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Entergy and Exelon ask New York regulators to approve sale of FitzPatrick nuclear plantby Nov 18

Companies ask regulators to approve sale of FitzPatrick nuclear plant , syracuse.com, 23 Aug 16  By Tim Knauss | tknauss@syracuse.com  Email the author | Follow on Twitter SYRACUSE, N.Y. – The companies involved in the $110 million sale of FitzPatrick nuclear plant have asked New York regulators to approve the transaction by Nov. 18, saying the deal could fall apart without prompt regulatory approval.

Entergy Corp., the current owner, and Exelon Corp., the buyer, filed a petition Monday asking the state Public Service Commission to approve the sale. They also will seek approvals soon from the U.S. Nuclear Regulatory Commission, the Federal Energy Regulatory Commission, the IRS and other agencies.

The sale will be automatically canceled, unless Entergy and Exelon mutually agree to move ahead, if PSC approval and other conditions are not met by Nov. 18, according to a copy of the sales agreement provided to state regulators.

Exelon wants state regulators to approve the sale before investing “tens of millions of dollars” in a planned refueling outage in January that would extend FitzPatrick’s operating life, according to the petition…..

Exelon and Entergy could face other obstacles to completing the deal, including court challenges.

Several parties, including the owners of non-nuclear power plants, warned the PSC that nuclear subsidy payments might violate federal rules over wholesale energy markets……..

Before they approve the sale of FitzPatrick, New York regulators will examine whether the transaction would give Exelon the ability to manipulate the wholesale market by giving it control over too many power plants…..http://www.syracuse.com/news/index.ssf/2016/08/companies_ask_regulators_to_approve_sale_of_fitzpatrick_nuclear_plant.html

August 24, 2016 - Posted by Christina Macpherson | business and costs, USA