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Entergy Completes Sale of Palisades Power Plant to Holtec

July 5, 2022
Sale of plant completes Entergy's planned exit from nuclear merchant power business.

Entergy completed the sale of the subsidiary that owns the Palisades Power Plant to Holtec International to ensure a safe and timely decommissioning of the nuclear site on July 28 2022. Palisades was permanently shut down May 20, 2022, after generating safe, secure and reliable electricity for more than 50 years. The transaction will also transfer ownership of the decommissioned Big Rock Point site in Charlevoix, Michigan from Entergy to Holtec.

The sale of the Palisades plant completes Entergy’s planned exit from the nuclear merchant power business, and follows the closure and sale of the Vermont Yankee, Pilgrim and Indian Point plants and the sale of the operating James A. Fitzpatrick plant.

“We thank the excellent employees of Palisades for their dedication to safe, secure and reliable operations and we look forward to many of them continuing on with Entergy at new locations within our utility service area,” said Leo Denault, chairman and chief executive officer, Entergy. “We remain committed to our four nuclear power stations in Arkansas, Louisiana and Mississippi. The clean, carbon-free energy they produce is a key part of Entergy reaching its 2050 net-zero emissions commitment.”

Entergy first announced the planned closure of Palisades in 2016 in accordance with its strategic business decision to focus on its utility operations in the Gulf South. The company believes nuclear power is essential to the nation’s goals for mitigating the impact of climate change.

The U.S. Nuclear Regulatory Commission approved the transfer of the license of Palisades from Entergy to Holtec for purposes of decommissioning in December 2021. The federal agency determined that Holtec possesses the required technical and financial qualifications to own and decommission Palisades safely and in accordance with regulatory requirements.

“We are pleased to be acquiring these facilities to add to our growing decommissioning fleet. We are also pleased that the talented, knowledgeable, and hard-working team at Palisades is joining the Holtec team. These team members will continue to deploy the same cutting-edge technologies that we have employed at Indian Point, Pilgrim, and Oyster Creek to ensure maximum worker safety, protection of the environment, preservation of the well-being of the local community, and to build upon the excellence achieved at other plants in our fleet,” said Mr. Kelly Trice, president of Holtec Decommissioning International.

Decommissioning Palisades

Holtec filings with the NRC detail its plans to complete the dismantling, decontamination, and remediation of Palisades to NRC standards by 2041, more than 40 years sooner than if Entergy continued to own the facility and selected the maximum 60-year NRC SAFSTOR option for decommissioning. A safe and timely decommissioning is welcomed news for the plant’s community, which stands to benefit from potential site reuse.

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