On Friday, the Vermont Public Service Board voted to allow the operators of the Vermont Yankee nuclear power plant, Entergy Nuclear Operations Inc. (NYSE: ETR), to close down its facility by the end of 2014.
An approval was required from the board since operators planned to shut down the facility prior to its licensed end-term.
Entergy announced last August its intensions to shut down the site for economic reasons.
The state and the company have adopted a memo of understanding that requires Entergy to provide $10 million for economic development in Windham County, Clean Technica reported.
Entergy has reserved more than $600 million for decommissioning the plant, according to the Department of Public Service. However, Entergy’s 2012 Decommissioning Cost Analysis report estimated the decommissioning would cost more than $1 billion.
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