As filed with the Securities and Exchange Commission on September 30, 1998
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8 - K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
DATE OF REPORT - SEPTEMBER 30, 1998
NIAGARA MOHAWK POWER CORPORATION
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(Exact name of registrant as specified in its charter)
State of New York 1-2987 15-0265555
(State or other jurisdiction (Commission File Number) (I.R.S. Employer
of incorporation) Identification No.)
300 Erie Boulevard West, Syracuse, N.Y. 13202
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 315-474-1511
Item 5. Other Events
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(a) On September 7, 1998, a series of storms caused extensive damage and
interrupted electric service to more than 250,000 of the Company's customers
from Niagara Falls to Albany. Restoration of service was completed in
approximately one week, and the Company's initial estimates indicate the
restoration costs are expected to exceed $20 million.
(b) On September 28, 1998, the Company announced that it is extending its
ongoing auction of its fossil and hydroelectric generating assets by
approximately two months. See press release attached (Exhibit No. 99).
Item 7. Financial Statements and Exhibits
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(c) Exhibits. Following is the list of Exhibits furnished in accordance
with the provisions of Item 601 of Regulation S-K, filed as part of this current
report on Form 8-K.
Exhibit No. 99 - Press release of registrant issued on September 28, 1998
relating to the extension of the fossil and hydroelectric generating asset
auction.
NIAGARA MOHAWK POWER CORPORATION AND SUBSIDIARY COMPANIES
SIGNATURE
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Pursuant to the requirements 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
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(Registrant)
Date: September 30, 1998 By /s/Steven W. Tasker
_____________________________________
Steven W. Tasker
Vice President-Controller and
Principal Accounting Officer,
in his respective capacities
as such
EXHIBIT INDEX
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Following is the index of Exhibits furnished in accordance with the provisions
of Item 601 of Regulation S-K, filed as part of this current report on Form 8-K.
Exhibit No. 99 - Press release of registrant issued on September 28, 1998
relating to the extension of the fossil and hydroelectric generating asset
auction.
300 Erie Boulevard West, Syracuse, New York 13202-4250 - 315.474.1511
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NIAGARA MOHAWK IS EXTENDING GENERATION AUCTION BY APPROXIMATELY TWO MONTHS
SYRACUSE, Sept. 28 -- Niagara Mohawk Power Corp. (NYSE: NMK) announced
today that it is extending its ongoing auction of its fossil and hydroelectric
generating assets by approximately two months.
After reviewing submitted bids, the company believes that extending the process
for approximately two months will maximize value for customers and shareholders.
As part of its POWERCHOICE plan to reduce prices and promote competition,
Niagara Mohawk is selling its four fossil-fueled plants located in Bethlehem,
Dunkirk, Tonawanda and Oswego with a combined capacity of 3,256 megawatts. The
portfolio also includes 72 hydroelectric plants with a combined capacity of 661
megawatts, and a dormant site near Rotterdam, which previously contained
combustion turbines.
Investment bankers Merrill Lynch & Co. and Donaldson, Lufkin & Jenrette
Securities Corp. are serving as financial advisors for the sale.
Niagara Mohawk is an investor-owned energy services company that provides
electricity to more than 1.5 million customers across 24,000 square miles of
Upstate New York. The company also delivers natural gas to more than 500,000
customers over 4,500 square miles of eastern, central and northern New York.
