Michigan-based CMS Energy has announced plans to sell the Palisades nuclear plant in 2007 following a competitive bid process.
The process will include a long-term power purchase agreement with the new owner.
The 812MWe PWR unit, located near South Haven is the only operating nuclear reactor owned by Consumers Energy, CMS Energy's principal subsidiary. The plant currently is licensed to operate until 2011, although CMS has filed with the US Nuclear Regulatory Commission to renew the licence for a further 20 years.
David Joos, CMS Energy's president and chief executive officer, said: "Ownership of nuclear power plants is consolidating as companies with multiple nuclear units are able to share operating practices, experience, and resources and benefit from economies of scale."
Concentric Energy Advisors (CEA) has been retained to serve as the auction manager and financial adviser for the sale of Palisades.
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