Entergy officials have confirmed that late 2016 or early 2017 the Fitzpatrick nuclear power plant will be shut down instead of refueled and brought back online.
The plant was scheduled for refueling in September 2016 but has been losing Entergy money and can no longer be kept afloat. Wall Street analyst Julien Dumoulin-Smith of UBS Securities, recently predicted FitzPatrick would lose about $40 million in 2016 and as much as $85 million by 2018. Entergy recently told investors that the Fitzpatrick plant had lost so much money, that it was worth nearly a billion dollars less than what it was valued at.
“Given the financial challenges our merchant power plants face from sustained wholesale power price declines and other unfavorable market conditions, we have been assessing each asset,” Entergy Chairman and CEO Leo Denault said. “As part of this review, we previously announced the closure of the Pilgrim Nuclear Generating Station in Massachusetts and have now decided that despite good operational performance, market conditions require us to also close the FitzPatrick nuclear plant.”
After the Fitzpatrick, Entergy will continue to operate the only other nuclear power plant it owns in New York at Indian Point.