The New York State Public Service Commission has approved the sale of the James A. FitzPatrick nuclear power plant in Scriba to US-based company Exelon.
The 838MW Oswego County facility provides enough carbon-free electricity to power more than 800,000 average-sized homes.
Under the terms of the agreement, Entergy Corporation will transfer Fitzpatrick's operating licence to Exelon for $110m. The sale of the nuclear plant will facilitate continued operation of the carbon-neutral plant and will also provide a platform for the renewable energy needs without the need for imported fossil fuels like fracked gas and oil.
It will also help the state in achieving 40% carbon reduction goals by 2030 as well as supporting the Clean Energy Standard.
Commission chair Audrey Zibelman said: “Our finding today is that the public will be well-served by the transfer of ownership of FitzPatrick.
“Exelon has an excellent track record as the owner of nuclear power plants, and we fully expect it will operate FitzPatrick in a safe and reliable fashion.”
The final transaction closure is dependent upon regulatory review and approval by federal agencies, including the US Department of Justice, the Nuclear Regulatory Commission, and the Federal Energy Regulatory Commission.
On receipt of approvals from other regulatory authorities, the plant would be transferred from Entergy to Exelon.
The transaction is expected to close in Q2 of next year.