Entergy pushes ahead with Enexus spin-off

By Bob Audette, Brattleboro Reformer Staff

BRATTLEBORO — By the end of July, Entergy Nuclear hopes to have an answer from New York and Vermont on whether the spin-off of six nuclear reactors into a separate holding company will be allowed to go ahead.

“We continue to see value in pursuing a spin-off of Enexus, which will have our non-utility nuclear assets,” said J. Wayne Leonard, Entergy’s chief executive officer, during an earnings call on May 4.

Vermont Yankee nuclear power plant, which is owned and operated by Entergy, is one of the six reactors Entergy wants to spin off into a new company called Enexus.

Those six reactors are called “merchant plants” or “standalone assets” because they sell power to the open market.

Other reactors owned by Entergy Nuclear, and which will remain under its umbrella, produce power with a cost that is regulated by a government entity.

Entergy needs a certificate of public good from Vermont’s Public Service Board to include Vermont Yankee in the spin-off. But if the board listens to the Department of Public Service, it won’t get the certificate.

“We do not support the transaction, primarily because Entergy is investment grade and Enexus is not,” said Sarah Hofmann, public advocate for DPS. “Why would we want to go with a lesser company? We don’t believe the transaction would promote the public good.”

Read the full story >http://www.reformer.com/ci_12333053

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