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Holtec’s nuclear decommissioning and wastes empire to grab Indian Point

Holtec to snap up Indian Point nuclear units for decommissioning, Utility Dive,Iulia Gheorghiu@IMGheorghiu    17 Apr 19

Dive Brief:

  • Holtec International announced an agreement on Tuesday to acquire Entergy’s Indian Point nuclear power plant units for expedited decommissioning.
  • Entergy will sell Units 1, 2 and 3 to a Holtec subsidiary, transferring licenses, spent fuel, decommissioning liabilities and nuclear decommissioning trusts for the units. Unit 1 was retired in 1974 while Unit 2 and Unit 3, totaling about 2 GW, are scheduled to retire in April, 2020 and April, 2021, respectively, according to Entergy’s agreement with New York state.
  • Holtec announced its intentions in August to buy Entergy’s Pilgrim power plant in Massachusetts and the Michigan-based Palisades nuclear plant, as well as Exelon’s Oyster Creek plant in New Jersey, shut down last September. In each case, the deals will will require approval from the Nuclear Regulatory Commission (NRC), along with state agencies.

Dive Insight:

The sale of Indian Point to a decommissioning firm marks the beginning of the end for the nuclear plant — the only one in New York not to receive subsidies under the state’s Zero Emission Credit program.

“The sale of Indian Point to Holtec is expected to result in the completion of decommissioning decades sooner than if the site were to remain under Entergy’s ownership,” Leo Denault, Entergy CEO and chairman, said in a statement.

The NRC is still reviewing the license transfer applications for Pilgrim and Exelon’s Oyster Creek. The regulators had not yet received any formal application regarding Indian Point and Palisades, the latter of which is set to be retired in 2022.

Entergy has not announced the value of the nominal cash considerations it would receive for Indian Point or any of its other nuclear decommissioning transfers.

However, another spent nuclear fuel specialist, NorthStar Group Services, took over Entergy’s closed Vermont Yankee nuclear power plant in October. In that case, the NRC required “some additional financial guarantees” beyond the plant’s nearly half a billion dollars in its decommissioning trust fund, according to NRC spokesperson Neil Sheehan

…… The decision for Entergy to shut down its merchant nuclear generation early comes amid several other recent nuclear plant closures.

“The plant owners have found it difficult to deal with the financial realities of low costs of natural gas, subsidies to other forms of power and other factors,” Sheehan told Utility Dive.

Situated near the Hudson River in Buchanan, New York, Indian Point’s two operating units power New York City and the surrounding county.

The Department of Energy is otherwise obligated to remove the waste to a permanent storage site, though selecting one has proved to be a drawn out process in Congress.

Until the DOE acts or the waste can be sent to Holtec, the company plans to transfer the spent nuclear fuel to dry cask onsite storage, which will be under guard, monitored during the shutdown and decommissioning activities.

…….. Two interim storage facilities for nuclear waste are currently seeking regulator approval to begin their intake of used fuel. One of them is Holtec’s proposed facility in New Mexico, HI-STORE Consolidated Interim Storage (CIS). …… https://www.utilitydive.com/news/holtec-to-snap-up-indian-point-nuclear-units-for-decommissioning/552894/

April 18, 2019 - Posted by | decommission reactor, USA

2 Comments »

  1. Nuclear power plant decommissioning is becoming a multi-billion dollar industry. South Korea and France are also investing. For Holtec International, they must know some inside information about the NRC approval process for HI-STORE CISF in New Mexico to be investing so much in acquiring spent nuclear fuel. The newly elected state government is against nuclear and O&G (frac’ing) and favor the Green New Deal of wind and solar. Should be for some interesting debate over the next few years.

    Comment by Martin Kral | April 22, 2019 | Reply

  2. I don’t think they have inside info per se – maybe bribery and nepotism. Maybe Singh has a cousin in the NRC? One inside track they have is Congressman Norcross’ brother serving on their board. And, George Norcross who serves on the board being a member of Mar a Lago. And, they’ve gotten ahead, in part, because people from India who migrate to the United States are considered “minorities”, and there are “minority” set-asides of 10% for anything receiving federal monies. This allows totally unqualified companies to get a leg up. Plus, it undermines the intent of affirmative action and minority set asides which was to compensate African American descendants of slaves and secondly women. India had affirmative action before the United States. It’s called reservation. Those in need get it in India, so the well-off from India come and claim it in the United States, it seems. Holtec’s also under investigation by the State of NJ for lying on their tax subsidy form and not admitting that they had been disbarred from the TVA. Holtec’s new partner, SNC Lavalin, has been suspended from the World Bank (or something similar) and from Canadian contracts AND the Canadian PM is under investigation related to SNC Lavalin. And, SNC Lavalin appear to be partnered with a Russia gov bank (VEB or VTB), etc.

    Comment by miningawareness | June 6, 2019 | Reply


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