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UPDATE 1-Entergy to close Massachusetts Pilgrim nuclear plant by 2019 via Reuters

(Adds link to table, details on reasons for Pilgrim shutdown)

Oct 13 (Reuters) – Entergy Corp said Tuesday it will close its Pilgrim nuclear power plant in Massachusetts no later than June 1, 2019, because of poor market conditions, reduced revenues and increased operational costs.

“Market conditions and increased costs led us to reluctantly conclude that we had no option other than to shut down the plant,” Leo Denault, Entergy’s chairman and chief executive officer, said in a press release.

The 680-megawatt Pilgrim reactor entered service in 1972 and can power more than 600,000 homes.

Entergy’s nuclear woes are not unique to Pilgrim. Many other U.S. nuclear plants also face potential shutdown over the next several years for economic reasons primarily related to low natural gas and power prices.

[…]

In addition, Entergy, like other nuclear operators, said Pilgrim’s economic performance was undermined by unfavorable state energy proposals that subsidize renewable energy resources and a state proposal to provide above-market prices to utilities in Canada for hydro power.

Entergy said it has about $870 million in the plant’s decommissioning fund as of Sept. 30. No additional funding is anticipated at this time. (Reporting by Scott DiSavino; Editing by Jeffrey Benkoe)

Read more at UPDATE 1-Entergy to close Massachusetts Pilgrim nuclear plant by 2019

 

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