Entergy to move forward on Vermont Yankee purchase


JACKSON, Miss., July 23, 2002 -- Entergy Corp. announced recently that it has reached agreements in principle with the owners of the Vermont Yankee nuclear plant that will allow Entergy to move forward and purchase the plant prior to July 31 when the purchase agreement terminates.

Under the agreements which are expected to be finalized at closing, non- Vermont members of the consortium representing 45 percent ownership of the plant will restore the substance of the original risk/reward allocation in the agreement by assigning 100 percent of their shares of any excess decommissioning funds to Entergy.

Earlier this month, following an order by the Public Service Board of Vermont that changed the fundamental economics of the original agreement, Entergy notified VY's owners that it was unwilling to close the transaction unless the substance of the original commercial terms are restored prior to July 31, 2002.

"All of us at Entergy appreciate the creativity and decisiveness of VY's owners to preserve a transaction that was negotiated in good faith to be in the best interests of all parties," said Jerry Yelverton, president and chief executive officer of Entergy Nuclear.

"When we raised our concerns about the change in the terms of our deal, the owners quickly responded to fix the problem, clearing the way for us to close in accordance with our original timeline.

"When the additional agreements are in place, we will be ready to close the transaction. We look forward to providing the power consumers of Vermont and New England with safe, low cost and emission-free power generation from Vermont Yankee."

Previously, the state Public Service Board orders regarding distribution of any excess decommissioning funds materially changed the terms of the original Memorandum of Understanding agreed to by Entergy, the sellers of Vermont Yankee and the Department of Public Service. The MOU 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 Nuclear, the nuclear businesses of Entergy Corporation, is headquartered in Jackson, Miss. Entergy, a global energy company headquartered in New Orleans, is the third largest power generator in the nation with more than 30,000 megawatts of generating capacity, nearly $10 billion in revenue and almost 2.6 million customers. Entergy Nuclear is the second largest and fastest growing operator of nuclear power plants in the nation. It operates five reactors at four locations in Arkansas, Mississippi and Louisiana under regulatory jurisdictions and four reactors at three sites in Massachusetts and New York.

Entergy Nuclear also is the nation's largest provider of license renewal and decommissioning services to the nuclear power industry.

Entergy Nuclear's online address is http://www.entergy-nuclear.com


Sponsored by FLSmidth

Related Articles

Mergers, EPA carbon plan generated much attention during 2014

Mergers, the Environmental Protection Agency (EPA) Clean Power Plan, cheap natural gas and the polar vortex were among the most noteworthy generation stories of 2014.

Vermont Yankee ends operations after 42 years

The Vermont Yankee nuclear plant stopped sending power to the New England electric grid at just after noon Monday following more than 42 years of producing electricity from the southeastern Vermont town of Vernon.

Follow Power Engineering on Twitter
Latest News

GE to supply energy storage system in Ontario

Convergent Energy + Power will use a GE (NYSE: GE) 7-MWh battery energy storage system for th...

PG&E president announces retirement

Christopher P. Johns, president of Pacific Gas & Electric Co. (PG&E, NYSE: PCG), has ...

Army post near Baltimore breaking ground for new power plant

The Army is breaking ground for a more efficient power plant at the Edgewood Area of Aberdeen...

Murray Energy makes sweeping coal mine layoffs in Ohio, Illinois and West Virginia

Four different Murray Energy affiliates announced May 22 a massive series of coal mine layoff...

Only five of 99 nuclear units remain offline

As of early May 26, only five of the nation’s 99 nuclear power units were not generating powe...

Credit rater to downgrade Mississippi Power on Kemper woes

The decision by a group of electrical cooperatives to pull out of planned purchase of 15 perc...
Copyright 2015 The Associated Press

Japan nuclear plant obtains final permit needed to restart

A nuclear plant in southern Japan on Wednesday obtained the final permit needed to restart it...
France energy bill boosts renewables, cuts nuclear

French bill seeks to boost renewable energy, cut nuclear use

France's lower house of parliament has approved a bill aimed at boosting renewable energy and...

Power Engineering Current Issue

12/01/2014
Volume 118, Issue 12
1412pe-cover1
Products Showcase
Dynamic Fluoride Ion cleaning DFIC of industrial natural gas turbines Hi-Tech Furnace Systems

Dynamic Fluoride Ion Cleaning of IGT Parts

The Dynamic Fluoride Ion Cleaning (DFIC) Process from Hi-Tech Furnace Systems is able to clean deep, narrow cracks of oxides by cycling between negative, atmospheric, and positive pressure.

Archived Articles

2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013

Power Industry Wire News

MIC President Marybeth Miceli Named to AATA Board of Directors; AATA to Provide Free NDT Job Training to Vets, Disadvantaged Young Adults

MIC President Marybeth Miceli Named to AATA Board of Directors; AATA to Provide Free ND...

Alexium Anticipates Potential Addressable Revenue of More Than US$10M for 2015

Alexium Anticipates Potential Addressable Revenue of More Than US$10M for 2015

Upcoming Greenhouse Webinar Teaches Companies How to Engage Engineers in Hiring Top Tech Talent

Upcoming Greenhouse Webinar Teaches Companies How to Engage Engineers in Hiring Top Tec...

Perma-Fix Environmental Services to Present at the Marcum MicroCap Conference

Perma-Fix Environmental Services to Present at the Marcum MicroCap Conference

Blue Earth Receives Notice From NASDAQ That the Company Is No Longer Subject to a Possible Delisting

Blue Earth Receives Notice From NASDAQ That the Company Is No Longer Subject to a Possi...

Power Engineering

Article Archives for Power Engineering Magazine

Continuing Education

Professional Development Hours

To access a course listing associated to a specific topic listed below, click on the topic of choice from the list below.

Latest Energy Jobs

View more Job Listings >>