Exelon Generation recently agreed to assume ownership and management of operations of Entergy Corporation's James A. FitzPatrick Nuclear Power Plant in Scriba, New York.
Under the agreement totaling $110 million, Entergy would transfer FitzPatrick's operating license to Exelon. The New York Power Authority has also agreed to transfer the decommissioning trust fund and liability for FitzPatrick to Entergy, and Entergy would then transfer the fund and associated liability to Exelon.
Closure of the transaction, which is expected in the second quarter of 2017, is dependent upon regulatory review and approval by state and federal agencies.
"We are pleased to have reached an agreement for the continued operation of FitzPatrick," said Chris Crane, Exelon president and chief executive officer. "We look forward to bringing FitzPatrick's highly skilled team of professionals into the Exelon Generation nuclear program and to continue delivering to New York the environmental, economic and grid reliability benefits of this important energy asset."
Exelon has committed to refueling FitzPatrick in January 2017 and does not anticipate any immediate change to staffing levels at the plant, which normally employs about 600 people. The 838-megawatt nuclear power plant generates carbon-free electricity for more than 800,000 homes and businesses. Exelon also operates two other nuclear energy facilities in upstate New York: R.E. Ginna and Nine Mile Point.
"I would like specifically to thank our employees who have continued to operate this plant safely and reliably, despite the uncertainty they have faced about a potential shutdown," said Leo Denault, Entergy chairman and chief executive officer. "The pending sale of FitzPatrick is in the best interests of all of our stakeholders: employees, owners, customers and communities, including New Yorkers who will benefit from the plant's continued clean, safe and reliable energy production."
For more information, visit www.exeloncorp.com.