Entergy aims to sell FitzPatrick nuclear plant by mid-August
Entergy said in a news release that it aims to complete the negotiations with Exelon by mid-August. The transaction depends on approval by the New York Public Service Commission of a new nuclear subsidy program that was proposed Friday as part of the state's clean energy standard.
The proposed nuclear subsidy program, estimated at $482 million a year split between FitzPatrick and three other nuclear reactors in Upstate New York, still faces review by the commission. The PSC scheduled a brief 10-day period for public comments on the proposal, which would allow the commission to consider it at its Aug. 1 meeting.
Entergy announced in November 2015 that it would close FitzPatrick in January 2017 because the plant loses money. Gov. Andrew Cuomo, whose administration helped facilitate the negotiations, issued a statement today applauding the developments.
A sale to Exelon would require regulatory approval by the U.S. Nuclear Regulatory Commission and others before it could be finalized.That process is likely to take nine months to a year, company officials said. Entergy said it will begin preparations for both of the plant's possible futures -- a shutdown, or continued operation and sale. (Syracuse .com, 7/13/2016)