Cuomo: Entergy Will Pay State After Spinoff
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
ALBANY — Attorney General Cuomo says Entergy Corp. has agreed to continue paying a state authority up to $72 million annually until 2014 if it’s allowed to spin off its northeastern nuclear division.
New Orleans-based Entergy, which owns three nuclear plants in New York, wants state regulators to endorse the plan, which Mr. Cuomo has opposed.
Mr. Cuomo has argued the spinoff would enable Entergy to avoid $432 million in payments to the New York Power Authority related to the sale of the two Indian Point and the FitzPatrick plants. Mr. Cuomo said a clause in the sale agreement terminates the payments if Entergy or an Entergy affiliate ceases to own the plants.
Mr. Cuomo said yesterday NYPA informed him Entergy would no longer “renege” on the payments.
