Exelon Generation and Holtec International have an agreement under which Holtec will purchase Oyster Creek Generating Station, a nuclear power plant (NPP) located in New Jersey.
Under the terms of the agreement, subject to regulatory approvals, Holtec will assume ownership of the site, real property and used nuclear fuel. As the site’s owner, Holtec will manage all site decommissioning and restoration activities.
The transaction is expected to close in the third quarter of 2019, pending the Nuclear Regulatory Commission’s and other regulatory approval, and will not impact the scheduled shutdown of Oyster Creek, as previously announced.
Holtec will accelerate Oyster Creek’s decommissioning timeline.
“This landmark agreement is good news for Oyster Creek employees, the Lacey community and the state of New Jersey,” said Bryan Hanson, Exelon Generation’s chief nuclear officer. “Holtec’s commitment to the nuclear industry and its presence in New Jersey will allow many of our employees previously facing relocation to continue living and working in the Garden State … .”
As the new owner of the plant, Holtec will contract with Comprehensive Decommissioning International (CDI) to perform the decontamination and decommissioning of the plant. CDI is a joint venture company of Holtec and France’s SNC-Lavalin.
CDI expects to decommission Oyster Creek within eight years, more than 50 years ahead of the industry-allowed 60-year timeline.
The funds from the site’s decommissioning trust will be transferred to Holtec upon closing and will be used by Holtec to cover the cost of the decommissioning. The trust fund was established decades ago to pay for decommissioning, and no additional funds from utility customers will be required.
In February 2018, Exelon Generation announced Oyster Creek will permanently shut down this fall, at the end of its current operating cycle. Exelon Generation is required to close Oyster Creek no later than December 2019 as part of an agreement with the State of New Jersey.
Oyster Creek is located roughly 60 miles east of Philadelphia in Ocean County, New Jersey. The plant produces 636 net megawatts of electricity.
https://www.shaledirectories.com/blog/holtec-to-purchase-decommission-oyster-creek-npp/
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