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News Archive 2002

Entergy Buys Vermont Yankee
06/31/2002
Dow Jones & Reuters
Factiva

JACKSON, Miss., July 31 /PRNewswire-FirstCall/ -- Entergy Corporation (NYSE: ETR) said today that it has closed the purchase of Vermont Yankee nuclear plant at Vernon, Vt., from the Vermont Yankee Nuclear Power Corporation for $180 million.

The Vermont Yankee acquisition is Entergy's 10th nuclear unit and fifth in the Northeast, making the company the second largest and fastest growing nuclear power operator in the nation, and the largest in the Northeast.

"Entergy will continue Vermont Yankee's record as a safe, reliable, low- cost producer of electric power and the largest non-emitting power generator in Vermont," said Entergy Nuclear chief executive officer Jerry Yelverton.

Vermont Yankee owners were also elated. "I am very pleased to put our facilities in the capable hands of Entergy while gaining substantial benefits for our customers," said Robert Young, chairman of Vermont Yankee and chief executive officer of Central Vermont Public Service, the lead utility in the consortium of eight New England utilities that owned Vermont Yankee.

The $180 million deal also included a power purchase agreement under which the former owners will buy back the power produced by the plant at attractive prices for the next decade.

Entergy assumed the responsibility for operating the plant at 12:01 a.m. Wednesday, July 31. The company agreed to purchase the plant on August 15, 2001, and had been obtaining regulatory approvals since then.

Entergy Nuclear, the nuclear businesses of Entergy Corporation, is headquartered in Jackson, Miss. Entergy, a global energy company headquartered in New Orleans, is the third largest power generator in the nation with more than 30,000 megawatts of generating capacity, nearly $10 billion in revenue and almost 2.6 million customers.

Besides Vermont Yankee, Entergy Nuclear operates five reactors at four locations in Arkansas, Mississippi and Louisiana under regulatory jurisdictions and four reactors at three sites in Massachusetts and New York.

Entergy Nuclear also is now the nation's largest provider of license renewal and decommissioning services to the nuclear power industry.

Entergy Nuclear's online address is www.entergy-nuclear.com .

Corporate Profile: Entergy owns, operates and manages nine nuclear generation plants that are among the safest and most professionally operated energy facilities in the United States. Under Entergy's experienced management, several of these plants are rated among the best performing in the nation by the U.S. Nuclear Regulatory Commission. For more information, visit www.entergy-nuclear.com.

Legal Information - Privacy Policy © 2002 Entergy Corporation, All Rights Reserved. The Entergy name and logo are registered service marks of Entergy Corporation and may not be used without the express, written consent of Entergy Corporation.

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