Exelon Corp. agreed to take over ownership and management of Entergy Corp.’s James A. FitzPatrick nuclear plant after New York proposed subsidies for the industry earlier this month.
Under the agreement totalling $110 million, Entergy would transfer FitzPatrick’s operating license to Exelon, according to a statement on Tuesday. Exelon has committed to refueling FitzPatrick in January 2017.
Entergy said in July that it was in talks to sell FitzPatrick to Exelon by mid-August. Exelon already operates the R.E. Ginna and Nine Mile Point nuclear plants in the state. The subsidies are part of Governor Andrew Cuomo’s goal of getting half the state’s power from renewable sources by 2030.
Link to Statement:Link