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Energy

Exelon agrees to buy FitzPatrick Nuclear Plant

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Nuclear Regulatory Commission
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Exelon has agreed to assume ownership and management of operations of FitzPatrick Nuclear Plant in Scriba, the company announced this morning. The statement came just prior to a scheduled rally in support of the plant, which Gov. Andrew Cuomo plans to attend.

Entergy, which currently owns FitzPatrick, had announced in November 2015 that it would have to close the financially struggling plant.

Tuesday, a week after the New York Public Service Commission (PSC) agreed to subsidies for the state's nuclear plants, the two energy companies came to an ownership transfer agreement.

A statement from the two companies credited the subsidies, which came with the adoption of a Clean Energy Standard for New York state, for making the purchase possible. The statement also noted that Cuomo helped facilitate the transaction.

The deal totals $110 million. Closure of the transaction is dependent on approval by state and federal agencies. Exelon also owns Nine Mile Point Nuclear Station, also located in Oswego County.