Entergy pushes to get spinoff of reactors done
Under a plan announced in late 2007, Entergy would spin off six nuclear reactors involved in the wholesale power business into a separate publicly traded company called Enexus Energy Corp.
Enexus would control five nuclear operations: Pilgrim Nuclear Station near Plymouth, Mass.; the James A. Fitzpatrick station in Oswego County, N.Y.; two units at the Indian Point Energy Center in Westchester County, N.Y.; Vermont Yankee in Vernon, Vt.; and Palisades Power Plant in Covert, Mich.
The plants involved in the proposed spinoff all sell non-regulated power on the wholesale market, where prices can skyrocket as utilities try to cover shortfalls in peak-demand periods.
The spinoff has been approved by the Federal Energy Regulatory Commission, the Nuclear Regulatory Commission and the Internal Revenue Service. In addition to New York, Entergy is awaiting a decision from state utility regulators in Vermont.
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Overall, 18 individuals submitted bids for projects in Duke Energy Carolinas (DEC) territory and 10 in Duke Energy Progress (DEP), with a total of more than 3.9 GW of proposals – more nearly 6x the available volume. DEP was relatively more over-subscribed, with 1.2 GWac of projects vying for only 80 MW of available capacity.
This is despite a requirement that such projects come in below the…
