By Michael Dabaie

 

Entergy Corp. (ETR) said the Pilgrim Nuclear Power Station has been shut down permanently.

The decision to shut down Pilgrim was the result of a number of financial factors, including low wholesale energy prices, Entergy said Monday.

Control room operators at the Pilgrim station in Plymouth, Mass., shut down its reactor for the final time Friday, the company said.

The closure is part of Entergy's exit of the merchant power business, as the company transitions to a pure-play utility business, Entergy said.

Entergy said more than 50 employees from Pilgrim have accepted offers to continue with the company in other locations.

In August, Entergy said it would sell the subsidiary that owns Pilgrim to a Holtec International subsidiary, a decommissioning specialty company. Regulatory approval and closing of the transaction are targeted for 2019.

Entergy said its 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.

 

Write to Michael Dabaie at michael.dabaie@wsj.com

 

(END) Dow Jones Newswires

June 03, 2019 08:52 ET (12:52 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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