COVERT, MI (WTVB) – Entergy Corporation has announced that it plans to operate the Palisades Power Plant in Covert until the spring of 2022 under the existing Power Purchase Agreement with Consumers Energy, thus terminating a buyout transaction.
Entergy Vice President Charlie Arnone says the decision was made in light of the Michigan Public Service Commission’s order last week which granted Consumers Energy recovery of only $136.6 million of the $172 million it requested for the buyout of the agreement.
The announcement on Thursday reverses Entergy’s decision made last December to close Palisades on October 1, 2018.
But Entergy says they are committed to its strategy of exiting the merchant nuclear power business.
Consumers later released a statement that said they and Entergy have mutually agreed that moving ahead under the terms of the current Palisades’ Power Purchase Agreement through 2022 is the best path forward.
