Exelon Generation has entered a $110 million agreement with Entergy Corporation to acquire the latter’s James A. FitzPatrick Nuclear Power Plant in Scriba, New York.
Exelon said Monday the deal is expected to close in 2017 once it receives approval from state and federal agencies such as the Justice Department, Nuclear Regulatory Commission, Federal Energy Regulatory Commission and the New York State Public Service Commission.
The 838-megawatt nuclear power plant works to provide carbon-free electricity for more than 800,000 homes and businesses, Exelon added.
New York’s state power authority agency agreed to transfer Fitzpatrick’s decommissioning trust fund and liability to Entergy.
Upon the sale’s closure, Entergy would transfer the nuclear plant’s operating license, fund and liability to Exelon.
Exelon said it plans to refuel FitzPatrick in January 2017 but does not expect to change the plant’s average staff count of 600 personnel.
New York Governor Andrew Cuomo helped facilitate the potential sale after he spearheaded efforts for the New York Public Service Commission to adopt a Clean Energy Standard that aims to save nuclear plants in upstate New York from closure, Exelon noted.
Under CES, Exelon aims to reinvest approximately $400 to 500 million into the upstate’s plant operations, integration and refueling expenditures in 2017.