Good morning, people! No one’s buying Enexus plot

I keep hearing the voice of Grace Slick at Woodstock (“Good morning, people!”) when I think about the reaction to Entergy’s attempt to spin-off their oldest, most toxic five plants into a separate company called Enexus. Dear God, I think we’re actually awake and aware and NOT going to allow this greedy shyster of a corporation to get away with dumping the debt that they committed to when they bought these old plants.

Whatever their strategy was to make a profit by buying a bunch of nuclear power plants nearing retirement age, they’re not likely to get away with it. As one of several recent signs of alarm clocks screaming from coast to coast, I am reassured and inspired.

Congratulations to the good people of the New York State Public Service Commission. They saw what just happened in Vermont and decided to take a “Wait and see” approach — at least until month’s end — as to how Entergy handles the mess it’s made at Vermont Yankee with the tritium leak… and the misleading testimony they gave a year earlier about whether their old, underground pipes were carrying radioactive materials, before they consider granting approval on the questionable Enexus plan.

Vermont Public Radio published an inspiring story yesterday entitled, “Troubles At Yankee Affecting Industry Elsewhere.” [http://www.vpr.net/news_detail/87399/] in which it was reported, “Entergy had tried to bolster its case by promising to reduce the new company’s debt by $500 million. The New York commission staff said that move did not go far enough, and that the deal was not in the public interest.”

Your humble reporter is quite pleased that they agree.

wakethehellup.wordpress.com

Related Stories:

NY PSC staff still against Entergy Enexus plan

NEW YORK, March 4 (Reuters) – The New York Public Service Commission (PSC) staff said on Thursday it still did not think Entergy Corp’s (ETR.N) plan to spinoff its non-regulated nuclear power plants was in the public interest.

http://www.reuters.com/article/idUSN0415412620100304?type=marketsNews

N.Y.: Enexus shouldn’t include Vt. Yankee

By BOB AUDETTE
Friday March 5, 2010

BRATTLEBORO — Take Vermont Yankee out of the deal and we’ll think about it.

That was the response from the advisory staff of the New York Public Service Commission to an offer by Entergy to change the details of a proposed spin off of three nuclear reactors in the Empire State into a new company.

http://www.reformer.com/localnews/ci_14516778

NY regulators defer decision on Entergy spinoff

The Associated Press  March 4, 2010, 5:31PM ET

ALBANY, N.Y.

New York regulators have delayed a decision on Entergy Corp.’s plan to spin off its six nuclear plants, saying they’ll take comment on a set of potential conditions before ruling.

Public Service Commission staff recommended against approving the deal last month, primarily because the resulting company — Enexus Energy Corp. — could be financially shaky.

http://www.businessweek.com/ap/financialnews/D9E839E00.htm

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