Entergy (NYSE:ETR) has reached agreement with the town of Plymouth, Massachusetts on a new payment-in-lieu-of-taxes (PILOT) package before the nuclear power facility is retired in 2019.
Entergy has announced plans to retire the facility by June 2019. Entergy announced in October 2015 that it would close the plant and had notified the ISO New England (ISO-NE) that it would no longer serve as a capacity resource in the market.
In a local news report, which Entergy then re-posted on social media, the company said it will pay the town $9m in fiscal year 2018, and $8.5m in 2019, the year the plant is scheduled to cease generating electricity.
“We are pleased to have reached agreement with the Town of Plymouth on a 2-year tax plan, which will carry us through 2019,” Entergy said in a statement provided to GenerationHub.
Pilgrim is a 675-MW boiling water reactor (BWR) located in Plymouth, which is about 40 miles south of Boston. Pilgrim began generating electricity in 1972.