AmerGen Energy, the PECO Energy and British Energy joint venture, has announced the purchase of the 670 MWe Oyster Creek BWR from GPU Corp for $10 million. The purchase requires approval from the Nuclear Regulatory Commission, the Federal Energy Regulatory Commission and the New Jersey Board of Public Utilities.
Under the terms of the deal, GPU will continue to buy Oyster Creek’s electrical output at a fixed price for three years. AmerGen will assume full responsibility for ultimate decommissioning, but GPU will contribute $430 million to a decommissioning trust fund.
The Oyster Creek purchase will give AmerGen 4000 MWe of nuclear generation capacity in the United States, according to Robin Jeffrey, AmerGen’s president.