HoustonStreet Exchange goes live with Web-based exchanges for crude oil, refined products and a new "SpeedWay" floor for electricity

HoustonStreet.com brings efficiency to oil industry by allowing traders to see real-time pricing and market information and trade with a click of the mouse

PORTSMOUTH, NH, May 22, 2000 - HoustonStreet Exchange today announced that traders have begun buying and selling through its oil platform, one of the first fully Web-based exchanges for trading crude oil and refined products. These new trading floors expand HoustonStreet Exchange's penetration into energy markets and provide traders with a more efficient way to conduct business.

The crude oil and refined products trading floors comprise one facet of HoustonStreet.com's overall energy trading portfolio to include wholesale power and natural gas. During the first two days of operation, traders have already bought and sold approximately $20 million of crude and refined products (such as jet fuel, diesel and heating oil) as a result of trades across multiple hubs, products and grades on HoustonStreet.com.

"We were pleased with the functionality and control that the HoustonStreet platform gives our traders and we were encouraged by the participation on the launch day," said Tom Witt, senior crude trader at Chevron Products Company. "HoustonStreet.com provides an easy, intuitive way to trade crude and refined products."

Using HoustonStreet.com's oil and refined products trading floors, traders can immediately access current pricing information, gauge market fluctuations and view real-time supply and demand market information. The platform's flexibility allows users to make trades based upon a number of variables including volume, grade and location.

"This early level of activity is a testament to the fact that we're addressing an industry need," said Brian King, vice president, crude oil and refined products at HoustonStreet. "With this announcement, HoustonStreet continues to move toward its goal of being 'how energy companies do business'."

Building on this momentum, HoustonStreet also announced that its SpeedWay power platform went live today. SpeedWay provides users with a streamlined method for trading standard electricity products through large power trading hubs.

About HoustonStreet Exchange
Designed by traders for traders, HoustonStreet Exchange represents the first Web portal for the trading of wholesale energy products. HoustonStreet.com provides an online trading engine that allows traders to buy and sell their energy products faster, more efficiently and more easily than in the past. HoustonStreet Exchange is headquartered in Portsmouth, New Hampshire with offices in Houston, Texas. HoustonStreet Exchange is a majority-owned subsidiary of BayCorp Holdings, Ltd., (AMEX: MWH).

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) energy traders may be unwilling or unable to use Internet-based energy trading systems, including HoustonStreet.com, (ii) HoustonStreet.com may not be able to operate profitably, (iii) technological or systems outages could occur, (iv) competitors with greater financial, marketing or other resources could emerge, (v) performance is contingent upon successful completion of design, implementation and improvement to the electricity, crude, refined products and natural gas sites, and (vi) market acceptance of HoustonStreet.com cannot be predicted. HoustonStreet.com is a registered service mark of HoustonStreet Exchange.