Exelon, Entergy Nuclear Reactors Win Subsidies From New York
The state Public Service Commission voted for the funding on Monday as part of a broader plan to spur the development of clean energy. Exelon Corp. said following the decision that it would invest about $200 million in two nuclear plants next year and continue discussions to buy a third from Entergy that is slated to close.
“We’ll immediately invest hundreds of millions of dollars right back into the upstate economy, which will have a long-term positive impact across the state,” Exelon Chief Executive Officer Chris Crane said in a statement.
‘A Mistake’
New York’s nuclear subsidies remain controversial among environmental groups who say the aid would be better spent promoting solar and wind power.
“The nuclear subsidies are a mistake and a misuse of public money, ” Jessica Azulay, program director for the Alliance for a Green Economy based in Syracuse, New York, said Monday in a statement.
Exelon, the largest U.S. nuclear-power generator, rose 0.5 percent to close at $37.46 in New York. Entergy fell 0.2 percent to $81.27.
Entergy said last month that it was in talks to sell its James A. FitzPatrick plant in New York to Exelon by mid-August. Exelon already operates the R.E. Ginna and Nine Mile Point nuclear plants in the state.
“Adoption of the clean energy standard is a critical component of our discussions with Exelon on FitzPatrick,” Patricia Kakridas, an Entergy spokeswoman, said Monday by phone. Entergy is still reviewing the final order, she said.