Entergy Corp. said Wednesday it will buy the 798-megawatt Palisades Nuclear Plant near South Haven, Mich., from Consumers Energy for $380 million. The sale also includes Big Rock Point Independent Spent Fuel Storage Installation.
Of the $380 million, $242 million is for the plant itself, $83 million for nuclear fuel, and $55 million for related assets.
Entergy will also make employment offers to all 500 active plant employees at their same salaries for 18 months, and will maintain the benefits programs for 36 months.
In addition, Entergy will assume responsibility for eventual decommissioning of the plant, and Consumers Energy will pay Entergy $30 million to accept responsibility for the spent fuel at the decommissioned Big Rock Point nuclear plant.
The sale is expected to close in the first quarter of 2007.