Group items matching

in title, tags, annotations or url

The owners of Vermont Yankee say they might shut the plant down in 2012, if Vermont doesn't approve of a new spin-off corporation that would own the reactor. Legislative leaders say they remain strongly opposed to the spin-off. VPR's Bob Kinzel reports. (Kinzel) In the next few months, the PSB is expected to rule on the spin-off plan. Under the proposal, the current owners of Vermont Yankee, Entergy, would reorganize six of its unregulated nuclear power plants into a new corporation known as Enexus. Jay Thayer is a vice president for Entergy. He says it's a good plan because Enexus will have greater financial resources available to help support Vermont Yankee for the next 20 years:

The owners of Vermont Yankee say they might shut the plant down in 2012, if Vermont doesn't approve of a new spin-off corporation that would own the reactor. Legislative leaders say they remain strongly opposed to the spin-off. VPR's Bob Kinzel reports. (Kinzel) In the next few months, the PSB is expected to rule on the spin-off plan. Under the proposal, the current owners of Vermont Yankee, Entergy, would reorganize six of its unregulated nuclear power plants into a new corporation known as Enexus. Jay Thayer is a vice president for Entergy. He says it's a good plan because Enexus will have greater financial resources available to help support Vermont Yankee for the next 20 years:

Federal regulators gave two green lights to Entergy Nuclear Thursday, saying recent changes Entergy made to the proposed spin-off of its five nuclear reactors, including Vermont Yankee, did not warrant additional review. The Nuclear Regulatory Commission also gave Entergy Nuclear another month next year to complete an important test of its reactor containment system in spring, a test that has already been postponed for five years. In the case of the spin-off, which would create a company called Enexus, changes Entergy made to the deal recently won the support of the Vermont Department of Public Service, which acts as the ratepayer advocate. However, the Vermont Public Service Board still hasn't approved the spin-off. Additionally, New York State regulators also have yet to sign off on the deal.

Federal regulators gave two green lights to Entergy Nuclear Thursday, saying recent changes Entergy made to the proposed spin-off of its five nuclear reactors, including Vermont Yankee, did not warrant additional review. The Nuclear Regulatory Commission also gave Entergy Nuclear another month next year to complete an important test of its reactor containment system in spring, a test that has already been postponed for five years. In the case of the spin-off, which would create a company called Enexus, changes Entergy made to the deal recently won the support of the Vermont Department of Public Service, which acts as the ratepayer advocate. However, the Vermont Public Service Board still hasn't approved the spin-off. Additionally, New York State regulators also have yet to sign off on the deal.

By the end of July, Entergy Nuclear hopes to have an answer from New York and Vermont on whether the spin-off of six nuclear reactors into a separate holding company will be allowed to go ahead. "We continue to see value in pursuing a spin-off of Enexus, which will have our non-utility nuclear assets," said J. Wayne Leonard, Entergy's chief executive officer, during an earnings call on May 4. Vermont Yankee nuclear power plant, which is owned and operated by Entergy, is one of the six reactors Entergy wants to spin off into a new company called Enexus. Those six reactors are called "merchant plants" or "standalone assets" because they sell power to the open market. Other reactors owned by Entergy Nuclear, and which will remain under its umbrella, produce power with a cost that is regulated by a government entity. Entergy needs a certificate of public good from Vermont's Public Service Board to include Vermont Yankee in the spin-off. But if the board listens to the Department of Public Service, it won't get the certificate.

The discussion about Vermont Yankee nuclear power plant in Vernon wasn't confined to whether or not it should continue to operate past 2012, its original license expiration date. Also of concern to both sides of the debate, and those in the middle, was whether Entergy, which owns and operates Yankee, should be allowed to spin off Yankee into a wholly independent company with financial liabilities of more than $4 billion. Vermont's Public Service Board is still reviewing whether it should issue a certificate of public good to allow the spin off. Earlier in 2009, the Department of Public Service opposed the formation of Enexus, the spin off company, unless certain conditions were met. After most of the conditions are met by Entergy, DPS recommends the PSB approve the transaction. Greenpeace warned Vermont that the formation of Enexus would not be in the best interests of the state.

The discussion about Vermont Yankee nuclear power plant in Vernon wasn't confined to whether or not it should continue to operate past 2012, its original license expiration date. Also of concern to both sides of the debate, and those in the middle, was whether Entergy, which owns and operates Yankee, should be allowed to spin off Yankee into a wholly independent company with financial liabilities of more than $4 billion. Vermont's Public Service Board is still reviewing whether it should issue a certificate of public good to allow the spin off. Earlier in 2009, the Department of Public Service opposed the formation of Enexus, the spin off company, unless certain conditions were met. After most of the conditions are met by Entergy, DPS recommends the PSB approve the transaction. Greenpeace warned Vermont that the formation of Enexus would not be in the best interests of the state.

Lawmakers and state utility regulators are asking tough questions about a plan to spin off Vermont Yankee into a new company. They want to know if the new corporation is taking on too much debt. And they're asking whether the company will have enough money to make major repairs and dismantle the nuclear plant after it's shut down. VPR's John Dillon reports: (Dillon) First the background: Entergy, the Louisiana company that owns Vermont Yankee, wants to create a new company that would own the reactor in Vernon and five other nuclear plants. This new spin-off corporation is called Enexus. And it would control the part of Entergy's nuclear fleet that sells power to the wholesale market.

Lawmakers and state utility regulators are asking tough questions about a plan to spin off Vermont Yankee into a new company. They want to know if the new corporation is taking on too much debt. And they're asking whether the company will have enough money to make major repairs and dismantle the nuclear plant after it's shut down. VPR's John Dillon reports: (Dillon) First the background: Entergy, the Louisiana company that owns Vermont Yankee, wants to create a new company that would own the reactor in Vernon and five other nuclear plants. This new spin-off corporation is called Enexus. And it would control the part of Entergy's nuclear fleet that sells power to the wholesale market.

The Vermont Yankee nuclear plant's future as a provider of a third of the state's electricity could be in jeopardy if the plant's owner spins it off to a newly created company, the head of the state Senate said Wednesday. The comments from Senate President Pro Tem Peter Shumlin, a Democrat who represents Vermont Yankee's home county of Windham, came as lawmakers prepare to debate early next year whether the aging reactor should get a 20-year extension on a license currently set to expire in 2012. Plant owner Entergy Nuclear's plan to spin off Vermont Yankee and five other reactors into a newly created company could make it a "tough sell" to get the Legislature - the only one in the country that has given itself the power to vote up or down on a nuclear license extension - to approve the continuance.

The Vermont Yankee nuclear plant's future as a provider of a third of the state's electricity could be in jeopardy if the plant's owner spins it off to a newly created company, the head of the state Senate said Wednesday. The comments from Senate President Pro Tem Peter Shumlin, a Democrat who represents Vermont Yankee's home county of Windham, came as lawmakers prepare to debate early next year whether the aging reactor should get a 20-year extension on a license currently set to expire in 2012. Plant owner Entergy Nuclear's plan to spin off Vermont Yankee and five other reactors into a newly created company could make it a "tough sell" to get the Legislature - the only one in the country that has given itself the power to vote up or down on a nuclear license extension - to approve the continuance.

Entergy Corp. (ETR) remains committed to spinning off five of its nuclear power plants into a stand-alone company, but the company's chief executive suggested a possible alternative Tuesday if it can't win regulatory approval in New York. Entergy Chairman and Chief Executive J. Wayne Leonard said the company could spin off its utility businesses into a stand-alone company to accomplish the same goal of separating its regulated utility businesses concentrated in the Southeast from its nuclear plants that sell power at market prices. "We don't expect to go down that route, but it is a path to get you back to where you were. It just takes us longer and (requires) more regulatory approvals," said Leonard, speaking at the Edison Electric Institute's financial conference in Florida. The New Orleans-based power company has been looking to create the nation's first stand-alone nuclear power company for two years. The deal was first stymied by the global credit freeze as Entergy needs to access billions of dollars in new debt to create the company, to be called Enexus Energy Corp. Now it's awaiting a decision from New York, where the spinoff has faced a push-back from consumer advocates and elected officials.

Entergy Corp. (ETR) remains committed to spinning off five of its nuclear power plants into a stand-alone company, but the company's chief executive suggested a possible alternative Tuesday if it can't win regulatory approval in New York. Entergy Chairman and Chief Executive J. Wayne Leonard said the company could spin off its utility businesses into a stand-alone company to accomplish the same goal of separating its regulated utility businesses concentrated in the Southeast from its nuclear plants that sell power at market prices. "We don't expect to go down that route, but it is a path to get you back to where you were. It just takes us longer and (requires) more regulatory approvals," said Leonard, speaking at the Edison Electric Institute's financial conference in Florida. The New Orleans-based power company has been looking to create the nation's first stand-alone nuclear power company for two years. The deal was first stymied by the global credit freeze as Entergy needs to access billions of dollars in new debt to create the company, to be called Enexus Energy Corp. Now it's awaiting a decision from New York, where the spinoff has faced a push-back from consumer advocates and elected officials.

Entergy still plans to form a separate company for its merchant nuclear generating plants, but the timeline for spinning off those assets is now undefined because of the distressed credit markets. Company executives said Tuesday that they still intend to "maximize the value" of the non-utility nuclear business. But Entergy has not moved as quickly as it had anticipated when it announced its plans in fall 2007. It said it was in a state of "rolling readiness" to complete the transaction. "This strategy enables Entergy to execute the spin-off following receipt of regulatory approvals and once the timing is right to access the credit markets," the company said in the Tuesday financial filing with the US Securities and Exchange Commission.

Indian Point's owner says it still expects to spin its nuclear plants off into a separate company despite the credit crisis that has racked the global economy this month. "We know what's going on in the market," said Jim Steets, spokesman for Entergy Nuclear, which owns and operates Indian Point. "But we expect that we are going to be complete the financing necessary for the spin-off by the end of the fourth quarter."

The Nuclear Spin site is based on a Wiki system, such as Wikipedia (http://www.Wikipedia.org) and Sourcewatch (http://www.Sourcewatch.org). These websites are open access Wikis, whereas NuclearSpin is a closed Wiki. This is to maintain some level of editorial control and to prevent acts of online vandalism. If you want to become involved in an editorial role with Nuclear Spin please email editor@nuclearSpin.org. You will need to register with SpinWatch before getting access. This can be done here through the same email address. If you want more information on how Wikis work, go to the help page which can be accessed here

"The State Public Service Commission Thursday rejected the request by Entergy Corporation to spin off six nuclear power plants, including the Indian Point facilities, to a new business entity, Enexus Energy Corporation. The PSC said the transaction was not in the public interest. It also had concern over the immediate financial viability of Enexus. Entergy corporate national spokesman Michael Burns said the company is disappointed with the commission's decision and that "the spin-off itself was in the best interest of all stakeholders." The Entergy board will meet next and will be briefed on the situation. "Unfortunately given the meeting is next week, it would be inappropriate for me to discuss any additional steps at this point," he said."

Entergy Corp. has received approval from the Nuclear Regulatory Commission to spin off its Pilgrim nuclear power plant and four other plants. The agency's approval of the license transfer for the power plants took effect on Monday. The plants would be owned by a new public company, Enexus Energy Corp., and operated by a new joint venture known as EquaGen Nuclear LLC and owned by Enexus and Entergy.

Entergy Corp. has filed a proposal with utility regulators in New York state in a push to get approval of its long-running plan to spin off some of its nuclear power plants into a separate company. 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 nuclear myth of the 1950s and '60s was atomic power would be "too cheap to meter." That didn't pan out, so the nuclear industry is spinning a new mythology, also designed to win popular support. At a meeting of the Regina Chamber of Commerce last week, Hugh MacDiarmid, president and CEO of Atomic Energy of Canada, described nuclear power as "environmentally sustainable." At the same time, Premier Brad Wall stated that Saskatchewan would not proceed with the nuclear option "unless we can demonstrate, obviously, environmental sustainability."

Attempts by the nuclear lobby to end Scottish opposition to new nuclear power stations with spin and advertising have been criticised by SNP MSP Shirley-Anne Somerville. Ms Somerville also condemned scottish Secretary Jim Murphy for joining the nuclear lobby's marketing men. The conference is focussed on how to convince the public that nuclear technology is safe, it includes sessions such as "making the nuclear case - what advertising can teach us" and a session on how to convince voters on nuclear energy. In their own opinion poll it shows that a majority of Scots remain unconvinced over nuclear power.

Mitsubishi Heavy Industries Ltd said it would spin off its nuclear fuel business on April 1 to form an integrated fuel design, production and service company together with France's Areva ) and two other Mitsubishi group companies. Mitsubishi Heavy announced details of the move in December but it did not set a date.

New York utility regulators likely will not decide on power provider Entergy Corp.'s plan to spin off its wholesale nuclear power generators into a separate company until 2010. Advertisement New Orleans-based Entergy had hoped for a decision in November on whether it may place six reactors under a separate publicly traded company Enexus Energy Corp. But two administrative law judges for the state Public Service Commission have ruled that a determination still is needed on whether the new company will have the financial capability to run three of the units in New York: two at Indian Point in Buchanan and one at James A. Fitzpatrick in Oswego County. PSC staff has concerns that long-term unsecured bonds issued for the spinoff might result in a low Enexus bond rating, thus limiting the new company's financial capacity. The judges have proposed a schedule under which environmental issues dealing with the spinoff would be heard by the PSC in December, followed by a ruling in January. Entergy spokesman Michael Burns said if the deal is approved in January, the spinoff could occur in April.

New York utility regulators likely will not decide on power provider Entergy Corp.'s plan to spin off its wholesale nuclear power generators into a separate company until 2010. Advertisement New Orleans-based Entergy had hoped for a decision in November on whether it may place six reactors under a separate publicly traded company Enexus Energy Corp. But two administrative law judges for the state Public Service Commission have ruled that a determination still is needed on whether the new company will have the financial capability to run three of the units in New York: two at Indian Point in Buchanan and one at James A. Fitzpatrick in Oswego County. PSC staff has concerns that long-term unsecured bonds issued for the spinoff might result in a low Enexus bond rating, thus limiting the new company's financial capacity. The judges have proposed a schedule under which environmental issues dealing with the spinoff would be heard by the PSC in December, followed by a ruling in January. Entergy spokesman Michael Burns said if the deal is approved in January, the spinoff could occur in April.

With nuclear energy, uranium atoms split inside a reactor, and radiation heats water to its boiling point creating steam to spin a giant turbine. It all seems like ingenious, efficient, and clean energy production. So where's the mess? Now consider plutonium, a horribly carcinogenic and highly fissionable substance, radioactive for more than half a million years. If exposed to air, it will ignite. Like little pieces of confetti, very fine plutonium particles will disperse after ignition. A single particle -- like talc, to give you some perspective -- can give you lung cancer. In the words of Helen Caldicott, M.D.: "Hypothetically, if you could take one pound of plutonium and could put a speck of it in the lungs of every human being, you would kill every man, woman, and child on earth" -- not immediately, but over time "from lung cancer," Caldicott explains.

With nuclear energy, uranium atoms split inside a reactor, and radiation heats water to its boiling point creating steam to spin a giant turbine. It all seems like ingenious, efficient, and clean energy production. So where's the mess? Now consider plutonium, a horribly carcinogenic and highly fissionable substance, radioactive for more than half a million years. If exposed to air, it will ignite. Like little pieces of confetti, very fine plutonium particles will disperse after ignition. A single particle -- like talc, to give you some perspective -- can give you lung cancer. In the words of Helen Caldicott, M.D.: "Hypothetically, if you could take one pound of plutonium and could put a speck of it in the lungs of every human being, you would kill every man, woman, and child on earth" -- not immediately, but over time "from lung cancer," Caldicott explains.

If the owner of Vermont Yankee, Entergy Corp, issued a warning about Vermont Yankee, would that warning have credibility? Of course it would. With the company long touting its safety, a shift to issuing a warning about Vermont Yankee would get attention. Well, Entergy has been issuing a warning -- but we've just not noticed it as a warning. At the legislative hearing on Dec. 2, Sen. Bill Carris, D-Rutland, questioned Entergy's Vice President, Jay Thayer, asking, "I don't think we understand the 'Why?'" But Mr. Thayer provided legislators with no satisfactory answer as to why Entergy was making such efforts to spinoff Vermont Yankee and five others of its aging nuclear power plants. There is a good reason, one found in Entergy's own recent history with another of its spinoffs. That history may be even closer to the mark than the analogy frequently made with Verizon's sale to Fairpoint and its subsequent bankruptcy. In light of Entergy's actual experience with this other spinoff, its efforts to spin off Vermont Yankee can best be understood as a serious warning. Entergy is the company that saved hundreds of millions of dollars by letting its New Orleans subsidiary go bankrupt after Katrina.

If the owner of Vermont Yankee, Entergy Corp, issued a warning about Vermont Yankee, would that warning have credibility? Of course it would. With the company long touting its safety, a shift to issuing a warning about Vermont Yankee would get attention. Well, Entergy has been issuing a warning -- but we've just not noticed it as a warning. At the legislative hearing on Dec. 2, Sen. Bill Carris, D-Rutland, questioned Entergy's Vice President, Jay Thayer, asking, "I don't think we understand the 'Why?'" But Mr. Thayer provided legislators with no satisfactory answer as to why Entergy was making such efforts to spinoff Vermont Yankee and five others of its aging nuclear power plants. There is a good reason, one found in Entergy's own recent history with another of its spinoffs. That history may be even closer to the mark than the analogy frequently made with Verizon's sale to Fairpoint and its subsequent bankruptcy. In light of Entergy's actual experience with this other spinoff, its efforts to spin off Vermont Yankee can best be understood as a serious warning. Entergy is the company that saved hundreds of millions of dollars by letting its New Orleans subsidiary go bankrupt after Katrina.

Entergy was dealt another setback in its efforts to form a new holding company for six of its nuclear reactors after a pair of New York state administrative law judges told the state's Public Service Commission it shouldn't issue its final decision until Feb. 11. The judges wrote that the PSC needs time to determine whether Enexus' forecasted financial position is "at least as good as Entergy's," considering that Enexus is currently a shell corporation with no financial history that can be examined, as reported in SNL Energy Finance Daily on Dec. 15. That's especially important, wrote the judges, because Enexus would be an "unaffiliated" owner of nuclear generating facilities, and there is "no other company in the world" like it, reported SNL. Entergy wants to spin off Vermont Yankee in Vernon, Indian Point and FitzPatrick in New York, Palisades in Michigan and Plymouth in Massachusetts into an independent company named Enexus. The plants are considered merchant plants because they sell electricity directly to the power market with price controls set by the states they are located in. When the transaction was first proposed, Entergy said that Enexus would have $4.5 billion in debt. That didn't sit well with the PSC, so Entergy came back with the lower figure of $3.5 billion and assured the PSC that Enexus would have liquidity of $350 million and an unrestricted cash balance of $750 million.

Entergy was dealt another setback in its efforts to form a new holding company for six of its nuclear reactors after a pair of New York state administrative law judges told the state's Public Service Commission it shouldn't issue its final decision until Feb. 11. The judges wrote that the PSC needs time to determine whether Enexus' forecasted financial position is "at least as good as Entergy's," considering that Enexus is currently a shell corporation with no financial history that can be examined, as reported in SNL Energy Finance Daily on Dec. 15. That's especially important, wrote the judges, because Enexus would be an "unaffiliated" owner of nuclear generating facilities, and there is "no other company in the world" like it, reported SNL. Entergy wants to spin off Vermont Yankee in Vernon, Indian Point and FitzPatrick in New York, Palisades in Michigan and Plymouth in Massachusetts into an independent company named Enexus. The plants are considered merchant plants because they sell electricity directly to the power market with price controls set by the states they are located in. When the transaction was first proposed, Entergy said that Enexus would have $4.5 billion in debt. That didn't sit well with the PSC, so Entergy came back with the lower figure of $3.5 billion and assured the PSC that Enexus would have liquidity of $350 million and an unrestricted cash balance of $750 million.