Exhibit (a)(1)(H)
[LOGO] Niagara Mohawk
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A National Grid Company
NEWS
FOR IMMEDIATE RELEASE CONTACT: Leon Mazur
315.428.5876
NIAGARA MOHAWK ANNOUNCES TENDER OFFER
FOR SEVEN SERIES OF PREFERRED STOCK
SYRACUSE, N.Y., Feb. 27, 2002 - Niagara Mohawk, a National Grid company (LSE:
and NYSE: NGG), today commenced cash tender offers for any and all of the
outstanding shares of the following series of its cumulative preferred
stock at the purchase prices indicated below:
<Table>
FIXED/ADJUSTABLE RATE SERIES D (CUSIP number 653522771), at the purchase
price of $53.76 per share;
3.40% SERIES (CUSIP number 653522201), at the purchase price of $63.43 per share;
3.60% SERIES (CUSIP number 653522300), at the purchase price of $67.16 per share;
3.90% SERIES (CUSIP number 653522409), at the purchase price of $72.76 per share;
4.10% SERIES (CUSIP number 653522508), at the purchase price of $76.49 per share;
4.85% SERIES (CUSIP number 653522607), at the purchase price of $90.49 per share;
5.25% SERIES (CUSIP number 653522706), at the purchase price of $93.58 per share.
</Table>
Under the terms of the offers, shareholders tendering their shares will
- more -
300 Erie Boulevard West
Syracuse, NY 13202-4250
Niagara Mohawk Preferred Stock/2
receive a fixed price per share as listed above. Shareholders of record as of
the close of business on March 11, 2002, who tender their shares, will receive
the March 31, 2002, regular dividend regardless of when their shares are
tendered.
The offer for any one series of preferred stock is not conditioned upon
any minimum number of preferred shares of a series being tendered and is
independent of the offer for any other series.
The offers will expire at 5:00 p.m., Eastern Standard Time, on
Wednesday, March 27, 2002, unless extended or terminated by Niagara Mohawk.
Payment for tendered securities will occur promptly after the expiration date.
Merrill Lynch & Co. is acting as the dealer manager for the offers.
Holders who have any questions regarding the terms of the offers should contact
D.F. King & Co., Inc., the information agent for the offers, at 888.414.5566 or
Merrill Lynch at 888.654.8637. Holders who would like copies of the Offer to
Purchase, the Letters of Transmittal or any related documents or who have
questions regarding the procedures for tendering should call D.F. King & Co. at
888.414.5566.
This press release is neither an offer to purchase the securities nor a
solicitation of consents. Each tender offer is made only pursuant to the
offering documents.
Niagara Mohawk, a National Grid company, is based in Syracuse, N.Y.
National Grid Group plc is an international, U.K.-based company that builds,
owns and operates electricity, natural gas and telecommunications networks. It
is one of the top 10 electricity companies in the U.S. and has the largest
transmission and distribution network in the New England/New York market,
serving 3.2 million customers in upstate New York, Massachusetts, Rhode Island
and New Hampshire. National Grid also delivers natural gas to more than 500,000
customers in upstate New York.
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300 Erie Boulevard West
Syracuse, NY 13202-4250