As filed with the Securities and Exchange Commission on February
18, 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 - February 11, 1998
NIAGARA MOHAWK POWER CORPORATION
(Exact name of registrant as specified in its charter)
State of New York 1-2987 15-0265555
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) 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
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Item 5. Other Events.
In early January 1998, a major ice storm and flooding caused
extensive damage in a large area of northern New York. The
Company's electric transmission and distribution facilities in an
area of approximately 7,000 square miles were damaged, interrupting
service to approximately 120,000 of the Company's customers, or
approximately 300,000 people. The Company had to rebuild much of
its transmission and distribution system to restore power in this
area. By the end of January 1998, service to all customers was
restored; however, the final costs of the storm will not be known
as crews continue to make final repairs to temporary measures to
restore service and salvage operations cannot be completed until
spring.
The preliminary estimate of the total cost of the restoration
and rebuild efforts could exceed $125 million. A portion of the
cost will be capitalized; however, at this time, the Company is
unable to determine the capital portion until rebuild efforts have
been completed and all labor, material and other costs, including
charges from other utilities and contractors, have been received
and analyzed.
The Company is pursuing federal disaster relief assistance and
is working with its insurance carriers to assess what portion of
the rebuild costs are covered by insurance policies. The Company
is also analyzing potential available options for state financial
aid. The Company is unable to determine what recoveries, if any,
it may receive from these sources.
The Company is currently unable to estimate the effect, if
any, the storm repair costs will have on its results of operations.
<PAGE>
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
(Registrant)
Date: February 18, 1998 By /s/ Steven W. Tasker
--------------------
Steven W. Tasker
Vice President-Controller and
Principal Accounting Officer,
in his respective capacities
as such
