Researched by Kerry Headley and Carlos Maldanado
The second-largest nuclear generating corporation in the US is backing away from its ownership of troubled nuclear plant Vermont Yankee along with the rest of its northeast fleet of nuclear reactors using a complex restructuring scheme. Entergy is spinning off all its plants into a separate limited liability company, Enexus, absolving itself of any responsibility to the nuclear reactor fleet it now owns or to the states in which its eleven plants are located. The deal would grant $4 billion to Entergy, but would leave the newly created LLC $4 billion in debt from the start. Moves like this are common as older plants reach the end of their lives and must be decommissioned at enormous cost to owners, taxpayers or both. Entergy, which has owned Vermont’s only nuclear power plant since 2001, has seen a spate of mishaps, including the collapse of cooling tower sections and a missing spent fuel rod.
“Ducking Responsibility: Entergy Spins its Nukes” Shay Totten, CorpWatch, 8/4/2008 http://www.corpwatch.org/article.php?id=15149