As filed with the Securities and Exchange Commission on December 22, 1999
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 - DECEMBER 22, 1999
Commission Registrant, State of Incorporation I.R.S. Employer
File Number Address and Telephone Number Identification No.
- ----------- ------------------------------------- ------------------
0-25595 NIAGARA MOHAWK HOLDINGS, INC. 16-1549726
(a New York corporation)
300 Erie Boulevard West
Syracuse, New York 13202
Telephone 315-474-1511
1-2987 NIAGARA MOHAWK POWER CORPORATION 15-0265555
(a New York corporation)
300 Erie Boulevard West
Syracuse, New York 13202
Telephone 315-474-1511
<PAGE>
Item 5. Other Events
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(a) On December 22, 1999, Niagara Mohawk Power Corporation issued a press
release regarding Rochester Gas & Electric Corporation's decision to
exercise its right of first refusal with respect to Niagara Mohawk's
announced sale of its nuclear generating assets to AmerGen Energy
Company, LLC. (Exhibit No. 99)
Item 7. Financial Statements and Exhibits
- ------------------------------------------
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 regarding Rochester Gas & Electric Corporation's
decision to exercise its right of first refusal with respect to Niagara Mohawk's
announced sale of its nuclear generating assets to AmerGen Energy Company, LLC.
<PAGE>
NIAGARA MOHAWK HOLDINGS, INC. AND SUBSIDIARY COMPANIES
SIGNATURE
---------
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrants have duly caused this report to be signed on their behalf by the
undersigned thereunto duly authorized.
NIAGARA MOHAWK HOLDINGS, INC.
-----------------------------
(Registrant)
Date: December 22, 1999 By: /s/Steven W. Tasker
----------------------------
Steven W. Tasker
Vice President-Controller and
Principal Accounting Officer,
in his respective capacities
as such
NIAGARA MOHAWK POWER CORPORATION
---------------------------------
(Registrant)
Date: December 22, 1999 By: /s/Steven W. Tasker
-----------------------------
Steven W. Tasker
Vice President-Controller and
Principal Accounting Officer,
in his respective capacities
as such
<PAGE>
EXHIBIT INDEX
-------------
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 regarding Rochester Gas & Electric Corporation's
decision to exercise its right of first refusal with respect to Niagara Mohawk's
announced sale of its nuclear generating assets to AmerGen Energy Company, LLC.
EXHIBIT NO. 99
News Release
NIAGARA MOHAWK WILL EVALUATE ROCHESTER GAS & ELECTRIC'S
NUCLEAR ASSET PURCHASE OFFER
SYRACUSE, Dec. 22 - Niagara Mohawk Power Corp. has received an offer
to purchase all of its nuclear assets from Rochester Gas and Electric Corp.,
Niagara Mohawk officials said today. Niagara Mohawk will evaluate the RG&E
offer.
In January, Niagara Mohawk announced its plans to sell its nuclear assets,
the Nine Mile Point 1 plant and a 41 percent ownership share of Nine Mile Point
2. In June, Niagara Mohawk announced it had reached an agreement with AmerGen
Energy Co. for the purchase of the assets. Niagara Mohawk is a wholly owned
subsidiary of Niagara Mohawk Holdings, Inc. (NYSE: NMK).
The sale to AmerGen was subject to a previously existing agreement
among the five co-owners of Nine Mile 2 that gives the co-owners the right to
match a third-party purchase offer made for any share of the plant. RG&E
currently owns 14 percent of Nine Mile 2.
"We will closely examine the Rochester Gas and Electric offer," said
William E. Davis, chairman and chief executive officer of Niagara Mohawk.
"The sale of the plants is a key component of our plan to create a competitive
electricity market and provide customer choice."
Nine Mile Point is a two-unit boiling water reactor site. Nine Mile 1, a
614-megawatt unit, began producing electricity in 1969. Nine Mile 2, a
1,140-megawatt unit, began producing electricity in 1988. Niagara Mohawk
operates both plants, which are in Scriba, N.Y., approximately 40 miles north
of Syracuse.
In addition to Niagara Mohawk and RG&E, the other Nine Mile 2 co-owners
are: New York State Electric and Gas (18 percent), Long Island Power Authority
(18 percent), and Central Hudson Gas & Electric Corp. (9 percent). RG&E has
also informed NYSEG of its intention to exercise its right to purchase NYSEG's
share of Nine Mile 2. NYSEG has also reached agreement with AmerGen to sell its
share of the plant.
