HoustonStreet SpeedWay provides a faster, more powerful, online trading platform to power traders

New power trading floor on HoustonStreet.com benefits traders who buy and sell large volumes of power at active trading hubs

PORTSMOUTH, N.H., Jan. 11, 2000 - Houston Street Exchange today announced HoustonStreet SpeedWay, an online wholesale power trading floor for traders who buy and sell large, standard blocks of on-peak power at the most heavily traded delivery points in the United States. SpeedWay enables these traders to make deals online faster and more efficiently, and gives the trader more power and flexibility to execute trading strategies than ever before.

SpeedWay, a new trading platform on the HoustonStreet.com site, reflects Houston Street Exchange's plan to accommodate the trading needs of all wholesale power traders. The original HoustonStreet.com trading floor, PowerPit, focuses on the needs of "physical traders," who trade power to satisfy a specific requirement or to sell excess power. Houston Street Exchange designed SpeedWay specifically for "financial traders," a segment of the power trading market that trades standard electricity products at fixed delivery points. Together, these two complementary trading floors give both physical traders and financial traders the diversity and flexibility to make the best deals to suit their particular needs.

SpeedWay makes it easier and faster for financial traders to finalize the deals they want because it streamlines the process by allowing them to trade only high-volumes of on-peak power for pre-determined time periods at highly traded power hubs such as Cinergy, PJM, NEPOOL or TVA. SpeedWay users simply select a market, input price and quantity, and trade. By comparison, Houston Street Exchange's main trading floor, PowerPit, gives traders the flexibility to buy and sell any quantity or type of wholesale power for any time period at any delivery point in the United States. It allows traders to input customized information to specify the product they are trading.

"We are committed to answering the needs of all types of power traders. We recognize that different types of traders require different tools to be able to do their jobs better. We have answered another industry need by providing a fast, Internet-powered, efficient medium for traders that aim to capitalize on market opportunities that a liquid trading hub can provide," said Frank Getman, president and CEO of Houston Street Exchange. "With the SpeedWay and the PowerPit, HoustonStreet.com gives all power traders the tools they need to maximize the profitability of their deals regardless of what their trading needs are."

SpeedWay aims to empower the trader to take more control over his or her transactions, rather than relying solely on telephone brokerage services. HoustonStreet.com continues to be a fully Web-based platform where all deals are binding and there is no threat of 'flaking' (the process in which a trader backs out of a deal mid-way through negotiations). SpeedWay will go live in several weeks.

About Houston Street Exchange
Designed by power traders for power traders, Houston Street Exchange has developed the first Web portal for trading wholesale electric power. HoustonStreet.com provides an online trading floor that allows power traders to buy and sell power faster, more efficiently and more easily than they do today. Houston Street Exchange is a wholly owned subsidiary of BayCorp Holdings, Ltd., (AMEX: MWH). For more information, visit Houston Street at www.houstonstreet.com.

This press release contains forward-looking statements. There are a number of important factors that could cause these forward-looking statements to be materially inaccurate. These factors include, without limitation, that (i) power traders may be unwilling or unable to use Internet-based power trading systems, including HoustonStreet.com, (ii) HoustonStreet.com may not be able to operate profitably, (iii) technological or systems outages could occur and (iv) competitors with greater financial, marketing or other resources could emerge. Trades on HoustonStreet.com may include transactions involving affiliates of BayCorp Holdings, Ltd. HoustonStreet.com is a registered service mark of Houston Street Exchange.