US Power generator Entergy has announced it is cancelling its plan to spin off five nuclear plants into a separate company.

The plan has encountered opposition since it was announced nearly two years ago.

The decision comes after New York regulators rejected the plan last month, reports Associated Press.

The New Orleans based company said it will record a charge of 40 to 45 cents per share — $75.6m to $85.1m — for costs associated with unwinding the proposal.

The plants are in New York, Massachusetts, Vermont and Michigan.