AmerGen completes Vermont Yankee purchase

29 October 1999

AmerGen, the British Energy/ PECO Energy joint venture, has won the bidding war for the Vermont Yankee plant, a 540 MWe BWR, fighting off a rival bid from New Orleans based Entergy Nuclear Corp. The plant’s owner, Vermont Yankee Nuclear Power Corp (VYNPC), has agreed a price of $23.5 million for the plant and property and has signed a binding purchase and sale agreement with AmerGen.

The deal must be approved by the Nuclear Regulatory Commission, the Federal Energy Regulatory Commission, the Securities and Exchange Commission, and the Vermont Public Service Board. The agreement assumes finalisation by 1 July 2000, at which time AmerGen will assume full responsibility and liability for operating and, ultimately, decommissioning the plant. VYNPC will make a payment of $54.3 million toward the plant’s decommissioning. The plant’s licence is due to expire in 2012.

AmerGen has also announced it has signed a definitive purchase agreement to acquire the 619 MWe Oyster Creek BWR, replacing the agreement in principle announced on 14 September. Completion should take place in spring 2000.

“We are delighted that Oyster Creek and Vermont Yankee will be joining AmerGen’s growing fleet of nuclear plants,” said Robin Jeffrey, AmerGen president. “AmerGen now has interests in 4.5 GW of nuclear plant, making AmerGen one of the leading players in the nuclear generation industry.”

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