As filed with the Securities and Exchange Commission on May 15, 2000
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 - MAY 12, 2000
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 May 12, 2000, Niagara Mohawk Power Corporation issued a press release
regarding the termination of its June 24, 1999 agreement with AmerGen
Energy Co. to sell its ownership of Nine Mile Point Units 1 and 2 nuclear
plants (Exhibit No. 99-1).
(b) On May 12, 2000, Niagara Mohawk Power Corporation issued a press
release relating to the closing on the sale of its Albany oil and
gas-fired electric generation station. See press release attached
(Exhibit No. 99-2).
(c) On May 12, 2000, Niagara Mohawk Power Corporation closed on the
issuance of $200 million, 8-7/8 percent series senior notes due May
15, 2007. The senior notes will have an effective rate of 8.919 percent
and are optionally redeemable in whole or in part at any time.
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. 99-1 - Press release issued on May 12, 2000 regarding the
termination of its June 24, 1999 agreement with AmerGen Energy Co. to sell its
ownership of Nine Mile Point Units 1 and 2 nuclear plants.
Exhibit No. 99-2 - Press release issued on May 12, 2000 by Niagara Mohawk Power
Corporation relating to the closing on the sale of its Albany oil and gas-fired
electric generation station.
<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: May 15, 2000 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: May 15, 2000 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. 99-1 - Press release issued on May 12, 2000 regarding the
termination of its June 24, 1999 agreement with AmerGen Energy Co. to sell its
ownership of Nine Mile Point Units 1 and 2 nuclear plants.
Exhibit No. 99-2 - Press release issued on May 12, 2000 by Niagara Mohawk Power
Corporation relating to the closing on the sale of its Albany oil and gas-fired
electric generation station.
EXHIBIT NO. 99-1
News Release
NIAGARA MOHAWK, AMERGEN END NUCLEAR SALE AGREEMENTS
SYRACUSE-May 12 - Agreements by Niagara Mohawk Power Corp. for the sale of
its nuclear assets to AmerGen Energy Co. have been mutually ended, the two
companies said today.
Niagara Mohawk is now free to pursue a competitive process for the sale of
the assets. AmerGen, a joint venture of PECO Energy Co. and British Energy,
remains interested in purchasing the plants and will participate in the sale
process that develops, the company said.
AmerGen agreed to purchase Niagara Mohawk's Nine Mile Point nuclear assets in
June 1999.
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. The plants are located in Scriba, N.Y.,
approximately 40 miles north of Syracuse.
Niagara Mohawk is the sole owner of Nine Mile 1. Nine Mile 2 co-owners
are: Niagara Mohawk (41 percent), New York State Electric and Gas Corp. (18
percent), Long Island Power Authority (18 percent), Rochester Gas and Electric
Corp. (14 percent), and Central Hudson Gas & Electric Corp. (9 percent).
EXHIBIT NO. 99-2
News Release
NIAGARA MOHAWK COMPLETES SALE OF ALBANY STEAM STATION
SYRACUSE, May 12 -- Niagara Mohawk Power Corp., a wholly owned subsidiary
of Niagara Mohawk Holdings, Inc. (NYSE:NMK), today announced the closing of
the sale of its 400-megawatt Albany Steam Station in the Town of Bethlehem,
Albany County, to PSEG Power N.Y. LLC for $47.5 million.
PSEG Power is an unregulated subsidiary of Public Service Enterprise Group,
Inc. (NYSE:PSEG), a diversified energy company headquartered in Newark, N.J.
This sale represents continued progress toward the full divestiture of our
generating assets," said William E. Davis, chairman and chief executive officer
of Niagara Mohawk Holdings. "We will use the proceeds from the sale to retire
capital and build shareholder value."
Most Niagara Mohawk employees at Albany Steam Station have accepted employment
offers from PSEG Power N.Y., which will extend the current union contract to
Oct. 31, 2004.
Albany Steam Station is located on the west shore of the Hudson River, about
three miles south of the City of Albany.
Niagara Mohawk is a regulated energy delivery company with the largest service
territory in New York state. The company serves more than 1.5 million
electricity customers and more than 530,000 natural gas customers across
24,000 square miles.
