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Industry News

Exelon to Acquire Entergy's James A. FitzPatrick Nuclear Power Plant in Upstate New York

LCG, August 10, 2016--Exelon Generation announced yesterday that it has agreed to assume ownership and management of operations of Entergy Corporation's 838-MW James A. FitzPatrick Nuclear Power Plant in Scriba, New York. Entergy had announced last November that it would close the nuclear power plant in late 2016 or 2017 due to reduced revenues caused by low natural gas prices and a market design in New York that does not adequately compensate nuclear power generation for the benefits provided.

Last week, the outlook for existing nuclear power plants in New York changed. The New York State Public Service Commission approved New York's Clean Energy Standard, which is designed to reduce greenhouse gas emissions and to develop a diverse and reliable energy supply portfolio. The Clean Energy Standard includes provisions to support continued operations of existing, upstate nuclear power plants, like the Fitzpatrick facility. The Clean Energy Standard will also require 50 percent of New York's electricity to come from renewable energy sources like wind and solar by 2030, with an aggressive phase in schedule over the next several years.

Under the agreement totaling $110 million, Entergy would transfer FitzPatrick's operating license to Exelon. The New York Power Authority (NYPA) has agreed to transfer the decommissioning trust fund and liability for FitzPatrick to Entergy. If regulatory approvals are obtained and the transaction closes, Entergy would then transfer the fund and associated liability to Exelon. Transaction closure is dependent upon regulatory review and approval by state and federal agencies, including the US Department of Justice, the Nuclear Regulatory Commission (NRC), the Federal Energy Regulatory Commission (FERC) and the New York State Public Service Commission. The transaction is expected to close in the second quarter of 2017.

The FitzPatrick facility began commercial operations in 1975. In 2008 the NRC extended the operating license for the facility to October 17, 2034. Exelon also operates two other nuclear energy facilities in upstate New York: R.E. Ginna and Nine Mile Point, which is adjacent to FitzPatrick.

Exelon's President and Chief Executive Officer stated, "We are pleased to have reached an agreement for the continued operation of FitzPatrick. We look forward to bringing FitzPatrick's highly-skilled team of professionals into the Exelon Generation nuclear program, and to continue delivering to New York the environmental, economic and grid reliability benefits of this important energy asset."

Acquiring FitzPatrick aligns with Exelon's broader efforts to preserve the nation's existing nuclear energy facilities and the economic, environmental and reliability benefits they provide. The transaction also aligns with Entergy's strategy to reduce its merchant power market footprint.

Entergy's Chairman and Chief Executive Officer stated, "I would like specifically to thank our employees who have continued to operate this plant safely and reliably, despite the uncertainty they have faced about a potential shutdown. The pending sale of FitzPatrick is in the best interests of all of our stakeholders: employees, owners, customers and communities, including New Yorkers who will benefit from the plant's continued clean, safe and reliable energy production. We would like to thank New York Governor Andrew Cuomo and his administration for being progressive in placing a value on the carbon-free attribute that nuclear power plants provide."

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