Nuclear power plant's PPA set to expire

The New York Power Authority (NYPA) said its power purchase agreement for 200 MW of electricity from Entergy’s (NYSE: ETR) 2,065 MW Indian Point nuclear power plant will expire in September 2013.

According to Reuters, the contract ends at the same time that Unit 2’s operating license is set to end. NYPA reportedly said it would not extend the PPA with Indian Point.

New York Governor Andrew Cuomo wants Indian Point shut down, but Entergy said the plant is safe and has applied for 20-year license renewals for units 2 and 3 before they expire in 2013 and 2015, respectively. The reactors can operate so long as the U.S. Nuclear Regulatory Commission is reviewing the renewal.

Both reactors are Westinghouse four-loop pressurized water reactors. Unit 2 has been in operations since 1973 and Unit 3 has been running since 1975.

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