PSC Approves Nuke Plant Sale

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ALBANY, New York -- State utility regulators approved the sale last week of Consolidated Edison's Indian Point 1 and 2 nuclear plants to Entergy. Included in the transaction is the Indian Point 2 reactor, which is operational, and the retired Indian Point 1 reactor. The defunct reactor building is used to store nuclear fuel. Also included are three gas turbines, various ancillary facilities and the property in the town of Buchanan in Westchester County where the Indian Point plants are located. The Toddville Training Center in the Town of Cortlandt, in Westchester County, was also included in the sale. The state Public Service Commission (PSC) said Con Ed will receive $502 million for its assets plus $107 million for nuclear fuel and fuel oil. However, Con Ed will transfer $430 million to Entergy to cover decommissioning costs. Under terms of the transaction, Entergy will have responsibility for decommissioning Indian Point 1, disposing of spent nuclear fuel and restoring the Buchanan site when the nuclear plant is no longer operational. Also under the sales agreement, Entergy will sell all of the electricity generated at Indian Point 2 to Con Ed through 2004. Con Ed also retains options for the future purchase of Indian Point-generated power for the remainder of the decade. PSC approval was the last governmental hurdle the Indian Point sale had to pass. The Nuclear Regulatory Commission signed off on the deal earlier this week.

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