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Department of Taxation and Finance

Table 1 - Nuclear Plant Sales

 Table 1. Nuclear Plant Sales (as of March 2002)
Plant (State)Total MW (MDC)Percent SoldTypeSellerBuyerSales Price PlantSales Price FuelOther AdjustmentsPower Purchase AgreementDecommissioning FundingSales Date
Pilgrim (MA 670 100 BWR Boston Edison Entergy $14 million $67 million Credits:
$10 million inventory
$31 million insurance
5-year contract at 3.5 to 4 cents/kWh Boston Edison topped off the fund and transferred $471 million to Entergy July 13, 1999
TMI-1 (PA) 786 100 PWR GPU AmerGen $23 million $77 million Additional payments possible through financial sharing agreement 2003-2010 3-year fixed price contract $202 million in fund;
$118 million added;
$320 million transferred to AmerGen
Dec. 21, 1999
Clinton (IL) 924 100 BWR Illinois Power AmerGen $20 million No compensation for fuel inventory Interim agreement:
For nine months prior to sale closing, PECO, as plant manager, assumed operating, maintenance and restart costs saving Illinois Power $162 million
5-year contract
(75% of output)
Partial Top Off:
$121 million transferred to AmerGen ($219 million in fund plus 5 annual payments of $5 million).
Dec. 16, 1999
Oyster Creek (NJ) 619 100 BWR GPU AmerGen $10 million No compensation for fuel inventory $84 million to refund Fall 2000 refueling outage 3-year contract at 3.4 cents/kWh GPU topped off fund and transferred $436.2 million to AmerGen Aug. 8, 2000
Vermont Yankee (VT) 510 100 BWR Vermont Yankee (13 owners) Entergy $145 million $35 million   10-year contract (100% output) 4.2 cents/kWh for 4 years, then “low market adjuster” Owners will transfer $280 million trust fund at closing Closing Spring 02
Indian Point 3
Fitzpatrick (NY)
965
778
100
100
PWR
BWR
NYPA
NYPA
Entergy $636 million for both plants $171 million for both plants Entergy will pay $92 million to reduce NYPA’s decommissioning costs and $68 million for NYPA’s commitment for additional Fitzpatrick power purchases; $100 million over 10 years tied to sale of Indian Point 2
NYPA will pay Entergy $25 million for employee benefits
3.6 cents/kWh- 100% of output through 2004 (IP3)

3.2 cents/kWh – beginning at 46% of output and declining to 31% in 2004 (Fitz)

500,000 kW at 2.9 cents/kWh (balance of Fitzpatrick’s output)

 

Funds remain with NYPA until licenses expire (currently $630 million).

Entergy is liable for any adverse tax ruling
Entergy contracted to decommission at fixed dollar amount

Nov. 21, 2000
Nine Mile Point 1
Nine Mile Point 2
(NY)
613
937
100
82
BWR
BWR
NiMo (100)
NiMo (41)
NYSEG (18)
RG&E (14)
CHG&E (9)
Constellation Energy Group $675 million for both plants $87 million for both plants $134 million in interest 90% of plant output for 10 years at $34/MWH Sellers to transfer existing funds of $450 million, net savings of $88 million (no topoff)
CEG responsible for decommissioning
Nov. 7, 2001
Peach Bottom 2,3 (closed 1974) (PA);
Hope Creek,
Salem 1,2 (NJ)
1093
1093
1031
1106
1106
7.5
7.5
5.0
7.4
7.4
BWR
BWR
BWR
PWR
PWR
Conectiv Exelon
PSEG
PSEG
PSEG
PSEG
$4.6 million
$15.4 million for Conectiv’s interests in all three plants
Estimated at $44.4 million NA NA $110 million decommissioning fund transferred to buyers; no top off of fund Jan 01 and Oct 01
Millstone 1,2,3
(unit 1 closed) (CT)
660
870
1150
100
100
93.5 (68) NU)
BWR
PWR
PWR
Northeast Utilities Dominion Resources $1.193 billion
#1 - $1 million
#2 - $401.5 million
#3 - $790.5 million
$105 million
#2 - $41.9 million
#3 - $62.8 million
  None NU will transfer $768 million to Dominion at closing. Proceeds to fully fund three units Mar. 31, 2001
Indian Point 1, 2 (unit 1 closed) (NY) 975 100 PWR ConEd Entergy $502 million
2 nuclear plants,
3 gas-fired turbines,
and other assets
$100 million $100 million to NYPA over 10 years tied to sales agreement with IP3 ConEd will pay 3.9 cents/kWh through 2004 ConEd will transfer both units’ decommissioning trust funds to Entergy Sep. 6, 2001
Seabrook (NH) 1158 40
17.5
15.03
9.96
3.52
2.17
(88)
PWR NU United Illum.
BayCorp
Nat’l Grid
NSTAR
NH Elec. Coop
            Auction began Dec.2001;
closing expected Spring 2002

Updated: