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Entergy, NorthStar reach agreement with authorities for Vermont Yankee sale

EBR Staff Writer Published 05 March 2018

Entergy and NorthStar Group Services have reached an agreement with State of Vermont agencies and other parties on terms for approval of the sale of 620MW Vermont Yankee nuclear plant in Vernon.

The parties have signed a settlement agreement and Memorandum of Understanding (MOU) in this regard, which are likely to pave way for the approval of the proposed sale of the nuclear plant by Entergy to NorthStar.

NorthStar, a decommissioning and remediation company is proposing to buy Entergy Nuclear Vermont Yankee, the company which owns the Vermont Yankee nuclear power station.

If approved by the Vermont Public Utility Commission (PUC), the transaction will help in decommissioning the Vermont Yankee nuclear plant by 2026 or at the most by 2030, which will be much earlier than what was originally anticipated.

The agreement includes increased financial assurances of up to $250m from both Entergy and NorthStar for the plant demolition and site clean-up.

The involved parties have also agreed to define certain site restoration standards, which NorthStar will comply with to complete the decommissioning of the site.

The MOU’s approval by the Vermont PUC and an order approving the proposed transaction are pre-conditions for the completion of the proposed transaction between NorthStar and Entergy.

Both the companies are expecting to request the PUC to come up with a decision by 31 July 2018. The proposed sale of the Vermont Yankee nuclear plant will also be subject to approval of the Nuclear Regulatory Commission (NRC).

The State of Vermont and New England Coalition on Nuclear Pollution (NEC) have agreed to withdraw their pending requests for hearing in the NRC proceeding, as part of the settlement agreement.

Entergy anticipates the transaction to be completed by the year end once all regulatory approvals are received.

The Vermont Yankee nuclear plant, which was commissioned in 1972, was retired Entergy in 2014 due to economic factors.

Image: Vermont Yankee Nuclear Power Plant, Unit 1. Photo: courtesy of Nuclear Regulatory Commission from US/Wikipedia.