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The News That Matters about the Nuclear Industry

With New York subsidy to FitzPatrick Nuclear Power Plant, Exelon has now bought this struggling station

Sold! FitzPatrick acquisiton complete, WRVO, 1 Apr 17,  The transfer of the FitzPatrick Nuclear Power Plant to its new owner is officially complete. Exelon, which owns and operates the nearby Nine Mile Point Nuclear Facility Exelon, announced Friday that its negotiations with Entergy are done. The company bought the Oswego County plant last summer for $110 million.

FitzPatrick had been hemorrhaging money because of competition from natural gas. Entergy said the plant was losing the company about $60 million annually, so they moved to decommission it. But New York regulators stepped in to prevent its closure, passing a comprehensive clean energy plan that will  the state’s financially struggling nuclear plants, including FitzPatrick, with subsidies that are scheduled to kick in tomorrow. …….

the subsidy program supporting the deal may be in jeopardy. The New York State Assembly has proposed a one-house budget that would halt the program until they can hold a hearing with state officials. And several pending lawsuits also threaten the plan.http://wrvo.org/post/sold-fitzpatrick-acquisiton-complete

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April 1, 2017 - Posted by | business and costs, USA

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