NIAGARA MOHAWK
NATIONAL GRID MERGER

     In September, 2000 Niagara Mohawk Power Corporation and National Grid USA,
the operator of several utilities in New England, announced their plans for a merger. 
The proposed merger requires the approval of the New York State Public Service
Commission and several other agencies.

In connenction with the proposed merger, Niagara Mohawk and its partner have also
submitted for Public Service Commission approval a ten year plan to extend and, in some
cases, modify Niagara Mohawk's 1997 PowerChoice Program

While consideration of the proposed merger is continuning, Niagara Mohawk has
implementation tariffs for the concluding two years of the current ``PowerChoice" plan.
These tariffs would take effect on September 1, 2001 and remain in effect unless and until superceded by new rates based on the approval of the Niagara Mohawk merger.

Recent Developments

PSC Order Approving Rate Agreement - 12-03-01

PULP's Statement in Support of Joint Proposal - 10-18-01

Joint Settlement Proposal of Niagara Mohawk and National Grid 10-11-01

PSC "Order Approving Year 4 and Year 5 PowerChoice Rate Increases" 8-29-01

PULP Opposes Niagara Mohawk's Proposed Rate for Years 4 and 5 of
PowerChoice -7/20/01

U.S. FERC approves National Grid-Niagara utility deal - 6/13/01

PULP Testimony at New York State Assembly Hearing on The Acquisition of Niagara
Mohawk Holdings, Inc. By National Grid Group, PLC - (1/31/2001)

Outline of Orders and Issues in New York Electric Industry Restructuring (1/31/01)

Latest News Article

PSC approves takeover of NiMo - 11-29-01

Nine Mile Nukes Have New Owner - 11-08-01

NiMo's Merger Plan Supported At Hearing - 11-06-01

Little Comment on NiMo Sale - 11-06-01

Deal would cut electricity bills - Buffalo News - 10/13/01

Terms for NiMo merger limits delivery  rates - 10-12-01

NiMo rates will jump 7.9 percent - Buffalo News - 8-30-01

PSC Approves Niagara Mohawk Fourth/Fifth-Year Rate Plan Changes - 
Commission Adopts Lower Market Electricity Price Forecasts -- 8-29-01

Spitzer Criticizes NiMo Plan - Associated Press - 7/10/01

Tonko Troubled By NiMo Hike Request - Daily Gazette Schenectady, NY- 7/6/01

NiMo Seeks Bigger Hike - The Syracuse News - 7-4-01

Sale of plants would create debt - Niagara Mohawk wants to pass $1.2 
billion to ratepayers. Spitzer balks. - The Post - Standard; Syracuse, N.Y.
April 22, 2001

Merger expected to cut energy delivery charges - Times Union - Albany, NY 
Feb. 13, 2001

How rate cuts yield higher utility bills - The Buffalo News, Buffalo NY,
Jan. 21, 2000

NiMo's rate cuts won't lower power bills - The Buffalo News, Buffalo, N.Y.,
Jan 18, 2001

Niagara Mohawk to Reduce Bills for Low Income Natural Gas Heating Customers -
Dec. 29, 2000

NiMo Acquisition Proxies Ready For Mailing Utility Purchase Will Need Regulatory Approval; Shareholders Will Get Details Of The Deal; Vote On The Proposal
Slated In January - The Post - Standard; Syracuse, N.Y.; Dec 7, 2000

PULP Testimony and Related Testimony By Other Parties

PULP Testimony at New York State Assembly Hearings on Merger and Rate Plan. -
September 27, 2000

IBEW Local 97 Testimony at Assembly Hearings - September 27, 2000

Niagara Mohawk - National Grid - SEC and other Federal Filings

NiMo National Grid Merger Links

News Articles

Utility  deal a boon for NiMo shareholders - Times Union - Mar. 4, 2001

Niagara Mohawk Posts Profit In Quarter - Buffalo News; Buffalo, N.Y.;
Oct 28, 2000; Associated Press

NiMo Merger Could Result In Job Losses, Union Says - Buffalo News;
Oct 11, 2000

Golden Parachute Ready For NiMo Chief - Times Union; Albany, N.Y.;
Oct 9, 2000

$2.7 Million Payday For NiMo Chief Power Company Boss To Get Lump
Sum When British Firm Takes Over Next Year.
The Post - Standard; Syracuse, N.Y.; Oct 7, 2000

Officials Question Whether New York Utility's Customers Will Gain from
Merger - David Robinson, The Buffalo News, N.Y.-Sept.29, 2000

Market forces: At this price? National Grid
The Guardian; Manchester (UK); Sep 28, 2000; Terry Macalister

Will NiMo Customers Gain? Buffalo News - Sept. 28, 2000

NiMo: National Grid Merger May Mean Lower Rates State Legislators Look
Carefully At Proposal's Impact On Utility Ratepayers
The Post - Standard; Syracuse, N.Y.; Sep 28, 2000

THE NIMO SALE - Buffalo News; Buffalo, N.Y.; Sep 12, 2000

Inside The NIMO, National Grid Deal Geography, Similar Strategies Helped Companies Reach Purchase Agreement - Syracuse Herald American;
Syracuse, N.Y.; Sep 12, 2000

Too Small In Deregulated World, NIMO Had To Merge - Buffalo News;
Sept. 10, 2000

NIMO Stockholders Face Changes
Syracuse Herald American; Syracuse, N.Y.; Sep 10, 2000

Models, Geography Brought Ni-Mo, National Grid Together
The CNY Business Journal; DeWitt; Sep 08, 2000

NiMo Takeover Make Sure It's A Good Deal For Community As Well As Stockholders - The Post - Standard; Syracuse, N.Y.; Sep 7, 2000

Queries arise in light of $8.9B NiMo deal - Times Union; Albany, N.Y.; Sep 6, 2000

Power switch - The Guardian; Manchester (UK); Sep 6, 2000;

Acquisition Of NiMo May Lower Electric Bills
Buffalo News; Buffalo, N.Y.; Sep 6, 2000

NIMO Joins A New Grid What It Means For Consumers, Not A Whole
Lot Yet; For Workers, Attrition; For Stockholders, A $1.88 Jump
The Post - Standard; Syracuse, N.Y.; Sep 6, 2000

Energy Giant National Grid Expands With N.Y. Utility Buy
Boston Globe; Boston, Mass.; Sep 6, 2000

Lawmakers Want Assurance Ratepayers Benefit In INiMo Deal
Troy Record Sept. 6, 2000

National Grid Holds Talks On Purchasing Niagara Mohawk
Wall Street Journal; New York, N.Y.; Sep 5, 2000

Grid swoops for NY power player: 2bn deal doubles group's US operations -
The Guardian; Manchester (UK); Sep 5, 2000

National Grid to Acquire Niagara Mohawk in $3.0 Billion Transaction;
Creates Ninth Largest Electric Utility in U.S.
PR Newswire; New York; Sep 5, 2000

British Firm To Buy NIMO For $3 Billion
Buffalo News; Buffalo, N.Y.; Sep 5, 2000

Charging into change - Times Union; Albany, N.Y.; Jul 9, 2000

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