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BRIEF-Entergy, NY officials agree on Indian point closure in 2020-2021
January 9, 2017 / 2:30 PM / 8 months ago

BRIEF-Entergy, NY officials agree on Indian point closure in 2020-2021

Jan 9 (Reuters) - Entergy Corp

* Entergy, ny officials agree on indian point closure in 2020-2021

* Entergy corp - new york state has agreed to drop legal challenges and support renewal of operating licenses for indian point

* Entergy corp - shutdown will complete entergy’s exit from its merchant power business

* Entergy - as a result of agreement to shut down indian point units 2 and 3, co will recognize non-cash impairment charge of approximately $2.4 billion pre-tax

* Entergy - “foresee continuing costs for license renewal beyond more than $200 million and 10 years we have already invested” in indian point

* Entergy - through end of 2021 expect to record additional charges totaling approximately $180 million related to severance and employee retention costs.

* Entergy - as result of agreement to shut down indian point units 2 and 3, will recognize non-cash impairment charge of about $1.5 billion after-tax in q4 2016

* Entergy corp - impact on free cash flow from settlement is expected to be approximately neutral through end of operations

* Entergy corp - shutdown “because of sustained low wholesale energy prices”

* Entergy corp - will request that nrc shorten term of renewed license for indian point from 2033, 2035 for units 2 and 3 to 2024 and 2025

* Entergy corp says employs nearly 1,000 people at plant Source text for Eikon: Further company coverage:

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