SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date earliest event reported) January 11, 2019
Registrant, State of Incorporation,
Address and Telephone Number
(a Delaware corporation)
639 Loyola Avenue
New Orleans, Louisiana 70113
Telephone (504) 576-4000
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2.):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 2.02 Results of Operation and Financial Condition
On January 11, 2019, Entergy Corporation issued a press release, which is attached as Exhibit 99.1 hereto and incorporated herein by reference. The information in Exhibit 99.1 is being furnished, not filed, pursuant to this Item 2.02.
Item 9.01. Financial Statements and Exhibits
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
By: /s/ Marcus V. Brown
Marcus V. Brown
Executive Vice President and General Counsel
Dated: January 11, 2019
Entergy Vermont Yankee
320 Governor Hunt Rd.
Vernon, VT 05354
Entergy Completes Sale of Vermont Yankee to NorthStar
Vernon, VT - - Entergy Corporation (NYSE:ETR) today completed the sale of Entergy Nuclear Vermont Yankee to subsidiaries of NorthStar Group Services, which will decommission the Vermont Yankee Nuclear Power Station site.
The sale completion is a major step toward the safe, timely and efficient decommissioning of Vermont Yankee, and is a positive outcome for the Town of Vernon, Windham County, the State of Vermont and other stakeholders. In addition, Entergy is making progress on its corporate strategy of exiting the merchant nuclear power business. The sale is a first-of-its-kind in the nuclear power industry -
a permanent ownership and license transfer to a company that is slated to perform timely and efficient decommissioning and site restoration.
The NorthStar decommissioning team includes Orano USA (reactor vessel segmentation and used fuel management support), Waste Control Specialists (waste management, packaging, transport and disposal) and Burns & McDonnell (engineering and regulatory support).
Entergy and NorthStar announced the sale agreement in November 2016. The Vermont Public Utility Commission on Dec. 6, 2018 issued an order approving the sale of Entergy Nuclear Vermont Yankee and an amended Certificate of Public Good that authorizes NorthStar to own, possess the licenses for, and decommission Vermont Yankee. The U.S. Nuclear Regulatory Commission on Oct. 11, 2018 approved the transfer of Vermont Yankee’s operating licenses to NorthStar.
The transaction closed on terms consistent with the companies’ previously disclosed financial commitments and assurances, and no contribution to the nuclear decommissioning trust was required. For Entergy, the transaction will result in a pre-tax book charge to earnings in an amount that the company expects to be consistent with estimates previously disclosed. The estimated charge will be recorded in fourth quarter 2018 and will be considered a special item and excluded from operational results.
About Vermont Yankee, Entergy and NorthStar
Vermont Yankee Nuclear Power Station, a single unit boiling water reactor located in Vernon, Vermont, began commercial operation in 1972. Entergy acquired the plant from Vermont Yankee Nuclear Power Corporation in 2002. The plant permanently ceased operations on Dec. 29, 2014.
Entergy Corporation (NYSE: ETR) is an integrated energy company engaged primarily in electric power production and retail distribution operations. Entergy owns and operates power plants with approximately 30,000 megawatts of electric generating capacity, including nearly 9,000 megawatts of nuclear power. Entergy delivers electricity to 2.9 million utility customers in Arkansas, Louisiana,
Mississippi and Texas. Entergy has annual revenues of approximately $11 billion and more than 13,000 employees. More information is available at www.entergy.com and www.vydecommissioning.com.
NorthStar Group Services, based in New York, is the country’s most comprehensive facility and environmental solutions company, with more than $600 million in annual sales and licenses in all 50 states. NorthStar owns and maintains a large, nationwide inventory of specialized dismantling equipment and employs more than 3,000 people. More information is available at www.northstar.com.