Pilgrim License Transfer Approved by Nuclear Regulatory Commission

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Aug 23, 2019, 09:15 ET

PLYMOUTH, Mass., Aug. 23, 2019 /PRNewswire/ -- The U.S. Nuclear Regulatory Commission yesterday approved the application to transfer the licenses for the Pilgrim Nuclear Power Station from Entergy Corporation (NYSE: ETR) to a Holtec International subsidiary for decommissioning, paving the way for completion of the plant's sale to Holtec. The companies jointly filed a License Transfer Application with the NRC in November 2018, requesting approval for the transfer of Pilgrim, along with the plant's Nuclear Decommissioning Trust (NDT) and decommissioning liability, to Holtec.

"The sale of Pilgrim is another important milestone in Entergy's exit from merchant power markets, with previously announced signed agreements for the sale of Indian Point and Palisades following shutdowns in 2021 and 2022, respectively," said Entergy's Chairman and Chief Executive Officer Leo Denault. "We thank all of our employees at Pilgrim for their dedication and service over many decades, and we wish the best to all of those who are transitioning to work on decommissioning the Pilgrim nuclear facility. Community stakeholders and transitioning employees will benefit from a facility that is promptly dismantled and decommissioned safely."

In its order, the NRC found that Holtec possesses the required technical and financial qualifications to own and decommission Pilgrim safely and in accordance with all NRC requirements.

About Pilgrim Nuclear Power Station and Entergy
The Pilgrim Nuclear Power Station currently employs about 230 people. Pilgrim began generating electricity in 1972 and was permanently shut down on May 31, 2019. Entergy purchased the plant in 1999 from Boston Edison. Additional information is available at pilgrimpower.com.

Entergy Corporation is an integrated energy company engaged primarily in electric power production and retail distribution operations. Entergy owns and operates power plants with approximately 30,000 megawatts of electric generating capacity, including 9,000 megawatts of nuclear power. Entergy delivers electricity to 2.9 million utility customers in Arkansas, Louisiana, Mississippi and Texas. Entergy has annual revenues of $11 billion and nearly 13,700 employees. Additional information is available at entergy.com.

SOURCE Entergy Corporation