HUGE NEWS: At 8:30 AM on Wednesday, August 28 2013 Entergy sent out the press release below, which was forwarded via email to activists by 8:50 AM.
LET’S TAKE ANOTHER MOMENT TO ENJOY THE MOMENT>>> After spilt coffee was cleared from computer screens, after husbands and wives hugged and wept, after jigs were danced in public places, while friends were called and while we were still shaking from the news, you all started writing in ….. Disbelief REALLY??????????????” “Is this a Yes Men prank?” “If this is really true I have one question–when and where is the party????” Succinct: We did it. Yipppeeeee!!!! YES! AND YES AGAIN!!!! Yeee HAWWW! Congrats from other groups “Woo Hoo! Congratulations to everyone who has worked so long and so hard to shut this monster down! NIRS” “WONDERFUL WONDERFUL NEWS!!!! THANK YOU ALL FOR WHAT YOU HAVE DONE!!!! IT GIVES US SUCH HOPE TO FIGHT AND WIN AGAINST PILGRIM!!! CONGRATULATIONS!!!” “GREAT NEWS!! CONGRATS TO YOU AND ALL THE OTHERS WHO WORKED SO TIRELESSLY!!” IPSEC (Indian Point) “We are so happy and envious—we live in the shadow of Seabrook. Congrats, for No More Fukushimas, Bruce” “YAHOO! NO more NUKES in Vermont. Farewell Entergy! Now get the hell out of New York!” “Incredible news, what a day.” Bets on who’ll fall next Pilgrim, Fitzpatrick or Indian Point? Diablo Canyon? Sincere Dear Friends, an amazing victory. I acknowledge all the blood, sweat, and tears, (not to mention imagination) to help make this happen. Plenty of work left to do to shut it down now, not in 14 months, and to stop UN-SAFSTOR, but I salute your focus and intelligence in keeping on through thick and thin. Thank you for all your hard work on behalf of our community. For those of us who are less able to be activists now, your steadfast determination and dedication is both inspiring and appreciated. One by one they fall.” “Thanks so much for passing along this amazingly wonderful news. Here’s to a safe 16 months remaining! Blessings and gratitude to all who have worked so long and so diligently towards our public safety.” “All right!! Congratulations to you all for the great work and continued pressure. Of course they will NEVER say that they are closing because the public demands it!”
“Was at the peak of a mountain in Acadia with a couple of VT friends, decided to check my phone, just out of curiousity to see if there was a signal, when I saw your emails. This is one time when I was quite happy to be connected, to receive this good news…more to come, I’m sure, but it was a nice vacation treat.”
“Douglas got me at Upper Valley Food Coop while I was bagging organic crystalized pineapple squares, and my scream echoed through one end of the store to the other. They will put up a sign outside announcing the news. We did it, dang it. Forget the economics that VY speaks of. We made it clear the state of VT doesn’t want VY, and we drained them, spoke to them, and educated the people so the company couldn’t survive. We need to party.” Oh yes, that is the most consistent reaction: PARTY! PARTY! PARTY?–Will There Be A Celebration Gathering? Who wants to have a party??!? We feel a party coming on! Whooooooooo hooooooo !!!!!! Time to Paaaarty !!!!!!!
We’re working on a party, folks! Bands, beverages and the BEST DANG NUCLEAR ACTIVISTS IN THE USA
Love, Peace & JOY will empower us for the months ahead!
In case you missed the memo, here it is:
Entergy to Close, Decommission Vermont Yankee
Decision driven by sustained low power prices, high cost structure and wholesale electricity market design flaws for Vermont Yankee plant Focus to remain on safety during remaining operation and after shutdown
NEW ORLEANS, Aug. 27, 2013 /PRNewswire/ — Entergy Corporation (NYSE: ETR) today said it plans to close and decommission its Vermont Yankee Nuclear Power Station in Vernon, Vt. The station is expected to cease power production after its current fuel cycle and move to safe shutdown in the fourth quarter of 2014. The station will remain under the oversight of the Nuclear Regulatory Commission throughout the decommissioning process.
“This was an agonizing decision and an extremely tough call for us,” said Leo Denault, Entergy’s chairman and chief executive officer. “Vermont Yankee has an immensely talented, dedicated and loyal workforce, and a solid base of support among many in the community. We recognize that closing the plant on this schedule was not the outcome they had hoped for, but we have reluctantly concluded that it is the appropriate action for us to take under the circumstances.”
The decision to close Vermont Yankee in 2014 was based on a number of financial factors, including:
-- A natural gas market that has undergone a transformational shift in supply due to the impacts of shale gas, resulting in sustained low natural gas prices and wholesale energy prices. -- A high cost structure for this single unit plant. Since 2002, the company has invested more than $400 million in the safe and reliable operation of the facility. In addition, the financial impact of cumulative regulation is especially challenging to a small plant in these market conditions. -- Wholesale market design flaws that continue to result in artificially low energy and capacity prices in the region, and do not provide adequate compensation to merchant nuclear plants for the fuel diversity benefits they provide.
Making the decision now and operating through the fourth quarter of 2014 allows time to duly and properly plan for a safe and orderly shutdown and prepare filings with the NRC regarding shutdown and decommissioning. Entergy will establish a decommissioning planning organization responsible for planning and executing the safe and efficient decommissioning of the facility. Once the plant is shut down, workers will de-fuel the reactor and place the plant into SAFSTOR, a process whereby a nuclear facility is placed and maintained in a condition that allows it to be safely secured, monitored and stored.
“We are committed to the safe and reliable operation of Vermont Yankee until shutdown, followed by a safe, orderly and environmentally responsible decommissioning process,” Denault said.
Commenting on the future of nuclear power, Denault said: “Entergy remains committed to nuclear as an important long-term component of its generating portfolio. Nuclear energy is safe, reliable, carbon-free and contributes to supply diversity and energy security as part of a balanced energy portfolio.”
Entergy plans to recognize an after-tax impairment charge of approximately $181 million in the third quarter of 2013 related to the decision to shut down the plant at the end of this current operating cycle. In addition to this initial charge, Entergy expects to recognize charges totaling approximately $55 to $60 million associated with future severance and employee retention costs through the end of next year. These charges will be classified as special items, and therefore, excluded from operational results.
The company noted that the estimated operational earnings contribution from Vermont Yankee was expected to be around breakeven in 2013, and generally declining over the next few years. As a result of this decision and based on continuing operations into fourth quarter 2014, the estimated operational earnings change, excluding these special items, is expected to be modestly accretive within two years after shutdown, and cash flow is expected to increase approximately $150 to $200 million in total through 2017, compared to Vermont Yankee’s continued operation.
Regarding decommissioning, assuming end of operations in fourth quarter 2014, the amount required to meet the NRC minimum for decommissioning financial assurance for license termination is $566 million. The Vermont Yankee decommissioning trust had a balance of approximately $582 million as of July 31, 2013, excluding the $40 million guarantee by Entergy Corporation to satisfy NRC requirements following the 2009 review of financial assurance levels. Filings with the NRC for planned shutdown activities will determine whether any other financial assurance may be required and will specifically address funding for spent fuel management, which will be required until the federal government takes possession of the fuel and removes it from the site, per its current obligations.
Vermont Yankee, a single unit boiling water reactor, began commercial operation in 1972. Entergy acquired the plant from Vermont Yankee Nuclear Power Corporation in 2002. In March 2011, the NRC renewed the station’s operating license for an additional 20 years, until 2032.
Additional information regarding today’s announcement is available in the Frequently Asked Questions section of www.entergy.com.
Entergy Corporation, which celebrates its 100th birthday this year, is an integrated energy company engaged primarily in electric power production and retail distribution operations. Entergy owns and operates power plants with approximately 30,000 megawatts of electric generating capacity, including more than 10,000 megawatts of nuclear power, making it one of the nation’s leading nuclear generators. Entergy delivers electricity to 2.8 million utility customers in Arkansas, Louisiana, Mississippi and Texas.
Additional information can be accessed online at www.entergy.com.