NEW ORLEANS, July 12, 2002 -- The State of Vermont Public Service Board yesterday issued an Order denying Entergy's motion to alter or amend its June 13, 2002 Order which approved Entergy's acquisition of the Vermont Yankee Nuclear Power Station.
Because of this denial, Entergy is currently evaluating whether or not to complete the acquisition of the plant. Entergy expects to achieve earnings consistent with previously issued 2002 and 2003 guidance ranges, regardless of the outcome of this issue.
The June 13 Vermont Public Service Board Order mandated that Entergy distribute any excess decommissioning funds to the seller for the benefit of its ratepayers. This condition differed materially from the terms of the Memorandum of Understanding agreed to by Entergy, the seller of VY, and the Department of Public Service.
The Memorandum of Understanding stipulated that if the plant was decommissioned prior to 2022, Entergy would retain any excess funds, and if decommissioned after 2022, Entergy would share excess funds equally with the seller.
Entergy is a major global energy company with power production, distribution operations and related diversified services. Entergy owns, manages, or invests in power plants generating more than 30,000 megawatts of electricity domestically and internationally, and delivers electricity to about 2.6 million customers in portions of Arkansas, Louisiana, Mississippi and Texas. Through Entergy-Koch, L.P., it is also a leading provider of wholesale energy marketing and trading services.
Additional investor information can be accessed online at www.entergy.com/earnings.