content: <Page>
                            UNITED STATES
                 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 (Date of Earliest Event Reported):
                            April 1, 2004
  
  
                       BAYCORP HOLDINGS, LTD.
       ------------------------------------------------------
       (Exact Name of Registrant as Specified in its Charter)
  
  
                              Delaware
           ----------------------------------------------
           (State or Other Jurisdiction of Incorporation)
  
  
            1-12527                       02-0488443
       (Commission File Number)         (I.R.S. Employer
                                     Identification Number)
  
  
          1 New Hampshire Avenue, Suite 125
                    Portsmouth, NH                      03801
       (Address of Principal Executive Offices)       (Zip Code)
  
  
                           (603) 766-4990
        ----------------------------------------------------
        (Registrant's Telephone Number, Including Area Code)
  
  
                           Not Applicable
    -------------------------------------------------------------
    (Former Name or Former Address, if Changed Since Last Report)
  
  
    -------------------------------------------------------------
  
  
  <Page>
  
  Item 5.   Other Event.
  
  On April 1, 2004 the Registrant issued a press release announcing
  that its wholly owned subsidiary, Great Bay Hydro Corporation,
  completed the acquisition of the Vermont generating facilities of
  Citizens Communications Company.  The following was included in
  the press release:
  
  
  
                       BayCorp Holdings, Ltd.
                  1 New Hampshire Avenue, Suite 125
                   Portsmouth, New Hampshire 03801
              Phone (603) 766-4990  Fax (603) 766-4991
  
  
              BayCorp Announces Acquisition of Vermont
          Generating Facilities of Citizens Communications
  
  
  April 1, 2004 --- BayCorp Holdings, Ltd. ("BayCorp") (AMEX: MWH)
  announced today that its wholly owned subsidiary Great Bay Hydro
  Corporation ("Great Bay Hydro") completed the acquisition of the
  Vermont generating facilities of Citizens Communications Company
  ("Citizens").
  
  Great Bay Hydro has acquired all of the generating facilities in
  Vermont owned by the Vermont Electric Division of Citizens.  The
  generating facilities include an operating hydroelectric facility
  of approximately 4 megawatts located in Newport,
  Vermont, diesel engine generators totaling approximately 7
  megawatts located in Newport, Vermont and non-operating
  hydroelectric facilities in Troy, Vermont and West Charleston,
  Vermont.  Great Bay Hydro will immediately assume operating
  responsibility for these facilities and will use the output of
  the Newport plant as a physical hedge for meeting a portion of
  BayCorp's supply obligations under the long-term contract to
  supply 9.06 megawatts to Unitil.
  
  Great Bay Hydro paid a nominal purchase price to Citizens for the
  generating facilities and 650 acres of real property associated
  with the generating facilities.  In addition, Citizens has agreed
  to indemnify Great Bay Hydro for the reasonably anticipated costs
  of complying with the requirements of the new operating
  license issued by the Federal Energy Regulatory Commission
  ("FERC") on November 21, 2003.  Great Bay Hydro and Citizens will
  share the savings if the costs of compliance during the next
  three years are less than the anticipated amount.
  
  About BayCorp
  
  BayCorp Holdings, Ltd. is an unregulated holding company
  incorporated in Delaware.  BayCorp currently owns three
  subsidiaries including Great Bay Power Marketing, Inc., which
  purchases and markets power on the open market, BayCorp Ventures,
  LLC, which serves as a vehicle for the Company's investments and
  Great Bay Hydro Corporation, which was formed for the purpose of
  holding the generating facilities in Vermont formerly owned by
  the Vermont Electric Division of Citizens Communications Company.
  BayCorp also owns an equity investment in HoustonStreet Exchange,
  Inc., which operates HoustonStreet.com, an independent internet-
  based crude oil and refined products trading exchange.
  
                                  2
  
  <Page>
  
  
  
  Forward Looking Statements
  
  Any statements contained in this release regarding the Company's
  goals, strategies, and expectations, in particular statements
  concerning the function of plants as a hedge against long-term
  contracts and costs of compliance with regulatory requirements
  are "forward-looking statements."  No assurances can be given
  that the results in any forward-looking statements will be
  achieved, and actual results could differ materially.  Please
  review reports filed by BayCorp with the Securities and Exchange
  Commission for information and factors that could affect the
  Company's business.
  
  
                                  3
  
  
  <Page>
  
  SIGNATURES
  
  
       Pursuant to the requirements of the Securities Exchange Act
  of 1934, the registrant has duly caused this report to be signed
  on its behalf by the undersigned, thereunto duly authorized.
  
                           BAYCORP HOLDINGS, LTD.
  
  
  
  APRIL 15, 2004           By: /s/ Frank W. Getman Jr.
                           --------------------------------
                           Frank W. Getman Jr.
                           President and Chief Executive Officer
  
  
                                  4
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metadata_filer: {"company-data": {"conformed-name": "BAYCORP HOLDINGS LTD", "cik": "0001012127", "assigned-sic": "4911", "irs-number": "020488443", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-12527", "film-number": "04735601"}, "business-address": {"street1": "1 NEW HAMPSHIRE AVENUE", "street2": "SUITE 125", "city": "PORTSMOUTH", "state": "NH", "zip": "03801", "phone": "(603) 766-4990"}, "mail-address": {"street1": "1 NEW HAMPSHIRE AVENUE", "street2": "SUITE 125", "city": "PORTSMOUTH", "state": "NH", "zip": "03801"}, "former-company": {"former-conformed-name": "GREAT BAY HOLDINGS CORP", "date-changed": "19960424"}}
text: UNITED STATES
                 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 (Date of Earliest Event Reported):
                            April 1, 2004
  
                       BAYCORP HOLDINGS, LTD.
       ------------------------------------------------------
       (Exact Name of Registrant as Specified in its Charter)
  
                              Delaware
           ----------------------------------------------
           (State or Other Jurisdiction of Incorporation)
  
            1-12527                       02-0488443
       (Commission File Number)         (I.R.S. Employer
                                     Identification Number)
  
          1 New Hampshire Avenue, Suite 125
                    Portsmouth, NH                      03801
       (Address of Principal Executive Offices)       (Zip Code)
  
                           (603) 766-4990
        ----------------------------------------------------
        (Registrant's Telephone Number, Including Area Code)
  
                           Not Applicable
    -------------------------------------------------------------
    (Former Name or Former Address, if Changed Since Last Report)
  
    -------------------------------------------------------------
  Item 5.   Other Event.
  
  On April 1, 2004 the Registrant issued a press release announcing
  that its wholly owned subsidiary, Great Bay Hydro Corporation,
  completed the acquisition of the Vermont generating facilities of
  Citizens Communications Company.  The following was included in
  the press release:
  
                       BayCorp Holdings, Ltd.
                  1 New Hampshire Avenue, Suite 125
                   Portsmouth, New Hampshire 03801
              Phone (603) 766-4990  Fax (603) 766-4991
  
              BayCorp Announces Acquisition of Vermont
          Generating Facilities of Citizens Communications
  
  April 1, 2004 --- BayCorp Holdings, Ltd. ("BayCorp") (AMEX: MWH)
  announced today that its wholly owned subsidiary Great Bay Hydro
  Corporation ("Great Bay Hydro") completed the acquisition of the
  Vermont generating facilities of Citizens Communications Company
  ("Citizens").
  
  Great Bay Hydro has acquired all of the generating facilities in
  Vermont owned by the Vermont Electric Division of Citizens.  The
  generating facilities include an operating hydroelectric facility
  of approximately 4 megawatts located in Newport,
  Vermont, diesel engine generators totaling approximately 7
  megawatts located in Newport, Vermont and non-operating
  hydroelectric facilities in Troy, Vermont and West Charleston,
  Vermont.  Great Bay Hydro will immediately assume operating
  responsibility for these facilities and will use the output of
  the Newport plant as a physical hedge for meeting a portion of
  BayCorp's supply obligations under the long-term contract to
  supply 9.06 megawatts to Unitil.
  
  Great Bay Hydro paid a nominal purchase price to Citizens for the
  generating facilities and 650 acres of real property associated
  with the generating facilities.  In addition, Citizens has agreed
  to indemnify Great Bay Hydro for the reasonably anticipated costs
  of complying with the requirements of the new operating
  license issued by the Federal Energy Regulatory Commission
  ("FERC") on November 21, 2003.  Great Bay Hydro and Citizens will
  share the savings if the costs of compliance during the next
  three years are less than the anticipated amount.
  
  About BayCorp
  
  BayCorp Holdings, Ltd. is an unregulated holding company
  incorporated in Delaware.  BayCorp currently owns three
  subsidiaries including Great Bay Power Marketing, Inc., which
  purchases and markets power on the open market, BayCorp Ventures,
  LLC, which serves as a vehicle for the Company's investments and
  Great Bay Hydro Corporation, which was formed for the purpose of
  holding the generating facilities in Vermont formerly owned by
  the Vermont Electric Division of Citizens Communications Company.
  BayCorp also owns an equity investment in HoustonStreet Exchange,
  Inc., which operates HoustonStreet.com, an independent internet-
  based crude oil and refined products trading exchange.
  
                                  2
  Forward Looking Statements
  
  Any statements contained in this release regarding the Company's
  goals, strategies, and expectations, in particular statements
  concerning the function of plants as a hedge against long-term
  contracts and costs of compliance with regulatory requirements
  are "forward-looking statements."  No assurances can be given
  that the results in any forward-looking statements will be
  achieved, and actual results could differ materially.  Please
  review reports filed by BayCorp with the Securities and Exchange
  Commission for information and factors that could affect the
  Company's business.
  
                                  3
  SIGNATURES
  
       Pursuant to the requirements of the Securities Exchange Act
  of 1934, the registrant has duly caused this report to be signed
  on its behalf by the undersigned, thereunto duly authorized.
  
                           BAYCORP HOLDINGS, LTD.
  
  APRIL 15, 2004           By: /s/ Frank W. Getman Jr.
                           --------------------------------
                           Frank W. Getman Jr.
                           President and Chief Executive Officer
  
                                  4