content: 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):
                            January 20, 2005
  
  
                         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              (IRS Employer
                                            Identification No.)
  
  
           1 New Hampshire Avenue
                  Suite 125                        03801
          Portsmouth, New Hampshire           --------------
          ------------------------              (Zip Code)
            (Address of principal
             executive offices)
  
  
  
           Registrant's telephone number, including area code:
                             (603) 766-4990
  
  
                                   N/A
         -------------------------------------------------------
       Former name or former address, if changed since last report
  
  
  Check the appropriate box below if the Form 8-K filing is
  intended to simultaneously satisfy the filing obligation of the
  registrant under any of the following provisions:
  
  [ ] Written communications pursuant to Rule 425 under the
  Securities Act (17 CFR 230.425)
  
  [ ] Soliciting material pursuant to Rule 14a-12 under the
  Exchange Act (17 CFR 240.14a- 12)
  
  [ ] Pre-commencement communications pursuant to Rule 14d-2(b)
  under the Exchange Act (17 CFR 240.14d-2(b))
  
  [ ] Pre-commencement communications pursuant to Rule 13e-4(c)
  under the Exchange Act (17 CFR 240.13e-4(c))
  
  
  
  <Page>
  
  
  Item 8.01. Other Events.
  
       On January 20, 2005 Nacogdoches Gas, LLC, a wholly-owned
  subsidiary of BayCorp Holdings, Ltd. ("BayCorp") announced that
  it has completed the first natural gas production well in
  Nacogdoches County, Texas under its development agreement with
  Sonerra Resources Corporation ("Sonerra") announced on January 7,
  2005.  Drilled as a horizontal well with a single 6,586 foot
  lateral, the well was placed into production in early January at
  a cost of approximately $3 million and has been producing natural
  gas at a rate of approximately 2.5 million cubic feet per day.
  Under the agreement with Sonerra, Nacogdoches Gas will have a 90%
  working interest in this well until Nacogdoches Gas's investment
  is recovered.  Once Nacogdoches Gas recovers its investment and
  other operating costs associated with the well, it will have a
  50% working interest.
  
                                  2
  
  
  <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, hereunto duly authorized.
  
                         BAYCORP HOLDINGS, LTD.
  
  
  
  January 24, 2005       By:  /s/ Frank W. Getman Jr.
                         ----------------------------------
                         Frank W. Getman Jr.
                         President and Chief Executive Officer
  
  
  
                                  3
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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": "05544737"}, "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):
                            January 20, 2005
  
                         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              (IRS Employer
                                            Identification No.)
  
           1 New Hampshire Avenue
                  Suite 125                        03801
          Portsmouth, New Hampshire           --------------
          ------------------------              (Zip Code)
            (Address of principal
             executive offices)
  
           Registrant's telephone number, including area code:
                             (603) 766-4990
  
                                   N/A
         -------------------------------------------------------
       Former name or former address, if changed since last report
  
  Check the appropriate box below if the Form 8-K filing is
  intended to simultaneously satisfy the filing obligation of the
  registrant under any of the following provisions:
  
  [ ] Written communications pursuant to Rule 425 under the
  Securities Act (17 CFR 230.425)
  
  [ ] Soliciting material pursuant to Rule 14a-12 under the
  Exchange Act (17 CFR 240.14a- 12)
  
  [ ] Pre-commencement communications pursuant to Rule 14d-2(b)
  under the Exchange Act (17 CFR 240.14d-2(b))
  
  [ ] Pre-commencement communications pursuant to Rule 13e-4(c)
  under the Exchange Act (17 CFR 240.13e-4(c))
  Item 8.01. Other Events.
  
       On January 20, 2005 Nacogdoches Gas, LLC, a wholly-owned
  subsidiary of BayCorp Holdings, Ltd. ("BayCorp") announced that
  it has completed the first natural gas production well in
  Nacogdoches County, Texas under its development agreement with
  Sonerra Resources Corporation ("Sonerra") announced on January 7,
  2005.  Drilled as a horizontal well with a single 6,586 foot
  lateral, the well was placed into production in early January at
  a cost of approximately $3 million and has been producing natural
  gas at a rate of approximately 2.5 million cubic feet per day.
  Under the agreement with Sonerra, Nacogdoches Gas will have a 90%
  working interest in this well until Nacogdoches Gas's investment
  is recovered.  Once Nacogdoches Gas recovers its investment and
  other operating costs associated with the well, it will have a
  50% working interest.
  
                                  2
  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, hereunto duly authorized.
  
                         BAYCORP HOLDINGS, LTD.
  
  January 24, 2005       By:  /s/ Frank W. Getman Jr.
                         ----------------------------------
                         Frank W. Getman Jr.
                         President and Chief Executive Officer
  
                                  3