PLYMOUTH, Mass., June 3, 2019 /PRNewswire/ -- Control room
operators at Entergy's Pilgrim Nuclear Power Station, located in
Plymouth, Massachusetts, shut down
its reactor for the final time on Friday, at 5:28 p.m. The decision to shut down Pilgrim was
the result of a number of financial factors, including low
wholesale energy prices.
"The difficult but necessary decision to close Pilgrim impacted
our dedicated employees and their families, and was a decision we
did not make lightly," said Entergy Chairman and Chief Executive
Officer Leo Denault. "Our employees
are the backbone of the company, and their pride and
professionalism are evident every day. Their legacy is a 47-year
record of carbon-free power generation, done safely and securely,
which benefitted the region in innumerable ways."
The closure of Pilgrim is another important milestone in
Entergy's exit of the merchant power business, as the company
transitions to a pure-play utility business.
As part of its employee commitment at Pilgrim, the company
previously announced its plan to find a position within Entergy for
those qualified employees who were willing to relocate. Currently,
more than 50 employees from Pilgrim have accepted offers to
continue with the company in other locations.
In August, Entergy announced the proposed sale of the subsidiary
that owns Pilgrim to a Holtec International subsidiary, a
decommissioning specialty company that plans to complete
decommissioning at the site decades sooner than if Entergy
continued to own the plant. Regulatory approval and closing of the
transaction are targeted for 2019. Holtec, through its affiliate
Comprehensive Decommissioning International, will hire Entergy's
employees at Pilgrim who have been selected for "Phase I" of
decommissioning.
Entergy's remaining operating nuclear power plants in merchant
power markets - Indian Point Unit 2 and Unit 3, in New York, and Palisades Power Plant, in
Michigan, are scheduled to be shut
down in 2020, 2021, and 2022, respectively. These closures, along
with the sale of these plants to decommissioning specialty
companies, mark the end of Entergy's participation in merchant
power markets and its return to a pure-play utility.
Entergy owns and operates five nuclear power units in its
regulated utility business, and is committed to the continued
operation of its nuclear fleet in those locations. Its nuclear
power plants in those markets are located in Louisiana, Arkansas and Mississippi, and have more than 5,000
megawatts of clean, reliable, and economic electricity generating
capacity for customers in those regions.
Cautionary Note Regarding Forward-Looking Statements
In this news release, and from time to time, Entergy Corporation
makes certain "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995. Such
forward-looking statements include, among other things, Entergy's
plans and expectations with respect to the sale of the Pilgrim
Nuclear Power Station, other steps being taken by Entergy to exit
the merchant power business, and other statements of Entergy's
plans, beliefs or expectations included in this news release.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which apply only as of the date of this
news release. Except to the extent required by the federal
securities laws, Entergy undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
Forward-looking statements are subject to a number of risks,
uncertainties and other factors that could cause actual results to
differ materially from those expressed or implied in such
forward-looking statements, including (a) those factors discussed
elsewhere in this news release and in Entergy's most recent Annual
Report on Form 10-K, any subsequent Quarterly Reports on Form 10-Q
and Entergy's other reports and filings made under the Securities
Exchange Act of 1934; (b) uncertainties associated with (1) rate
proceedings, formula rate plans and other cost recovery mechanisms,
including the risk that costs may not be recoverable to the extent
anticipated by the utilities and (2) implementation of the
ratemaking effects of changes in law; (c) uncertainties associated
with efforts to remediate the effects of major storms and recover
related restoration costs; (d) risks associated with operating
nuclear facilities, including plant relicensing, operating and
regulatory costs and risks; (e) changes in decommissioning trust
fund values or earnings or in the timing or cost of decommissioning
Entergy's nuclear plant sites; (f) legislative and regulatory
actions and risks and uncertainties associated with claims or
litigation by or against Entergy and its subsidiaries; (g) risks
and uncertainties associated with strategic transactions that
Entergy or its subsidiaries may undertake, including the risk that
any such transaction may not be completed as and when expected and
the risk that the anticipated benefits of the transaction may not
be realized; (h) effects of changes in federal, state or local laws
and regulations and other governmental actions or policies,
including changes in monetary, fiscal, tax, environmental or energy
policies; and (i) the effects of technological changes and changes
in commodity markets, capital markets or economic conditions; and
(j) impacts from a terrorist attack, cybersecurity threats, data
security breaches or other attempts to disrupt Entergy's business
or operations, and other catastrophic events.
About Pilgrim Nuclear Power Station and
Entergy
The Pilgrim Nuclear Power Station employs about 600 nuclear
professionals and had 680 megawatts of virtually carbon-free
electricity generating capacity, enough to power more than 600,000
homes. Pilgrim began generating electricity in 1972. Entergy
purchased the plant in 1999 from Boston Edison. Additional
information is available at pilgrimpower.com.
Entergy Corporation is an integrated energy company engaged
primarily in electric power production and retail distribution
operations. Entergy owns and operates power plants with
approximately 30,000 megawatts of electric generating capacity,
including 9,000 megawatts of nuclear power. Entergy delivers
electricity to 2.9 million utility customers in Arkansas, Louisiana, Mississippi and Texas. Entergy has annual revenues of
$11 billion and nearly 13,700
employees. Additional information is available at entergy.com.
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SOURCE Entergy Corporation