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BRIEF-Entergy Corp intends to shut down palisades nuclear power plant permanently on Oct. 1, 2018
December 8, 2016 / 1:30 PM / 9 months ago

BRIEF-Entergy Corp intends to shut down palisades nuclear power plant permanently on Oct. 1, 2018

Dec 8 (Reuters) - Entergy Corp:

* Entergy intends to shut down palisades nuclear power plant permanently on oct. 1, 2018

* CMS and Palisades will sign a new PPA under which plant would continue to operate until Oct. 1, 2018

* Palisades power purchase agreement to end early; nuclear plant to close in 2018

* Early termination to lower costs to consumers’ customers by as much as $172 million over four years

* Due to termination of PPA, intention to shut down plant, entergy will recognize a non-cash impairment charge of about $390 million in Q4

* In addition to impairment charge, through end of 2018 entergy expects to record additional charges totaling approximately $55 million

* Transaction is expected to result in $344 million in savings

* Impact on free cash flow from new agreement is expected to be positive compared to alternative of closing plant at end of current PPA Source text for Eikon: Further company coverage:

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