- Entergy (NYSE:ETR -0.2%) says it will close its Pilgrim nuclear power plant in Plymouth, Mass., by June 2019, citing poor market conditions, reduced revenues and increased operating costs.
- ETR says current and forecast power prices have fallen ~$10/MW hour for an annual loss of more than $40M in revenue for the Pilgrim plant, the only nuclear power plant in Massachusetts.
- ETR says it expected the plant to incur annual after-tax net losses on an operational basis of $10M-$30M for 2015, 2016 and 2017, before accounting for additional costs related to the decision to close the plant and any potential writedowns.