Parties to the settlement agreement for the sale of the retired Vermont Yankee nuclear power plant are betting they can secure federal and state regulatory approval for the deal by Oct. 31.
That is the new date, according to a recent amendment to the settlement agreement, after which parties can withdraw if the sale has not been approved by the Vermont Public Utility Commission (VPUC). The state panel has said it will issue its decision after a ruling from the U.S. Nuclear Regulatory Commission, which is anticipated no later than Sept. 30.
The prior deadline in the settlement agreement for a VPUC decision was July 31.
New Orleans-based power company Entergy closed Vermont Yankee in December 2014 and announced nearly two years later it would sell the site for $1,000 to NorthStar, which would be responsible for decommissioning and management of spent reactor fuel. The New York City company would keep some portion of the remaining balance in the decommissioning trust fund once cleanup is completed.
The VPUC authorized several state agencies and nongovernmental organizations to intervene in its review of the sale. All but one of those entities in March joined Entergy and NorthStar in signing the settlement agreement that sets financial and remediation terms for the ownership swap.
The agreement specifically allowed the parties to withdraw upon 10 days’ written notice if the state commission failed to approve the settlement by July 31 or otherwise “materially alters” its terms.
In late June, the companies said they hoped the VPUC would issue its decision within 30 days of the NRC ruling on the license transfer from Entergy to NorthStar. On July 6, the state commission acceded to the request on the order of the decisions – though it notably did not commit to wrapping up its review in the 30-day window.
Entergy and NorthStar hope to complete the sale by the end of this year. NorthStar has said it can complete decommissioning of Vermont Yankee as early as 2026 at a cost of roughly $811 million.
