12 Apr (NucNet): Entergy Corporation has completed its 380 million US dollar (USD) (282 million euros) purchase from Consumers Energy of the 778-megawatt Palisades nuclear power plant in Michigan state.
The deal follows a number of key regulatory approvals in recent weeks, including by the Nuclear Regulatory Commission, the Department of Justice and the Federal Energy Regulatory Commission.
Entergy said yesterday that as part of the purchase it will sell 100 percent of the plant’s output back to Consumers Energy for 15 years.
With the addition of Palisades, Entergy – the second largest nuclear power company in the US with annual revenues of more than USD 10 billion – will own 11 nuclear reactors and manage a 12th.
The proposed deal was first announced in July 2006. At the time, Entergy said the USD 380 million price represented USD 242 million for the plant itself, USD 83 million in nuclear fuel, and USD 55 million in related assets.
The sale includes the Big Rock Point spent fuel storage installation. Entergy also said it would assume responsibility for eventual decommissioning of the plant.
Palisades has applied for a 20-year extension of its operating licence and expects to receive it in early 2007. The current operating license expires in 2011.
