Entergy completes sales of Vermont Yankee nuclear plant for decommissioning

Entergy Corp. completed last week the sale of the Vermont Yankee Nuclear Power Station to subsidiaries of NorthStar Group Services, which will decommission the site.

The sale is a first-of-its-kind in that ownership and license is transferred to a company that will decommission it and perform site restoration. It is part of Entergy’s strategy to exit the merchant nuclear power business.

The NorthStar decommissioning team includes Orano USA, which will handle reactor vessel segmentation and used fuel management support; Waste Control Specialists, which will take care of waste management, packaging, transport and disposal; and Burns & McDonnell, which will perform engineering and regulatory support.

The agreement between Entergy and NorthStar was first announced in November 2016. The Vermont Public Utility Commission approved the sale and transfer of licenses for decommissioning on Dec. 6, 2018. The U.S. Nuclear Regulatory Commission approved the deal on Oct. 11, 2018.

The Vermont Yankee Nuclear Power Station, a single unit boiling water reactor located in Vernon, Vt., began commercial operation in 1972. Entergy acquired it in 2002. The plant ceased operations on Dec. 29, 2014.

The transaction closed on terms consistent with the companies’ previously disclosed financial commitments and assurances. The transaction will result in a pre-tax book charge to earnings in an amount that Entergy expects to be consistent with previous estimates.