Utilities Set Deadline for NY Regulators to Approve Nuclear Plant Sale

FitzPatrick nuclear plant

Entergy (NYSE: ETR) and Exelon Corp. (NYSE: EXC) asked New York regulators to approve the $110 million sale of the FitzPatrick nuclear plant in order to keep the deal alive.

Entergy, the current owner of FitzPatrick, struck a deal earlier this month to sell the plant to Exelon. Exelon agreed to perform a scheduled refueling outage in January 2017 that would extend the operating life of the single unit, 838-MW plant. Entergy announced in 2015 that it would shut down the plant in January 2017 due to economic factors.

The utilities filed a petition with the New York State Public Service Commission to approve the sale by Nov. 18, saying the deal will automatically be canceled according to a sales agreement, syracuse.com said. If the PSC does not okay the same and other conditions are not met by that date, and if the companies do not mutually agree to move ahead. Exelon said in the article it wanted regulators’ approval before investing “tens of millions of dollars” in the refueling outage. Exelon also owns the Ginna and Nine Mile Point nuclear plant in upstate New York. Entergy owns the Indian Point nuclear plant outside of New York City.

Regulators approved a clean energy standard that includes subsidies for upstate nuclear plants, including FitzPatrick.

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