US-based clean energy producers Exelon Generation has signed an agreement to sell its Oyster Creek nuclear-generating station to Holtec International.
Financial details of the acquisition have not been divulged by either of the companies.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Located about 60 miles east of Philadelphia in Ocean County, New Jersey, Oyster Creek plant produces 636MW of zero-emission electricity, enough to power 600,000 homes.
As per the agreement, Holtec will take ownership of the site, as well as real property and used nuclear fuel. The company will also be responsible for managing all site decommissioning and restoration activities.
Exelon Generation chief nuclear officer Bryan Hanson said: “This landmark agreement is good news for Oyster Creek employees, the Lacey community and the state of New Jersey.
“Holtec’s commitment to the nuclear industry and its presence in New Jersey will allow many of our employees previously facing relocation to continue living and working in the Garden State.”
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataComprehensive Decommissioning International (CDI) will be appointed to perform the decontamination and decommissioning of the plant within a period of eight years. CDI is a joint venture (JV) company of Holtec and SNC-Lavalin.
Hanson added: “Furthermore, with three decades of experience in nuclear fuel technologies and a partnership with global decommissioning leader SNC-Lavalin, Holtec is ideally positioned to complete the decommissioning of Oyster Creek safely and swiftly.”
Holtec will be submitting a new Oyster Creek decommissioning plan, which will be reviewed and approved by the Nuclear Regulatory Commission (NRC).
Subject to NRC’s and other regulatory approvals, the deal is expected to close in the third quarter of next year.
The deal is not expected to impact the scheduled shutdown of Oyster Creek that was announced in February this year.
