The Latest: NY Regulators Approve Sale Of Nuclear Plant

Nov 17, 2016

Credit wikipedia

New York utility regulators have approved the sale of an upstate nuclear power plant, part of the state's strategy of investing in nuclear energy while weaning itself off of fossil fuels.

The Public Service Commission on Thursday endorsed Entergy Corp.'s proposal to sell FitzPatrick Nuclear Power Plant in Oswego County to Exelon Corp. for $110 million. Federal regulators also must approve the transfer.

The state has authorized up to $7.6 billion in ratepayer subsidies to keep FitzPatrick and two other nuclear plants operational. Democratic Gov. Andrew Cuomo says nuclear power is preferable to coal or natural gas as New York transitions to renewable energy.

The owners of other power plants are suing to block the subsidies, which critics of nuclear power say are a costly bailout for a hazardous industry.