Here are the pertinent portions of the Year 2000 section of Niagara Mohawk's latest filing with the Securities and Exchange Commission. The entire section was too long to post here, but can be accessed at:

http://www.sec.gov/edaux/formlynx.htm Set the document drop-down box for 10Q and type Niagara into the name box.

Grab your box of Kleenex and read:

The Company's progress with its year 2000 issues for priority items 1 and 2 are as follows:

PHASE STATUS ESTIMATED COMPLETION DATE - ---------------------- --------------- --------------------------

- - Inventory Complete September 1998 - - Assessment In-progress June 1998 - November 1998 - - Remediation In-progress December 1998 - April 1999 - - Testing In-progress March 1999 - May 1999 - - Acceptance In-progress March 1999 - June 1999 - - Validation In-progress May 1999 - - Contingency Planning In-progress December 1998 - June 1999

COSTS: The Company estimates that total program costs will approximate $40 million of which approximately $30 million will be expensed and $10 million will be capitalized. Total program costs incurred through September 30, 1998 are $4.8 million of which $3.7 million was expensed and $1.1 million was capitalized. The Company expects to fund the total program costs through operating cash flows.

-- Anonymous, November 19, 1998

Answers

You can be sure that since they are only now just finishing their inventory and assessment that the real costs haven't really been calculated. Expect the $40 million figure to at least double by their next 10-Q (or the one following that).

So in effect they have, at most, only spent 5% of the total budget.

I hate to say it folks but for corporations and organizations of this size they should have been at this phase in early 1997 to have any chance of making it.

It's too late.

--AJ

-- Anonymous, November 19, 1998

Looks like my mom needs to live somewhere other than Waterville. Chuck

-- Anonymous, November 23, 1998

Does this mean I will get to use all those nifty oil lamps I just bought? Well I certainly won't missed their dreaded bills....argh....NIMO.

-- Anonymous, November 24, 1998