opinion on  these financial
          statements based on our audits.  We conducted our audits of these
          statements  in  accordance   with  generally  accepted   auditing
          standards which require  that we  plan and perform  the audit  to
          obtain  reasonable   assurance   about  whether   the   financial
          statements are free of material misstatement.  An audit  includes
          examining, on a test  basis, evidence supporting the amounts  and
          disclosures in the financial statements, assessing the accounting
          principles used and significant estimates made by management, and
          evaluating  the  overall financial  statement  presentation.   We
          believe  that  our audits  provide  a  reasonable  basis for  the
          opinion expressed above.

          Our audit was made for  the purpose of forming an opinion  on the
          basic financial  statements taken  as  a whole.   The  additional
          information  included in  Schedules  I and  II  is presented  for
          purposes of additional analysis and is not a required part of the
          basic financial statements but is additional information required
          by  ERISA.  Such information  has been subjected  to the auditing
          procedures applied in the audit of the basic financial statements
          and, in our opinion, is fairly stated in all material respects in
          relation to the basic financial statements taken as a whole.

          /s/ Price Waterhouse
<PAGE>



                              EMPLOYEE SAVINGS FUND PLAN
                             FOR REPRESENTED EMPLOYEES OF
                           NIAGARA MOHAWK POWER CORPORATION

                               STATEMENTS OF NET ASSETS

            
                                            DECEMBER 31,      DECEMBER 31,


                                                1993              1992    

           ASSETS

           INVESTMENTS
             Common Stock of Niagara Mohawk
               Power Corporation, at market
               value (cost $139,734,768 at
               December 31, 1993 and
               $158,638,528 at 
               December 31, 1992)            $186,766,621     $203,447,064


             Other investments, at market                
               value -- Schedule I            139,258,990       89,167,601



           NET ASSETS                        $326,025,611     $292,614,665



              The accompanying notes and schedules are an integral part 
                            of these financial statements.
<PAGE>



                              EMPLOYEE SAVINGS FUND PLAN
                             FOR REPRESENTED EMPLOYEES OF
                           NIAGARA MOHAWK POWER CORPORATION

                         STATEMENTS OF CHANGES IN NET ASSETS


                                                FOR THE YEAR   FOR THE YEAR
                                                   ENDED           ENDED   
                                                DECEMBER 31,   DECEMBER 31,

                                                    1993           1992    
                                                                           
        ADDITIONS

        Investment income:
          Net appreciation (depreciation)
            in fair value of net assets        $  7,486,637   $ (1,077,823)

          Dividends on Niagara Mohawk      
          Power Corporation Common Stock          9,235,959      8,450,961 

          Realized gains on disposition of
            investments                           9,413,803     15,150,692 
          Interest and dividend income            7,552,200      3,750,268 

                                                 33,688,599     26,274,098 
        Contributions:

          Participants' contributions            20,834,423     19,213,831 

          Niagara Mohawk Power Corporation        7,082,352      6,870,549 

                                                 27,916,775     26,084,380 
                                                            
                        TOTAL ADDITIONS          61,605,374     52,358,478 

        DEDUCTIONS
        Accounts withdrawn                       27,746,651     16,042,714 

        Employee accounts transferred               267,259      2,081,883 

        Plan expenses                               180,518        320,296 
                        TOTAL DEDUCTIONS         28,194,428     18,444,893 

              INCREASE IN NET ASSETS             33,410,946     33,913,585 
        Net assets, beginning of year           292,614,665    258,701,080 

        Net assets, end of year                $326,025,611   $292,614,665 


              The accompanying notes and schedules are an integral part 
                            of these financial statements.
<PAGE>



                              EMPLOYEE SAVINGS FUND PLAN
                             FOR REPRESENTED EMPLOYEES OF
                           NIAGARA MOHAWK POWER CORPORATION

                            NOTES TO FINANCIAL STATEMENTS

                              DECEMBER 31, 1993 and 1992


       NOTE 1 - PLAN AMENDMENTS

       Effective July  1, 1992, the trust  for the Employee Savings  Fund Plan
       for Represented  Employees of  Niagara Mohawk Power  Corporation (Plan)
       was transferred to Fidelity Investments Institutional Services Company,
       Inc.,  82 Devonshire Street, Boston, MA 02109-3614.  The record keeping
       and investment management of the Plan also were transferred to Fidelity
       Institutional  Retirement  Services  Company,  a  division of  Fidelity
       Investments Institutional  Services Company.   The  Fidelity Management
       and Research Company handles the investment management of Plan funds.

       The  four investment elections  previously offered under  the Plan were
       replaced by  similar mutual  fund  investment options  at Fidelity  and
       since July 1, 1992, are handled as follows:

          *   monies  that  were  invested  in  the  Government  Fund are  now
              invested  in  the Fidelity  Retirement  Government Money  Market
              Portfolio;

          *   monies invested in the  Commingled Equity Index Fund (a Standard
              & Poors (S&P) 500 Index  Fund) are now invested in  the Fidelity
              U.S. Equity Index Portfolio (also a S&P 500 Index Fund);

          *   monies that  were invested  in  the Fixed  Income Fund  are  now
              invested in the Fixed Income  Fund, but now this Fund is managed
              by Fidelity Management Trust Company;

          *   monies invested  in Niagara  Mohawk Power Corporation  (Company)
              Common Stock  (including the Company match)  will continue to be
              invested in Company Common Stock.

       In  addition, three  new  mutual  fund  investment  options  were  made
       available:

          *   Fidelity Growth and Income Portfolio

          *   Fidelity Growth Company Fund

          *   Fidelity U.S. Bond Index Portfolio

       An additional mutual fund was made available February 1, 1994.

          *   Fidelity Overseas Fund

       Further changes as a  result of the transfer to  Fidelity are discussed
       in more detail in the notes which follow.  
<PAGE>



       NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES

       The accounting records of the Plan are maintained on the accrual basis.
       The  accounting   principles  and  practices  which   affect  the  more
       significant elements of the financial statements are:

       Valuation  of Investments  -  Company Common  Stock  is valued  at  the
       closing market price on the  last business day of the year.  Investment
       units  in  the  U.S.  Equity  Index  Portfolio,  the  U.S.  Bond  Index
       Portfolio, the  Growth and  Income Portfolio,  Growth Company Fund  and
       Overseas Fund are valued at the year end market value of the underlying
       securities in  the Fund.  Investment units in the Fixed Income Fund and
       Government Money Market Portfolio are valued at  a constant $1 per unit
       and  are   supported  by   insurance  contracts  and   U.S.  Government
       Obligations, respectively.   Temporary investments  in short-term  cash
       funds are  also valued  at  a constant  $1 per  unit.   Net  unrealized
       appreciation  or  depreciation  for  the  year  is  reflected   in  the
       Statements of Changes in Net Assets for each of the funds.

       Investment income - Dividend  income from the Stock Fund  is recognized
       as  of the ex-dividend date  and income from  government securities and
       temporary  cash  investments is  recognized  as earned.    Dividend and
       interest  income and  realized  gains  and  losses  from  the  sale  of
       underlying securities of the U.S. Equity Index Portfolio, the U.S. Bond
       Index Portfolio, the Growth and Income  Portfolio, Growth Company Fund,
       and Overseas Fund increase or decrease the  value of a unit.  The  cost
       of  investments used in  determining realized and  unrealized gains and
       losses is based  on the  revalued cost method.   Income from  insurance
       contracts  and U.S. Government Obligations in the Fixed Income Fund and
       Government  Money Market  Portfolio,  respectively,  is  reinvested  in
       additional units of the Fund.

       Contributions - Contributions from employees  and the Company are based
       upon  amounts authorized  to  be  withheld  from  the  base  salary  of
       employees and matched, to the extent applicable, by the Company.  

       Transfers - Assets transferred from the Plan, representing the accounts
       of  participants whose  job  status changed  from  represented to  non-
       represented, are  valued  at market.    In addition,  participants  may
       transfer  amounts representing  basic  and unmatched  contributions and
       income  thereon from one  fund to another within  the guidelines of the
       Plan.

       Withdrawals - Assets withdrawn from the Plan by participants during the
       year are valued using an  average market price on the date  such assets
       are accumulated to pay withdrawals.  

       Loans - Loans to participants are valued at their outstanding principal
       amount.

       Administrative  costs -  All administrative  costs,  principally legal,
       audit  and  trustee fees,  are paid  directly  by the  Plan; investment
       management expenses  of each fund are deducted  from the assets of that
       fund.
<PAGE>



       NOTE 3 - DESCRIPTION OF THE PLAN

       Eligibility -  To be eligible,  an employee must be  represented by the
       International Brotherhood of Electrical  Workers (AFL-CIO) union and be
       21 years of age with one year of service.

       Administration  -  The  Administrator  of  the Plan  is  the  Company's
       Employee Savings Fund Plan Committee.   The assets of the Plan are held
       and managed by the Trustee, Fidelity Investments Institutional Services
       Company,  Incorporated.   With  the exception  of  the Stock  Fund, the
       Trustee  has  the  discretion  to  determine  the  composition  of  the
       investments in the Funds.

       The  Company expects to continue the Plan indefinitely but has reserved
       the right to amend  or terminate the Plan at any  time.  If terminated,
       all  contributions of the Company  cease and the  trust continues until
       all assets held by the trust are distributed.

       The Plan  is  not subject  to,  nor  insured by,  the  Pension  Benefit
       Guaranty  Corporation established  by  the  Employee Retirement  Income
       Security Act of 1974.

       Basic  contributions  -  Effective   June  1,  1993,  participants  may
       contribute from 2% to 15% of their base wage or salary, on a before-tax
       basis,  from 2% to 10% on an  after-tax basis, or a combination thereof
       and elect to  have their contributions invested in  common stock of the
       Company  (Stock Fund),  U.S.  Government  securities (Government  Money
       Market  Portfolio), equity  investments (U.S. Equity  Index Portfolio),
       fixed  income  investments  (Fixed  Income   Fund),  treasury,  agency,
       mortgage  and corporate  securities  (the U.S.  Bond Index  Portfolio),
       common stock,  bonds and convertibles (the Growth  and Income Portfolio
       or  Growth Company Fund) and beginning in 1994, foreign securities (the
       Overseas  Fund).   Subject to  limitations based  upon a  participant's
       length of service  and age, the Company contributes, out  of current or
       accumulated profits,  an amount equal  to one-half of  the participants
       first  2% to 6% of  contributions.  Company  contributions are invested
       entirely in the Stock  Fund and are  fully and immediately vested  upon
       being credited to the participant's account.    

       The  maximum amount  a  participant can  contribute to  the  Plan on  a
       before-tax basis is limited  per year by the Internal  Revenue Service.
       Such limitations were $8,994 for 1993 and $8,728 for 1992.

       Withdrawals -  A participant may elect  to withdraw all or  part of the
       stock and  cash attributable to his  after-tax contributions, generally
       on the 1st  or 15th of any  month.  Contributions made  on a before-tax
       basis may  not be withdrawn  until a  participant attains  age 59  1/2,
       except for death, disability, retirement or under certain circumstances
       of hardship,  in which  case  the participant  may  be subject  to  tax
       penalties.

       Participant Loan Provision - Participants in the Plan may obtain a loan
       in any  amount between a minimum of $1,000 and a maximum of $50,000 but
       not more  than 50%  of the participant's  before-tax contributions  and
       earnings thereon.   Loans may be obtained  on a semi-monthly  basis and
       the  interest rate charged will be the prevailing prime commercial rate
       plus 1% at  the time of the loan.   Loans will be secured by  a lien on
       the borrowing participant's plan account.  Effective February 1,  1994,
       participants may obtain a second loan for any of the following reasons:
       1) purchase of a  principal residence; 2) post secondary  education for
<PAGE>

       individual or dependents; 3) reimbursement of medical expenses; and, 4)
       avoidance of foreclosure or eviction from a principal residence.

       The  Plan participant may elect a repayment  period of from one to five
       years, over which the  loan will be repaid by level payroll deductions.
       Loan  repayments will be invested in the Plan's fund accounts according
       to the participant's current allocation of before-tax contributions.

       Participants  -  At  December  31, 1993,  there  were  7,326  employees
       participating in  the Plan with balances in one or more of the Funds as
       follows:

                                                      Number of
                                                    Participants

                Stock Fund                             4,355
                Government Money Market Portfolio        939
                U.S. Equity Index Portfolio            3,045
                Fixed Income Fund                      3,139 
                U.S. Bond Index Portfolio                658
                Growth and Income Portfolio            1,739
                Growth Company Fund                    1,490
                Loan Fund                              1,299

          Common stock purchases - Purchases of common stock of the Company
          may be made by the Trustee  directly from the Company at the mean
          of the quoted high and low selling price, as reported for the day
          on which the purchase is made, or the purchase may be made on any
          exchange, through  any broker-dealer or from  other stockholders.
          Cost of shares purchased on an exchange includes brokers fees.

          Investments  in the Stock Fund  are stated in  units, not shares.
          The value of a unit reflects the combined market value of a share
          of common stock  and the cash or  liquid investments held by  the
          Stock Fund.  The Stock Fund keeps  some of its assets in cash  or
          liquid investments so  that Plan participants may  trade into and
          out of the Stock  Fund on any business day.   This requires it to
          be  unitized.  Unitization does not change  the market value of a
          participant's  investment, only the manner in which that value is
          expressed.

          The  equivalent number of  shares of  common stock  a participant
          owns on any  given day can be determined by multiplying the total
          number of  units owned  by the  unit value on  that day  and then
          dividing  that amount by the  common stock market  price for that
          day.
<PAGE>



          NOTE 4 - ACCOUNT VALUES

          Interests   in  the   funds   are  represented   by  "units"   of
          participation.   The value  of a unit  is determined  on a  daily
          basis by  dividing the current fair market value of the assets in
          each  fund  by the  total number  of units  in  each fund.   Each
          participant's account in a  particular fund is credited  each day
          with the number of units determined by dividing  the participants
          contribution to  the fund by the unit  value as determined at the
          end of that day.

          The values and units of participation in the funds consisted of:

                                             December 31,   December 31,
                                                1993           1992   
          Stock Fund:
            Number of units                  16,658,890      20,004,313 
            Value of unit                        $11.34          $10.29
            Number of shares                  9,223,043      10,637,755
            Market value at end of year           20.25          19.125
                                                          
          Government Money Market Portfolio:              
            Number of units                   5,873,470       5,338,483
            Value per unit                        $1.00           $1.00
                                                          
          U.S.Equity Index Portfolio:                         
            Number of units                   1,964,558       1,851,282
            Value per unit                       $17.27          $16.38
                                                          
          Fixed Income Fund:                              
            Number of units                  51,827,646      37,150,344
            Value per unit                        $1.00           $1.00
                                                          
          U.S. Bond Index Portfolio:                           
            Number of units                     560,540         201,025
            Value per unit                       $11.00          $10.76
                                                          
          Growth and Income Portfolio:                    
            Number of units                     900,163         229,603
            Value per unit                       $22.22          $19.71
                                                          
          Growth Company Fund:                            
            Number of units                     474,341         128,777
            Value per unit                       $29.06          $27.64
<PAGE>



          <TABLE>

          <CAPTION>

          NOTE 5 - REALIZED GAIN/LOSS ON DISPOSITION OF INVESTMENTS

          The  amounts of  realized gains  or losses  arising from  the transactions  in investments
          during the periods are as follows:



                                                               Revalued       Net
                                         Year  Units/Shares   Cost Basis    Proceeds   Gains/Losses


           <S>                           <C>     <C>          <C>          <C>          <C>       
           Stock Fund                    1993    4,978,410   $51,227,839  $59,873,227   $ 8,645,388
                                         1992    2,130,578   $17,823,108  $22,404,017   $ 4,580,909

           U.    S.    Equity    Index   1993      429,914   $ 7,041,995  $ 7,261,519   $   219,524
           Portfolio                     1992      675,346   $20,965,160  $31,531,777   $10,566,617
           U.S. Bond Index Portfolio     1993      120,921   $ 1,301,115  $ 1,343,683   $    42,568
                                         1992          -              -            -            -

           Growth and Income Portfolio   1993      147,904   $ 2,915,195  $ 3,213,753   $   298,558
                                         1992          -              -            -            -
           Growth Company Fund           1993      137,178   $ 3,805,542  $ 4,013,307   $   207,765
                                         1992          -              -            -            -


          Share/units were sold to fund cash withdrawals and transfers.

          </TABLE>
<PAGE>



          NOTE 6 - FEDERAL INCOME TAX STATUS

          The  Internal Revenue Service has ruled that the Plan, as amended
          January 1,  1987, qualifies under Internal  Revenue Code Sections
          401(a) and 401(k) and the  Trust formed under the Plan  is exempt
          from  Federal  income tax  under  Internal  Revenue Code  section
          501(a)  subject to  Internal Revenue Service  (IRS) determination
          that the Plan amendments comply with the Tax  Reform Act of 1986,
          and  thus continues to  meet the requirements  of Sections 401(a)
          and  401(k)  of the  Internal Revenue  Code,  and that  the Trust
          formed  under  the Plan  remains  exempt  from income  tax  under
          Section  501(a) of the Internal Revenue Code.  The ESFP Committee
          believes  that  Plan  changes  subsequent  to  January  1,  1987,
          including the 1992 changes,  do not affect the tax-exempt  status
          of  the  Plan  or the  Trust  thereunder and  will  seek  IRS re-
          determination.
<PAGE>



          <TABLE>
          <CAPTION>
          Schedule I
                                          EMPLOYEE SAVINGS FUND PLAN
                                         FOR REPRESENTED EMPLOYEES OF
                                       NIAGARA MOHAWK POWER CORPORATION

                                               OTHER INVESTMENTS

                                               DECEMBER 31, 1993


           Name of issuer and               Balance held at end of                    Market Value
           title of issue                   year. Number of units          Cost      at end of year


           Stock Fund:

           <S>                                  <C>                    <C>             <C>
           Fidelity Short Term                  2,145,188 units        $  2,145,188    $  2,145,188
              Investment Fund

           Government Money Market
           Portfolio                            5,873,470 units        $  5,873,470    $  5,873,470


           U.S. Equity Index Portfolio          1,964,558 units        $ 31,219,448    $ 33,927,910

           Fixed Income Fund                   51,827,646 units        $ 51,827,646    $ 51,827,646


           U.S. Bond Index Portfolio              560,540 units        $  6,143,194    $  6,165,943

           Growth and Income Portfolio            900,163 units        $ 18,796,710    $ 20,001,617


           Growth Company Fund                    474,341 units        $ 13,755,772    $ 13,784,339


           Loan Fund                                                   $  5,532,877    $  5,532,877

           Grand Total - All Funds                                     $135,294,305    $139,258,990
          </TABLE>
<PAGE>



          <TABLE>
          <CAPTION>

  Schedule II
                                                         EMPLOYEE SAVINGS FUND PLAN
                                                        FOR REPRESENTED EMPLOYEES OF
                                                      NIAGARA MOHAWK POWER CORPORATION

                                            TRANSACTIONS OR SERIES OF TRANSACTIONS IN EXCESS OF
                                                   5% OF THE CURRENT VALUE OF PLAN ASSETS

                                                        YEAR ENDED DECEMBER 31, 1993


   Single Transactions in Excess of 5% of the Current Value of Plan Assets:*

     Identity of       Description              Value of        Value          Cost of
   Party Involved       of Assets              Purchases       of Sales         Asset         Net Gain

   None



   Series of Transactions in Excess of 5% of the Current Value of Plan Assets:*



        Identity of       Description          Number of    Number of     Value of       Value           Cost of 
      Party Involved        of Assets          Purchases      Sales      Purchases      of Sales          Asset        Net Gain 
   

   <S>                 <C>                         <C>          <C>     <C>            <C>             <C>            <C>
   Fidelity            Fixed Income Fund           253          204     $27,060,184    $12,382,881     $12,382,881    $     -   
   Niagara Mohawk
   Power Corporation   Common Stock                252          250      19,882,057     59,873,227      41,183,139    18,690,088

   Fidelity            Growth Company              239          121      14,145,434      4,013,307       3,919,703        93,604
                       Fund
   Fidelity            Growth and Income           251          109      17,454,061      3,213,753       3,097,758       115,995
                       Portfolio

   Fidelity            US Equity Index             234          195       9,179,462      7,261,519       6,803,471       458,048
                       Portfolio
<PAGE>



  *  Based upon the current value at the beginning of the plan year.

  </TABLE>
<PAGE>



  <TABLE>
  EMPLOYEE SAVINGS FUND PLAN FOR REPRESENTED EMPLOYEES OF
  NIAGARA MOHAWK POWER CORPORATION 
  STATEMENT OF NET ASSETS BY FUND
  DECEMBER 31, 1993
  <CAPTION>
                                            GOVERNMENT
                                            MONEY         U.S. EQUITY FIXED         US BOND
                                            MARKET        INDEX       INCOME        INDEX
                            STOCK FUND      PORTFOLIO     PORTFOLIO   FUND          PORTFOLIO

   ASSETS

   <S>                      <C>             <C>           <C>         <C>           <C>
   INVESTMENTS
   Common Stock of
    Niagara Mohawk
    Power Corporation
    at market value
    (cost - $139,734,768; 
    9,223,043 shares)
    Other Investments       $186,766,621    $     -       $     -     $        -          -
    (See Schedule I)           2,145,188     5,873,470     33,927,910  51,827,646   $6,165,943
   NET ASSETS               $188,911,809    $5,873,470    $33,927,910 $51,827,646   $6,165,943

                            GROWTH
                            AND             GROWTH
                            INCOME          COMPANY
                            PORTFOLIO       FUND          LOAN FUND   TOTAL

   ASSETS
   INVESTMENTS              <C>
   Common Stock of
    Niagara Mohawk
    Power Corporation
    at market value
    (cost - $139,734,768;
    9,223,043 shares)
    Other Investments       $    -          $  -          $   -       $186,766,621
    (See Schedule I)         20,001,617      13,784,339    5,532,877   139,258,990

   NET ASSETS               $20,001,617     $13,784,339   $5,532,877  $326,025,611
  </TABLE>
<PAGE>



  <TABLE>
  EMPLOYEE SAVINGS FUND PLAN FOR REPRESENTED EMPLOYEES OF 
  NIAGARA MOHAWK POWER CORPORATION
  STATEMENT OF NET ASSETS BY FUND 
  DECEMBER 31, 1992
  <CAPTION>

                                       GOVERNMENT   U.S. 
                                       MONEY        EQUITY                                 GROWTH
                                       MARKET       INDEX        FIXED         US BOND     AND
                                       PORTFOLIO    PORTFOLIO    INCOME        INDEX       INCOME 
                         STOCK FUND    (A)          (B)          FUND          PORTFOLIO   PORTFOLIO

   ASSETS

   <S>                   <C>           <C>          <C>          <C>           <C>         <C>
   INVESTMENTS
   Common Stock of
    Niagara Mohawk
    Power Corporation
    at market value
    (cost-$158,638,528;
    10,637,755 shares    $203,447,064  $     -      $     -      $        -    $     -     $    -
    Other Investments       2,397,321   5,338,483    30,323,997   37,150,344    2,163,028   4,525,477
   NET ASSETS            $205,844,385  $5,338,483   $30,323,997  $37,150,344   $2,163,028  $4,525,477


                         GROWTH
                         COMPANY
                         FUND          LOAN FUND    TOTAL

   ASSETS
   INVESTMENTS
   Common Stock of
    Niagara Mohawk
    Power Corporation
    at market value
    (cost-$158,638,528;
    10,637,755 shares)
    Other Investments    $  -          $   -        $203,447,064
    (See Schedule I)      3,559,400     3,709,551     89,167,601

   NET ASSETS            $3,559,400    $3,709,551   $292,614,665
  (A) FORMERLY (THROUGH JUNE 30, 1992) THE GOVERNMENT FUND 
<PAGE>



  (B) FORMERLY (THROUGH JUNE 30, 1992) THE COMMINGLED EQUITY FUND
  </TABLE>
<PAGE>



  <TABLE>
  EMPLOYEE SAVINGS FUND PLAN FOR REPRESENTED EMPLOYEES OF 
  NIAGARA MOHAWK POWER CORPORATION 
  STATEMENT OF CHANGES IN NET ASSETS BY FUND
  FOR THE YEAR ENDED DECEMBER 31, 1992
  <CAPTION>

                                                               GOVERNMENT          U.S.
                                                                    MONEY        EQUITY                                   GROWTH
                                                                   MARKET         INDEX        FIXED       US BOND           AND
                                                                PORTFOLIO     PORTFOLIO       INCOME         INDEX        INCOME
                                                  STOCK FUND          (A)           (B)         FUND     PORTFOLIO     PORTFOLIO
                                                  ----------    ---------     ---------       ------     ---------     ---------
   ADDITIONS
   <S>
   Investment income:
     Net appreciation (depreciation)            <C>             <C>        <C>            <C>           <C>            <C>      
      in fair value of net assets               $ 7,958,927     $    (24)  $(9,144,931)   $    6,798   $ (13,019)      $  84,676

     Dividends on Niagara Mohawk Power
      Corporation Common Stock                    8,450,961         -             -             -             -             -   

     Realized gains                               4,580,909         -       10,566,617          -              58            889
     Interest and dividend Income                   134,374      169,333       426,490     2,618,487       37,754         50,531
                                                 21,125,171      169,309     1,848,176     2,625,285       24,793        136,096

   Contributions
     Participant contributions                    9,375,360      847,991     4,240,841     4,574,203       25,048         82,649
     Niagara Mohawk Power Corporation             6,870,549         -             -            -             -              -   

                                                 16,245,909      847,991     4,240,841     4,574,203       25,048         82,649
                   TOTAL ADDITIONS               37,371,080    1,017,300     6,089,017     7,199,488       49,841        218,745

   DEDUCTIONS                                                            
   Participant loan payments                             -           -            -            -             -               -  
   Accounts withdrawn                            12,999,237      292,695       890,730     1,858,208           26          1,008
   Participant loans                              1,486,211        7,539       653,634       271,616         -             8,199
   Plan expenses                                    189,501       10,722        45,381        72,342          491          1,032
   Employees accounts transferred                14,024,648     (886,694)      383,394   (2,703,242)   (2,113,704)   (4,316,971)

                  TOTAL DEDUCTIONS               28,699,597     (575,738)    1,973,139     (501,076)   (2,113,187)   (4,306,732)
             INCREASE IN NET ASSETS               8,671,483    1,593,038     4,115,878     7,700,564    2,163,028      4,525,477


   Net assets, beginning of year                197,172,902    3,745,445    26,208,119    29,449,780          -              -  
   Net assets, end of year                     $205,844,385   $5,338,483   $30,323,997   $37,150,344   $2,163,028     $4,525,477

  1--To eliminate inter fund transfers in consolidation.           (A) FORMERLY (THROUGH JUNE 30, 1992) THE GOVERNMENT FUND     
                                                                   (B) FORMERLY (THROUGH JUNE 30, 1992) THE COMMINGLED EQUITY FUND
  </TABLE>
<PAGE>



  <TABLE>
  EMPLOYEE SAVINGS FUND PLAN FOR REPRESENTED EMPLOYEES OF 
  NIAGARA MOHAWK POWER CORPORATION 
  STATEMENT OF CHANGES IN NET ASSETS BY FUND
  FOR THE YEAR ENDED DECEMBER 31, 1992
  <CAPTION>
                                                    GROWTH
                                                   COMPANY
                                                      FUND        LOAN FUND       ADJUSTMENTS (1)          TOTAL
                                                ----------        ---------       ---------------         ------

   ADDITIONS
   <S>
   Investment income:
     Net appreciation (depreciation)          <C>                 <C>                <C>            <C>         
      in fair value of net assets             $    29,750         $   -                             $(1,077,823)
     Dividends on Niagara Mohawk Power                                                           
      Corporation Common Stock                        -               -                               8,450,961 

     Realized gains                                 2,219             -                              15,150,692 
     Interest and dividend Income                 122,060          191,239                            3,750,268 

                                                  154,029          191,239                           26,274,098 
   Contributions
     Participant contributions                     67,739             -                              19,213,831 
     Niagara Mohawk Power Corporation                -                -                               6,870,549 
                                                   67,739             -                              26,084,380 
                                                                                                 

                   TOTAL ADDITIONS                221,768          191,239                           52,358,478 
   DEDUCTIONS                                                              
   Participant loan payments                         -           1,033,024            (1,033,024)          -    
   Accounts withdrawn                                 810             -                              16,042,714 
   Participant loans                                5,701             -               (2,432,900)          -    
   Plan expenses                                      827             -                                 320,296 

   Employee accounts transferred                                                       1,033,024 
                                               (3,344,970)      (2,426,502)            2,432,900      2,081,883 

                  TOTAL DEDUCTIONS             (3,337,632)      (1,393,478)                 -        18,444,893 
            INCREASE IN NET ASSETS              3,559,400        1,584,717                  -        33,913,585 


   Net assets, beginning of year                     -           2,124,834                          258,701,080 
   Net assets, end of year                     $3,559,400       $3,709,551           $      -      $292,614,665 

  1--To eliminate inter fund transfers in consolidation.           (A) FORMERLY (THROUGH JUNE 30, 1992) THE GOVERNMENT FUND     
                                                                   (B) FORMERLY (THROUGH JUNE 30, 1992) THE COMMINGLED EQUITY FUND
  </TABLE>
<PAGE>



  <TABLE>
  EMPLOYEE SAVINGS FUND PLAN FOR REPRESENTED EMPLOYEES OF 
  NIAGARA MOHAWK POWER CORPORATION 
  STATEMENT OF CHANGES IN NET ASSETS BY FUND
  FOR THE YEAR ENDED DECEMBER 31, 1993
  <CAPTION>

                                                               GOVERNMENT          U.S.
                                                                    MONEY        EQUITY         FIXED        US BOND        GROWTH
                                                                   MARKET         INDEX        INCOME          INDEX           AND
                                                 STOCK FUND     PORTFOLIO     PORTFOLIO          FUND      PORTFOLIO        INCOME
                                                 ----------     ---------     ---------        ------      ---------     PORTFOLIO
                                                                                                                         ---------
   ADDITIONS
   <S>
   Investment income:
     Net appreciation (depreciation)           <C>            <C>          <C>           <C>             <C>           <C>        
      in fair value of net assets              $ 5,178,448    $     -       $1,466,487   $      -        $  19,381     $  937,274 

     Dividends on Niagara Mohawk Power
      Corporation Common Stock                   9,235,959          -             -             -              -             -    

     Realized gains                              8,645,388          -          219,524          -            42,568       298,558 
     Interest and dividend Income                     -          160,433     1,315,345     3,166,318        398,128       971,044 
                                                23,059,795       160,433     3,001,356     3,166,318        460,077     2,206,876 

   Contributions
     Participant contributions                   8,661,396       757,117     3,872,848     4,230,994        457,896     1,598,047 
     Niagara Mohawk Power Corporation            7,082,352          -                          -               -              -   

                                                15,743,748       757,117     3,872,848     4,230,994        457,896     1,598,047 
                   TOTAL ADDITIONS              38,803,543       917,550     6,874,204     7,397,312        917,973     3,804,923 

   DEDUCTIONS                                                            
   Participant loan payments                      (901,677)      (41,554)     (376,692)     (430,606)       (19,596)     (133,363)
   Accounts withdrawn                           18,014,396     1,683,260     1,668,944     5,049,311        356,236       710,362 
   Participant loans                             2,100,219        58,277       429,815       360,529         13,802       175,994 
   Plan expenses                                   128,900         2,307        13,047        17,996          2,079         7,946 
   Employee accounts transferred                36,394,281    (1,319,727)    1,535,177   (12,277,220)    (3,437,463)  (12,432,156)

                  TOTAL DEDUCTIONS              55,736,119       382,563     3,270,291    (7,279,990)    (3,084,942)  (11,671,217)
   INCREASE (DECREASE) IN NET ASSETS           (16,932,576)      534,987     3,603,913    14,677,302      4,002,915    15,476,140 
   Net assets, beginning of year               205,844,385     5,338,483    30,323,997    37,150,344      2,163,028     4,525,477 

   Net assets, end of year                    $188,911,809    $5,873,470   $33,927,910   $51,827,646     $6,165,943   $20,001,617 

  1--To eliminate inter fund transfers in consolidation.           
  </TABLE>
<PAGE>



  <TABLE>
  EMPLOYEE SAVINGS FUND PLAN FOR REPRESENTED EMPLOYEES OF 
  NIAGARA MOHAWK POWER CORPORATION 
  STATEMENT OF CHANGES IN NET ASSETS BY FUND
  FOR THE YEAR ENDED DECEMBER 31, 1993
  <CAPTION>


                                                     GROWTH
                                                    COMPANY
                                                       FUND     LOAN FUND   ADJUSTMENTS (1)          TOTAL
                                                 ----------     ---------   ---------------         ------
   ADDITIONS
   <S>
   Investment income:
     Net appreciation (depreciation)           <C>               <C>           <C>            <C>         
      in fair value of net assets                $(114,953)     $   -                         $ 7,486,637 
     Dividends on Niagara Mohawk Power                                                     
      Corporation Common Stock                         -            -                           9,235,959 
     Realized gains                                207,765          -                           9,413,803 
     Interest and dividend Income                1,219,423       321,509                        7,552,200 

                                                 1,312,235       321,509                       33,688,599 
                                                                                           

   Contributions
     Participant contributions                   1,256,125          -                          20,834,423 
     Niagara Mohawk Power Corporation                 -             -                           7,082,352 

                                                 1,256,125          -                          27,916,775 
                                                                                           
                   TOTAL ADDITIONS               2,568,360       321,509                       61,605,374 

   DEDUCTIONS                                                            
   Participant loan payments                      (109,754)    2,013,242                             -    
   Accounts withdrawn                              264,142          -                          27,746,651 
   Participant loans                               376,423          -           (3,515,059)          -    
   Plan expenses                                     8,243          -                             180,518 
   Employee accounts transferred                (8,195,633)   (3,515,059)        3,515,059        267,259 

                  TOTAL DEDUCTIONS              (7,656,579)   (1,501,817)              -       28,194,428 
   INCREASE (DECREASE) IN NET ASSETS            10,224,939     1,823,326               -       33,410,946 

   Net assets, beginning of year                 3,559,400     3,709,551               -      292,614,665 

   Net assets, end of year                     $13,784,339     5,532,877        $      -     $326,025,611 
  1--To eliminate inter fund transfers in consolidation.     

  </TABLE>
<PAGE>






  SIGNATURES

  Pursuant to the requirements of the Securities Exchange Act of 1934, the
  Committee to administer the Employee Savings Fund Plan for Represented
  Employees of Niagara Mohawk Power Corporation has duly caused this annual
  report to be signed by the undersigned thereunto duly authorized.



                                   Committee of the 
                                   Employee Savings Fund Plan 
                                   for Represented Employees of
                                   Niagara Mohawk Power Corporation


  DATE:  April 11, 1994            BY/s/ David J. Arrington               
                                     David J. Arrington, Chairman


                                     /s/ Darlene D. Kerr                  
                                     Darlene D. Kerr, Member


                                     /s/ Robert J. Patrylo                
                                     Robert J. Patrylo, Member


                                     /s/ John W. Powers                   
                                     John W. Powers, Member


                                     /s/ Michael P. Ranalli               
                                     Michael P. Ranalli, Member


                                     /s/ B. Ralph Sylvia                  
                                     B. Ralph Sylvia, Member





   11-K-REP.pej
         
<PAGE>






  EXHIBIT 23



                      CONSENT OF INDEPENDENT ACCOUNTANTS


  We hereby consent to the incorporation by reference in the Registration

  Statement on Form S-8 (No. 33-42720) of Niagara Mohawk Power Corporation

  of our report dated March 25, 1994 appearing on page 3 of this Form 11-K.



  /s/Price Waterhouse

  Syracuse, New York
  June 24, 1994
<PAGE>










                                                       Exhibit  99(2)

          Securities and Exchange Commission
          Washington, D.C.  20549

          -----------------------------------------------------------------

          FORM 11-K

          FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS
          AND SIMILAR PLANS PURSUANT TO SECTION 15(d) OF THE
          SECURITIES EXCHANGE ACT OF 1934

          -----------------------------------------------------------------

          (Mark one)

          [ X ]     ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
                      SECURITIES EXCHANGE ACT OF 1934 (Fee Required)

                    FOR FISCAL YEAR ENDED:   DECEMBER 31, 1993

                         or

          [   ]     TRANSITION  REPORT  PURSUANT  TO SECTION  15(d)  OF THE
                    SECURITIES EXCHANGE ACT OF 1934 (No fee required)

                    For the transition period from __________ to 
          ----------------------------------------------------------------

          Commission file number 1-2987

          A.   Full  title of  the plan  and the  address  of the  plan, if
               different from that of the issuer named below:

          EMPLOYEE SAVINGS FUND PLAN
          FOR NON-REPRESENTED EMPLOYEES OF
          NIAGARA MOHAWK POWER CORPORATION

          B.   Name of issuer of the securities held pursuant to the plan
               and the address of its principal executive office:

          NIAGARA MOHAWK POWER CORPORATION
          300 ERIE BOULEVARD WEST
          SYRACUSE, NY  13202
<PAGE>







                              EMPLOYEE SAVINGS FUND PLAN
                           FOR NON-REPRESENTED EMPLOYEES OF
                           NIAGARA MOHAWK POWER CORPORATION



                     INDEX TO FINANCIAL STATEMENTS AND SCHEDULES


                                                                   Page

          Report of Independent Accountants                           3

          Index to Financial Statements:

              Statements of Net Assets at December 31, 1993 
                and 1992                                              4

              Statements of Changes in Net Assets for the years 
                ended December 31, 1993 and 1992                      5

              Notes to Financial Statements                           6


          Supplemental Schedules (Note A):

               I. Other Investments at December 31, 1993             13

              II. Transactions or series of transactions in excess  
                  of 5% of the current value of plan assets
                  for the year ended December 31, 1993               14   

              Note A - Schedules not included with this additional
                       financial data have been omitted because
                       they are not applicable.



          Financial Statement Schedules: 

                Statements of Net Assets by Fund at  
                  December 31, 1993 and 1992                         15  

                Statements of Changes in Net Assets by Fund
                  for the years ended December 31, 1993 and 1992     17 

          Signature Page                                             19   



          Consent of Independent Accountants - Exhibit #23           20 
<PAGE>








          PRICE WATERHOUSE


          REPORT OF INDEPENDENT ACCOUNTANTS


          March 25, 1994

          To the Participants and the
          Administrative Committee
          of the Employee Savings Fund Plan
          for Non-Represented Employees of
          Niagara Mohawk Power Corporation


          In our opinion, the accompanying statements of net assets and the
          related statements of  changes in net  assets present fairly,  in
          all  material respects,  the financial  position of  the Employee
          Savings Fund Plan for Non-Represented Employees of Niagara Mohawk
          Power  Corporation at December 31, 1993 and 1992, and the changes
          in its financial position for the years then ended, in conformity
          with generally  accepted accounting principles.   These financial
          statements  are the  responsibility of the  Company's management;
          our responsibility  is to express  an opinion on  these financial
          statements based on our audits.  We conducted our audits of these
          statements  in  accordance   with  generally  accepted   auditing
          standards which require  that we  plan and perform  the audit  to
          obtain  reasonable   assurance   about  whether   the   financial
          statements are free of material misstatement.   An audit includes
          examining,  on a test basis, evidence  supporting the amounts and
          disclosures in the financial statements, assessing the accounting
          principles used and significant estimates made by management, and
          evaluating the  overall  financial statement  presentation.    We
          believe  that  our  audits  provide a  reasonable  basis  for the
          opinion expressed above.

          Our audit was made for  the purpose of forming an opinion  on the
          basic  financial  statements taken  as a  whole.   The additional
          information  included in  Schedules  I and  II  is presented  for
          purposes of additional analysis and is not a required part of the
          basic financial statements but is additional information required
          by  ERISA.  Such information  has been subjected  to the auditing
          procedures applied in the audit of the basic financial statements
          and, in our opinion, is fairly stated in all material respects in
          relation to the basic financial statements taken as a whole.

          /s/ Price Waterhouse
<PAGE>

                         EMPLOYEE SAVINGS FUND PLAN
                      FOR NON-REPRESENTED EMPLOYEES OF
                      NIAGARA MOHAWK POWER CORPORATION

                          STATEMENTS OF NET ASSETS



                                                DECEMBER 31,    DECEMBER 31,
                                                   1993              1992   
      ASSETS

      INVESTMENTS
      Common Stock of Niagara Mohawk Power   
        Corporation, at market value (cost   
        $64,755,661 at December 31, 1993 and 
        $79,914,387 at December 31, 1992)       $ 83,988,110    $ 99,364,626

      Other investments, at market value --  
        Schedule I                               126,395,679      89,073,766
      NET ASSETS                                $210,383,789    $188,438,392
                                                                       


         The accompanying notes and schedules are an integral part
                       of these financial statements.
<PAGE>

                         EMPLOYEE SAVINGS FUND PLAN
                      FOR NON-REPRESENTED EMPLOYEES OF
                      NIAGARA MOHAWK POWER CORPORATION

                    STATEMENTS OF CHANGES IN NET ASSETS



                                               FOR THE         FOR THE 
                                              YEAR ENDED      YEAR ENDED 
                                              DECEMBER 31,    DECEMBER 31,
                                                  1993            1992   
      ADDITIONS

      Investment income:
        Net appreciation (depreciation) in 
          fair value of net assets             $  4,372,235    $ (6,610,221)

        Dividends on Niagara Mohawk Power
          Corporation Common Stock                4,309,256       4,270,495
        Realized gains on disposition of     
          investments                             6,072,700      15,474,655

        Interest and dividend income              7,144,475       3,888,846
                                                 21,898,666      17,023,775

      Contributions:

        Participants' contributions              14,225,090      12,613,257 

        Niagara Mohawk Power Corporation          4,362,940       4,288,646 
                                                 18,588,030      16,901,903 


      Employee accounts transferred                 267,259       2,081,883 
                              TOTAL ADDITIONS    40,753,955      36,007,561 


      DEDUCTIONS

      Accounts withdrawn                         18,705,161      10,743,298 
      Plan expenses                                 103,397         246,005

                             TOTAL DEDUCTIONS    18,808,558      10,989,303
           INCREASE IN NET ASSETS                21,945,397      25,018,258 


      Net assets, beginning of year             188,438,392     163,420,134

      Net assets, end of year                  $210,383,789    $188,438,392


         The accompanying notes and schedules are an integral part 
                       of these financial statements.
<PAGE>



                              EMPLOYEE SAVINGS FUND PLAN
                           FOR NON-REPRESENTED EMPLOYEES OF
                           NIAGARA MOHAWK POWER CORPORATION

                            NOTES TO FINANCIAL STATEMENTS

                              DECEMBER 31, 1993 and 1992


          NOTE 1 - PLAN AMENDMENTS

          Effective July 1, 1992,  the trust for the Employee  Savings Fund
          Plan  for  Non-Represented  Employees  of  Niagara  Mohawk  Power
          Corporation  (Plan)  was   transferred  to  Fidelity  Investments
          Institutional  Services  Company,  Inc.,  82  Devonshire  Street,
          Boston,  MA  02109-3614.    The  record  keeping  and  investment
          management  of  the  Plan   also  were  transferred  to  Fidelity
          Institutional Retirement Services Company, a division of Fidelity
          Investments  Institutional  Services   Company.    The   Fidelity
          Management and Research Company handles the investment management
          of Plan funds.

          The four  investment elections previously offered  under the Plan
          were  replaced  by  similar  mutual fund  investment  options  at
          Fidelity and since July 1, 1992, are handled as follows:

              *  monies that were  invested in the Government Fund  are now
                 invested  in  the  Fidelity  Retirement  Government  Money
                 Market Portfolio;

              *  monies  invested in  the Commingled  Equity Index  Fund (a
                 Standard & Poors (S&P) 500 Index Fund) are now invested in
                 the Fidelity U.S.  Equity Index Portfolio (also  a S&P 500
                 Index Fund);

              *  monies that were invested in the Fixed Income Fund are now
                 invested  in the Fixed Income  Fund, but now  this Fund is
                 managed by Fidelity Management Trust Company;

              *  monies   invested  in  Niagara  Mohawk  Power  Corporation
                 (Company) Common Stock (including  the Company match) will
                 continue to be invested in Company Common Stock.

          In  addition, three new mutual fund  investment options were made
          available:

              *  Fidelity Growth and Income Portfolio

              *  Fidelity Growth Company Fund

              *  Fidelity U.S. Bond Index Portfolio

          An additional mutual fund was made available February 1, 1994.

              *  Fidelity Overseas Fund

          Further  changes  as a  result of  the  transfer to  Fidelity are
          discussed in more detail in the notes which follow.  
<PAGE>



          NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES

          The  accounting records of the Plan are maintained on the accrual
          basis.  The accounting principles and practices which affect  the
          more significant elements of the financial statements are:

          Valuation  of Investments - Company Common Stock is valued at the
          closing  market price  on  the last  business  day of  the  year.
          Investment units  in the  U.S. Equity Index  Portfolio, the  U.S.
          Bond  Index Portfolio,  the Growth  and Income  Portfolio, Growth
          Company Fund and  Overseas Fund are valued at the year end market
          value of the underlying securities in the Fund.  Investment units
          in the Fixed  Income Fund and  Government Money Market  Portfolio
          are  valued at  a  constant $1  per  unit  and are  supported  by
          insurance    contracts    and   U.S.    Government   Obligations,
          respectively.  Temporary investments in short-term cash funds are
          also   valued  at  a  constant  $1  per  unit.    Net  unrealized
          appreciation or  depreciation for  the year is  reflected in  the
          Statements of Changes in Net Assets for each of the funds.

          Investment  income  -  Dividend  income from  the  Stock  Fund is
          recognized as of the ex-dividend date and income from  government
          securities  and  temporary  cash  investments  is  recognized  as
          earned.   Dividend  and interest  income and  realized gains  and
          losses from the sale of underlying securities of the Equity Index
          Portfolio,  the U.S. Bond Index Portfolio,  the Growth and Income
          Portfolio,  Growth Company  Fund and  Overseas Fund,  increase or
          decrease the  value of a unit.   The cost of  investments used in
          determining realized and unrealized gains  and losses is based on
          the  revalued cost method.   Income from  insurance contracts and
          U.S.  Government  Obligations  in   the  Fixed  Income  Fund  and
          Government Money Market Portfolio, respectively, is reinvested in
          additional units of the Fund.

          Contributions - Contributions from  employees and the Company are
          based upon amounts authorized to be withheld from the base salary
          of employees  and  matched,  to the  extent  applicable,  by  the
          Company.  

          Transfers  -  Assets transferred  to  the  Plan representing  the
          accounts   of  participants   whose  job   status  changed   from
          represented  to  non-represented,  are  valued  at  market.    In
          addition,  participants may  transfer amounts  representing basic
          and  unmatched contributions and income thereon  from one fund to
          another within the guidelines of the Plan.

          Withdrawals  - Assets  withdrawn  from the  Plan by  participants
          during the year  are valued using an average  market price on the
          date such assets are accumulated to pay withdrawals.  

          Loans -  Loans to  participants are  valued at  their outstanding
          principal amount.

          Administrative  costs  -  All  administrative  costs, principally
          legal, audit and  trustee fees,  are paid directly  by the  Plan;
          investment management expenses of each fund are deducted from the
          assets of that fund.
<PAGE>



          NOTE 3 - DESCRIPTION OF THE PLAN

          Eligibility -  To be eligible,  an employee must  be 21  years of
          age.

          Administration - The  Administrator of the Plan  is the Company's
          Employee Savings Fund Plan Committee.  The assets of the Plan are
          held   and   managed  by   the   Trustee,   Fidelity  Investments
          Institutional Services Company, Incorporated.  With the exception
          of  the Stock Fund, the  Trustee has the  discretion to determine
          the composition of the investments in the Funds.

          The  Company expects  to continue the  Plan indefinitely  but has
          reserved the  right to amend  or terminate the Plan  at any time.
          If terminated,  all contributions  of the  Company cease  and the
          trust  continues  until  all   assets  held  by  the   trust  are
          distributed.

          The Plan is not subject  to, nor insured by, the Pension  Benefit
          Guaranty  Corporation  established  by  the  Employee  Retirement
          Income Security Act of 1974.

          Contributions  - Participants  may contribute  from 2% to  15% of
          their base wage or salary  on a before-tax basis, from 2%  to 10%
          on an after-tax basis, or a combination thereof and elect to have
          their  contributions  invested in  common  stock  of the  Company
          (Stock Fund), U.S. Government securities (Government Money Market
          Portfolio),  equity  investments (U.S.  Equity  Index Portfolio),
          fixed income investments  (Fixed Income Fund), treasury,  agency,
          mortgage   and  corporate   securities  (the   U.S.   Bond  Index
          Portfolio), common stock, bonds  and convertibles (the Growth and
          Income Portfolio or Growth  Company Fund) and beginning in  1994,
          foreign securities  (the Overseas Fund).   Subject to limitations
          based upon a participant's length of service and age, the Company
          contributes,  out of  current or  accumulated profits,  an amount
          equal   to  one-half   of  the   participant's  first   2%-6%  of
          contributions.   Company contributions  are invested entirely  in
          the  Stock Fund and are  fully and immediately  vested upon being
          credited to the participant's account.  

          The maximum amount a participant can contribute to  the Plan on a
          before-tax  basis is  limited per  year by  the Internal  Revenue
          Service.   Such limitations were  $8,994 for 1993  and $8,728 for
          1992.

          Withdrawals - A participant may elect to  withdraw all or part of
          the stock  and cash attributable to  his after-tax contributions,
          generally on the 1st or 15th of any month.  Contributions made on
          a  before-tax  basis may  not  be withdrawn  until  a participant
          attains age 59 1/2,  except for death, disability, retirement  or
          under  certain  circumstances  of  hardship, in  which  case  the
          participant may be subject to tax penalties.

          Participant  Loan Provision - Participants in the Plan may obtain
          a loan in any amount between a minimum of $1,000 and a maximum of
          $50,000 but  not more  than 50%  of the  participant's before-tax
          contributions and earnings thereon.   Loans may be obtained  on a
          semi-monthly basis  and the  interest  rate charged  will be  the
          prevailing prime commercial rate plus 1% at the time of the loan.
          Loans  will be secured by  a lien on  the borrowing participant's
<PAGE>



          plan  account.   Effective  February  1,  1994, participants  may
          obtain  a  second  loan for  any  of  the  following reasons:  1)
          purchase  of a principal  residence; 2)  post-secondary education
          for  individual  or  dependents;  3)  reimbursement  for  medical
          expenses;  and, 4)  avoidance of  foreclosure or eviction  from a
          principal residence.

          The Plan participant may elect a repayment period  of from one to
          five years,  over which the loan will  be repaid by level payroll
          deductions.   Loan repayments will be invested in the Plan's fund
          accounts  according to  the participant's  current allocation  of
          before-tax contributions.

          Participants - At December  31, 1993, there were 3,202  employees
          participating  in the Plan  with balances in  one or more  of the
          Funds as follows:
                                                  Number of
                                                  Participants

                      Stock Fund                   1,290
                      Government Money Market 
                       Portfolio                     446
                      U.S. Equity Index Portfolio  1,837
                      Fixed Income Fund            1,821
                      U.S. Bond Index Portfolio      568
                      Growth and Income Portfolio  1,324
                      Growth Company Fund          1,100
                      Loan Fund                      821

          Common stock purchases - Purchases of common stock of the Company
          may be made by the Trustee directly from the Company  at the mean
          of the quoted high and low selling price, as reported for the day
          on which the purchase is made, or the purchase may be made on any
          exchange, through  any broker-dealer or from  other stockholders.
          Cost of shares purchased on an exchange includes brokers fees.

          Investments  in the Stock Fund  are stated in  units, not shares.
          The value of a unit reflects the combined market value of a share
          of common stock and  the cash or liquid  investments held by  the
          Stock Fund.  The Stock  Fund keeps some of its assets in  cash or
          liquid investments so that  Plan participants may trade into  and
          out of  the Stock Fund on any business day.   This requires it to
          be unitized.  Unitization  does not change the market  value of a
          participant's investment, only the manner in which that  value is
          expressed.

          The equivalent  number of  shares of  common stock  a participant
          owns on any given day can be determined by multiplying the  total
          number  of units  owned by the  unit value  on that  day and then
          dividing  that amount by the  common stock market  price for that
          day.
<PAGE>



          NOTE 4 - ACCOUNT VALUES

          Interests   in  the   funds   are  represented   by  "units"   of
          participation.   The value  of a unit  is determined  on a  daily
          basis by  dividing the current fair market value of the assets in
          each  fund  by the  total number  of units  in  each fund.   Each
          participant's account in a  particular fund is credited  each day
          with the number of units determined by dividing  the participants
          contribution to  the fund by the unit  value as determined at the
          end of that day.

          The values and units of participation in the funds consisted of:

                                            DECEMBER 31,     DECEMBER 31,
                                                 
                                                1993            1992     

           Stock Fund:
             Number of units                 7,491,208       9,770,193
             Value of unit                      $11.34          $10.29
             Number of shares                4,147,561       5,195,536
             Market value at end of year        $20.25         $19.125
           Government Money Market
           Portfolio:
             Number of units                 3,520,555       3,333,487
             Value per unit                      $1.00           $1.00

           U.S. Equity Index Portfolio:
             Number of units                 1,731,048       1,778,194
             Value per unit                     $17.27          $16.38

           Fixed Income Fund:               
             Number of units                47,268,355      39,577,692
             Value per unit                      $1.00           $1.00
           U.S. Bond Index Portfolio:
             Number of units                   547,261         220,015
             Value per unit                     $11.00          $10.76

           Growth and Income Portfolio:
             Number of units                   936,461         295,653
             Value per unit                     $22.22          $19.71
           Growth Company Fund:
             Number of units                   459,133         138,365
             Value per unit                     $29.06          $27.64
<PAGE>



          <TABLE>

          <CAPTION>

          NOTE 5 - REALIZED GAIN/LOSS ON DISPOSITION OF INVESTMENTS

          The  amounts of  realized gains  or losses  arising from  the transactions  in investments
          during the periods are as follows:


                                                        Revalued
                                  Year  Units/Shares   Cost Basis  Net Proceeds   Gains/Losses


           <S>                    <C>     <C>          <C>          <C>            <C>       
           Stock Fund             1993    3,099,389   $31,892,711   $37,262,706   $ 5,369,995
                                  1992    1,803,376   $15,974,853   $20,124,160   $ 4,149,307

           U.S. Equity Index      1993      478,297   $ 7,834,492   $ 8,056,916   $   222,424
           Portfolio              1992      774,913   $21,859,790   $33,184,334   $11,324,544
           U.S. Bond Index        1993      116,192   $ 1,250,223   $ 1,292,361   $    42,138
           Portfolio              1992          -              -            -              -

           Growth and Income      1993      141,791   $ 2,794,710   $ 3,069,705   $   274,995
           Portfolio              1992          -              -            -              -
           Growth Company Fund    1993      102,780   $ 2,840,839   $ 3,003,987   $   163,148
                                  1992          -              -            -              -


          Share/units were sold to fund cash withdrawals and transfers.

          </TABLE>
<PAGE>




          NOTE 6 - FEDERAL INCOME TAX STATUS


          The  Internal Revenue Service has ruled that the Plan, as amended
          January 1,  1987, qualifies under Internal  Revenue Code Sections
          401(a) and 401(k)  and the Trust formed under the  Plan is exempt
          from  Federal  income tax  under  Internal  Revenue Code  section
          501(a) subject  to Internal  Revenue Service (IRS)  determination
          that  the Plan amendments comply with the Tax Reform Act of 1986,
          and thus  continues to meet  the requirements of  Sections 401(a)
          and  401(k)  of the  Internal Revenue  Code,  and that  the Trust
          formed  under the  Plan  remains  exempt  from income  tax  under
          Section  501(a) of the Internal Revenue Code.  The ESFP Committee
          believes  that  Plan  changes  subsequent  to  January  1,  1987,
          including the 1992 changes,  do not affect the  tax-exempt status
          of  the  Plan  or the  Trust  thereunder  and will  seek  IRS re-
          determination.
<PAGE>



          <TABLE>
                                          EMPLOYEE SAVINGS FUND PLAN
                                       FOR NON-REPRESENTED EMPLOYEES OF
                                       NIAGARA MOHAWK POWER CORPORATION                   Schedule I

                                               OTHER INVESTMENTS

                                               DECEMBER 31, 1993

          <CAPTION>
                                              Balance held at end of                      Market Value
           Name of issuer and title of issue  year. Number of units          Cost       at end of year


           Stock Fund:

             <S>                                    <C>                  <C>              <C>
             Fidelity Short Term Investment         962,189 units        $    962,189     $    962,189
              Fund

           Government Money Market Portfolio      3,520,555 units        $  3,520,555     $  3,520,555


           U.S. Equity Index Portfolio            1,731,048 units        $ 27,495,981     $ 29,895,195

           Fixed Income Fund                     47,268,355 units        $ 47,268,355     $ 47,268,355

           U.S. Bond Index Portfolio                547,261 units        $  5,990,755     $  6,019,870

           Growth and Income Portfolio              936,461 units        $ 19,517,228     $ 20,808,168

           Growth Company Fund                      459,133 units        $ 13,302,400     $ 13,342,402


           Loan Fund                                                     $  4,578,945     $  4,578,945

                     Grand Total - All Funds                             $122,636,408     $126,395,679
          </TABLE>
<PAGE>



          <TABLE>
          <CAPTION>
          EMPLOYEE SAVINGS FUND PLAN
          FOR NON-REPRESENTED EMPLOYEES OF
          NIAGARA MOHAWK POWER CORPORATION                                                                             Schedule II
          TRANSACTIONS OR SERIES OF TRANSACTIONS IN EXCESS OF
          5% OF THE CURRENT VALUE OF PLAN ASSETS

          YEAR ENDED DECEMBER 31, 1993

           Single Transactions in Excess of 5% of the Current Value of Plan Assets:*

            Identity of                                  Value                         Cost of
           Party Involved     Description of Assets   of Purchases   Value of Sales     Asset      Net Gain

           None

           Series of Transactions in Excess of 5% of the Current Value of Plan Assets:*



      Identity of          Description        Number of  Number of     Value of      Value       Cost of 
      Party Involved         of Assets        Purchases    Sales      Purchases     of Sales      Asset      Net Gain

   <S>                  <C>                       <C>        <C>     <C>          <C>          <C>          <C>
   Niagara Mohawk       Common Stock              248        240     $ 9,983,007  $37,262,706  $26,312,394  $10,950,312
    Power Corporation
   Fidelity             Fixed Income Fund         236        177      19,807,364   12,116,701   12,116,701       -

   Fidelity             Growth Company            238        119      12,439,286    3,003,987    2,907,250       96,737
                        Fund

   Fidelity             Growth and Income         242        113      16,679,859    3,069,706    2,873,229      196,477
                        Portfolio
   Fidelity             U.S. Equity Index         223        190       7,288,493    8,056,917    7,518,477      538,440
                        Portfolio



  *  Based upon the current value at the beginning of the plan year.
  </TABLE>
<PAGE>



  <TABLE>
  EMPLOYEE SAVINGS FUND PLAN 

  FOR NON-REPRESENTED EMPLOYEES OF
  NIAGARA MOHAWK POWER CORPORATION

  STATEMENT OF NET ASSETS BY FUND

  DECEMBER 31, 1993
  <CAPTION>

                                    GOVERNMENT    U.S.                                    GROWTH
                                    MONEY         EQUITY        FIXED         US BOND     AND
                                    MARKET        INDEX         INCOME        INDEX       INCOME 
                       STOCK FUND   PORTFOLIO     PORTFOLIO     FUND          PORTFOLIO   PORTFOLIO

   ASSETS
   INVESTMENTS
   <S>                 <C>          <C>           <C>           <C>           <C>         <C>
   Common Stock of
    Niagara Mohawk
    Power Corporation
    at market value
    (cost -
    $64,755,661;       $83,988,110  $     -       $     -       $        -    $     -     $    -
    4,147,561 shares)      962,189   3,520,555     29,895,195    47,268,355    6,019,870   20,808,168
   Other Investments
   NET ASSETS          $84,950,299  $3,520,555    $29,895,195   $47,268,355   $6,019,870  $20,808,168



                       GROWTH
                       COMPANY
                       FUND         LOAN FUND     TOTAL
   ASSETS
   INVESTMENTS

   Common Stock of
    Niagara Mohawk
    Power Corporation
    at market value
    (cost - 
    $64,755,661;
    4,147,561 shares)  $  -         $   -         $83,988,110
   Other Investments    13,342,402   4,578,945    126,395,679

   NET ASSETS          $13,342,402  $4,578,945    $210,383,789
<PAGE>



  </TABLE>
<PAGE>



  <TABLE>
  EMPLOYEE SAVINGS FUND PLAN FOR NON-REPRESENTED EMPLOYEES OF 
  NIAGARA MOHAWK POWER CORPORATION 
  STATEMENT OF CHANGES IN NET ASSETS BY FUND
  FOR THE YEAR ENDED DECEMBER 31, 1992
  <CAPTION>

                                                               GOVERNMENT          U.S.
                                                                    MONEY        EQUITY                                GROWTH
                                                                   MARKET         INDEX        FIXED     US BOND          AND
                                                                PORTFOLIO     PORTFOLIO       INCOME       INDEX       INCOME
                                                  STOCK FUND          (A)           (B)         FUND   PORTFOLIO    PORTFOLIO
                                                  ----------    ---------     ---------       ------   ---------    ---------
   ADDITIONS
   <S>
   Investment income:
     Net appreciation (depreciation)            <C>             <C>        <C>            <C>         <C>           <C>      
      in fair value of net assets               $ 3,157,482      $  1,152  $(9,933,177)   $    9,390  $ (17,277)    $ 117,879


     Dividends on Niagara Mohawk Power
      Corporation Common Stock                    4,270,495          -            -             -           -            -   

     Realized gain (loss)                         4,149,307          -      11,324,544          -           (24)          739
     Interest and dividend Income                    68,075       104,731      414,870     2,805,518     45,592        73,183
                                                 11,645,359       105,883    1,806,237     2,814,908     28,291       191,801

   Contributions
     Participant contributions                    3,821,501       555,056    3,597,796     4,196,554    118,445       170,986
     Niagara Mohawk Power Corporation             4,288,646          -            -            -           -             -   

                                                  8,110,147       555,056    3,597,796     4,196,554    118,445       170,986
   Employee accounts transferred                (11,626,467)      500,280    (464,951)     3,928,276  2,223,150     5,508,863

                   TOTAL ADDITIONS                8,129,039     1,161,219    4,939,082    10,939,738  2,369,886     5,871,650
   DEDUCTIONS                                                            
   Participant loan payments                             -            -           -            -           -              -  
   Accounts withdrawn                             6,668,174       214,480    1,398,777     2,447,805       -           14,062
   Participant loans                                909,899        33,593      922,654       565,747      1,986        28,944
   Plan expenses                                     94,228        13,035       49,069        86,937        539         1,328

                  TOTAL DEDUCTIONS                7,672,301       261,108    2,370,500     3,100,489      2,525        44,334
             INCREASE IN NET ASSETS                 456,738       900,111    2,568,582     7,839,249  2,367,361     5,827,316

   Net assets, beginning of year                100,078,549     2,433,376   26,558,229    31,738,443        -             -  
   Net assets, end of year                     $100,535,287    $3,333,487  $29,126,811   $39,577,692 $2,367,361    $5,827,316

  1--To eliminate inter fund transfers in consolidation.           (A) FORMERLY (THROUGH JUNE 30, 1992) THE GOVERNMENT FUND     
                                                                   (B) FORMERLY (THROUGH JUNE 30, 1992) THE COMMINGLED EQUITY FUND
  </TABLE>
<PAGE>



  <TABLE>
  EMPLOYEE SAVINGS FUND PLAN FOR NON-REPRESENTED EMPLOYEES OF 
  NIAGARA MOHAWK POWER CORPORATION 
  STATEMENT OF CHANGES IN NET ASSETS BY FUND
  FOR THE YEAR ENDED DECEMBER 31, 1992
  <CAPTION>


                                                    GROWTH
                                                   COMPANY
                                                      FUND    LOAN FUND   ADJUSTMENTS (1)          TOTAL
                                                ----------    ---------   ---------------         ------
   ADDITIONS

   Investment income:
     <S>                                      <C>              <C>           <C>            <C>         
     Net appreciation (depreciation)          $    54,330      $   -                        $(6,610,221)
      in fair value of net assets

     Dividends on Niagara Mohawk Power                                                   
      Corporation Common Stock                        -            -                          4,270,495 


     Realized gain (loss)                              89          -                         15,474,655 
     Interest and dividend Income                 143,750       233,127                       3,888,846 

                                                  198,169       233,127                      17,023,775 
   Contributions
     Participant contributions                    152,919          -                         12,613,257 
     Niagara Mohawk Power Corporation                 -            -                          4,288,646 

                                                  152,919          -                         16,901,903 
                                                                             ($1,473,251)

   Employee accounts transferred                3,479,584     2,474,609       (2,468,210)     2,081,883 
                   TOTAL ADDITIONS              3,830,672     2,707,736       (3,941,461)    36,007,561 

   DEDUCTIONS                                                          
   Participant loan payments                         -        1,473,251       (1,473,251)          -    
   Accounts withdrawn                                -              -                        10,743,298 
   Participant loans                                5,387           -         (2,468,210)          -    
   Plan expenses                                      869           -                           246,005 
                  TOTAL DEDUCTIONS                  6,256     1,473,251      ($3,941,461)    10,989,303 

            INCREASE IN NET ASSETS              3,824,416     1,234,485                      25,018,258 

   Net assets, beginning of year                      -       2,611,537                     163,420,134 

   Net assets, end of year                     $3,824,416    $3,846,022             -      $188,438,392 
  1--To eliminate inter fund transfers in consolidation.           (A) FORMERLY (THROUGH JUNE 30, 1992) THE GOVERNMENT FUND     
                                                                   (B) FORMERLY (THROUGH JUNE 30, 1992) THE COMMINGLED EQUITY FUND
<PAGE>



  </TABLE>
<PAGE>



  <TABLE>
  EMPLOYEE SAVINGS FUND PLAN FOR

  NON-REPRESENTED EMPLOYEES OF
  NIAGARA MOHAWK POWER CORPORATION

  STATEMENT OF NET ASSETS BY FUND

  DECEMBER 31, 1992
  <CAPTION>

                                                          GOVERNMENT    U.S. 
                                                          MONEY         EQUITY                                       GROWTH 
                                                          MARKET        INDEX          FIXED         US BOND         AND
                                           STOCK          PORTFOLIO     PORTFOLIO      INCOME        INDEX           INCOME
                                           FUND           (A)           (B)            FUND          PORTFOLIO       PORTFOLIO
                                           -----          ---------     ---------      ------        ---------       ---------
   ASSETS
   <S>                                     <C>            <C>           <C>            <C>           <C>             <C>
   INVESTMENTS
     Common Stock of Niagara Mohawk Power
     Corporation at market value (cost -
     $79,914,387; 5,195,536 shares)        $ 99,364,626       -            -              -             -              -
   Other Investments (See Schedule I)         1,170,661   $3,333,487    $29,126,811    $39,577,692   $2,367,361      $5,827,316
                                           ------------   ----------    -----------    -----------   ----------      ----------

   NET ASSETS                              $100,535,287   $3,333,487    $29,126,811    $39,577,692   $2,367,361      $5,827,316
                                           ============   ==========    ===========    ===========   ==========      ==========

  (A) FORMERLY (THROUGH JUNE 30, 1992) THE GOVERNMENT FUND
  (B) FORMERLY (THROUGH JUNE 30, 1992) THE COMMINGLED EQUITY FUND
  </TABLE>
<PAGE>



  <TABLE>
  EMPLOYEE SAVINGS FUND PLAN FOR

  NON-REPRESENTED EMPLOYEES OF
  NIAGARA MOHAWK POWER CORPORATION

  STATEMENT OF NET ASSETS BY FUND

  DECEMBER 31, 1992
  <CAPTION>

                                                                                   
                                                                              
                                           GROWTH                             
                                           COMPANY        LOAN                   
                                           FUND           FUND          TOTAL
                                           -----          ---------     ---------
   ASSETS
   <S>                                     <C>            <C>           <C>
   INVESTMENTS
     Common Stock of Niagara Mohawk Power
     Corporation at market value (cost -
     $79,914,387; 5,195,536 shares)        $     -            -         $99,364,626
   Other Investments (See Schedule I)       3,824,416     $3,846,022     89,073,766
                                           ------------   ----------    -----------

   NET ASSETS                              $3,824,416     $3,846,022    $188,438,392
                                           ============   ==========    ============

  (A) FORMERLY (THROUGH JUNE 30, 1992) THE GOVERNMENT FUND
  (B) FORMERLY (THROUGH JUNE 30, 1992) THE COMMINGLED EQUITY FUND
  </TABLE>
<PAGE>



  <TABLE>
  EMPLOYEE SAVINGS FUND PLAN FOR NON-REPRESENTED EMPLOYEES OF 
  NIAGARA MOHAWK POWER CORPORATION 
  STATEMENT OF CHANGES IN NET ASSETS BY FUND
  FOR THE YEAR ENDED DECEMBER 31, 1993
  <CAPTION>


                                                                GOVERNMENT          U.S.                                    GROWTH
                                                                     MONEY        EQUITY         FIXED      US BOND            AND
                                                                    MARKET         INDEX        INCOME        INDEX         INCOME
                                                  STOCK FUND     PORTFOLIO     PORTFOLIO          FUND    PORTFOLIO      PORTFOLIO
                                                  ----------     ---------     ---------        ------    ---------      ---------
   ADDITIONS

   Investment income:
   <S>                                          <C>              <C>        <C>            <C>          <C>            <C>        
     Net appreciation (depreciation)            $ 2,015,460      $      -     $1,314,727   $        -   $  27,147      $1,095,363 
      in fair value of net assets
     Dividends on Niagara Mohawk Power
      Corporation Common Stock                    4,309,256                                                                       

     Realized gains                               5,369,995                     222,424                     42,138        274,995 
     Interest and dividend Income                         0        93,513     1,195,667     2,970,168      399,951        996,571 

                                                 11,694,711        93,513     2,732,818     2,970,168      469,236      2,366,929 
   Contributions
     Participant contributions                    3,180,926       472,515     3,067,637     3,561,130      587,129      1,907,686 
     Niagara Mohawk Power Corporation             4,362,940          -             -            -             -               -   

                                                  7,543,866       472,515     3,067,637     3,561,130      587,129      1,907,686 
   Employee accounts transferred                (25,260,576)      783,960    (3,402,593)    5,932,838    3,062,488     11,784,705 
                   TOTAL ADDITIONS               (6,021,999)    1,349,988     2,397,862    12,464,136    4,118,853     16,059,320 

   DEDUCTIONS                                                             
   Participant loan payments                       (687,994)      (63,093)     (449,999)     (459,066)     (67,067)      (218,498)
   Accounts withdrawn                             9,078,595     1,179,479     1,647,650     4,885,988      524,497        983,221 
   Participant loans                              1,114,439        45,212       420,217       330,170        6,856        306,411 
   Plan expenses                                     57,949         1,322        11,610        16,381        2,058          7,334 
                  TOTAL DEDUCTIONS                9,562,989     1,162,920     1,629,478     4,773,473      466,344      1,078,468 

   INCREASE (DECREASE) IN NET ASSETS            (15,584,988)      187,068       768,384     7,690,663    3,652,509     14,980,852 
   Net assets, beginning of year                100,535,287     3,333,487    29,126,811    39,577,692    2,367,361      5,827,316 

   Net assets, end of year                     $ 84,950,299    $3,520,555   $29,895,195   $47,268,355   $6,019,870    $20,808,168 
  1--To eliminate inter fund transfers in consolidation.           
  </TABLE>
<PAGE>



  <TABLE>
  EMPLOYEE SAVINGS FUND PLAN FOR NON-REPRESENTED EMPLOYEES OF 
  NIAGARA MOHAWK POWER CORPORATION
  STATEMENT OF CHANGES IN NET ASSETS BY FUND
  FOR THE YEAR ENDED DECEMBER 31, 1993
  <CAPTION>


                                                    GROWTH
                                                   COMPANY
                                                      FUND    LOAN FUND   ADJUSTMENTS (1)          TOTAL
                                                ----------    ---------   ---------------         ------
   ADDITIONS

   Investment income/(loss):
     <S>                                        <C>            <C>           <C>            <C>         
     Net appreciation (depreciation)                           $   -                        $ 4,372,235 
      in fair value of net assets                $(80,462)

     Dividends on Niagara Mohawk Power                                                   
      Corporation Common Stock                        -            -                          4,309,256 

     Realized gains                               163,148          -                          6,072,700 
     Interest and dividend Income               1,186,562       302,043                       7,144,475 
                                                1,269,248       302,043                      21,898,666 

   Contributions
     Participant contributions                  1,448,067          -                         14,225,090 
     Niagara Mohawk Power Corporation                -             -                          4,362,940 

                                                1,448,067          -                         18,588,030 
   Employee accounts transferred                7,366,437     2,546,716       (2,546,716)       267,259 

                   TOTAL ADDITIONS             10,083,752     2,848,759       (2,546,716)    40,753,955 
   DEDUCTIONS                                                          
   Participant loan payments                     (170,119)    2,115,836                               0 
   Accounts withdrawn                             405,731                                    18,705,161 
   Participant loans                              323,411                     (2,546,716)             0 
   Plan expenses                                    6,743                                       103,397 

                  TOTAL DEDUCTIONS                565,766     2,115,836       (2,546,716)    18,808,558 
        INCREASE (DECREASE) IN NET ASSETS       9,517,986       732,923                      21,945,397 

   Net assets, beginning of year                3,824,416     3,846,022                     188,438,392 
   Net assets, end of year                    $13,342,402     4,578,945                    $210,383,789 
  1--To eliminate inter fund transfers in consolidation.
  </TABLE>
<PAGE>



          SIGNATURES

          Pursuant to the  requirements of the  Securities Exchange Act  of
          1934, the Committee to administer  the Employee Savings Fund Plan
          for Non-Represented Employees of Niagara Mohawk Power Corporation
          has   duly  caused  this  annual  report  to  be  signed  by  the
          undersigned thereunto duly authorized.


                                   Committee of the 
                                   Employee Savings Fund Plan 
                                   for Non-Represented Employees of
                                   Niagara Mohawk Power Corporation


          DATE: April 11, 1994     BY  /s/David J. Arrington               

                                     David J. Arrington, Chairman


                                     /s/ Darlene D. Kerr                  
                                     Darlene D. Kerr, Member


                                     /s/ Robert J. Patrylo                 
                                     Robert J. Patrylo, Member


                                     /s/ John W. Powers                   
                                     John W. Powers, Member


                                     /s/ Michael P. Ranalli               
                                     Michael P. Ranalli, Member


                                     /s/ B. Ralph Sylvia                  
                                     B. Ralph Sylvia, Member
<PAGE>



          EXHIBIT 23



                          CONSENT OF INDEPENDENT ACCOUNTANTS

          We hereby consent to the incorporation by reference in the 

          Registration Statement on Form S-8 (No. 33-42721) of Niagara 
          Mohawk Power Corporation of our report dated March 25, 1994, 

          appearing on page 3 of this Form 11-K.




          /s/Price Waterhouse
          Syracuse, New York
          June 24, 1994
<PAGE>


                                      SIGNATURE

          Pursuant to the requirements of Section 13 or 15 (d) of the 
          Securities Exchange Act of 1934, the Registrant has duly caused 

          this report to be signed on its behalf by the undersigned, 
          thereunto duly authorized.

                           NIAGARA MOHAWK POWER CORPORATION
                                     (Registrant)



          Date   June 24, 1994          By/s/ Steven W. Tasker          
                                          Steven W. Tasker
                                          Vice President-Controller 
                                          and Principal Accounting Officer
<PAGE>


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