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Entergy (ETR) Sells Indian Point to Holtec International
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Entergy Corporation (ETR - Free Report) completes the sale of its subsidiaries, which own Indian Point Energy Center, to a Holtec International arm. This deal was announced in April 2019.
The transfer was approved by the U.S. Nuclear Regulatory Commission in November 2020 while the regulatory nod from New York State Public Service Commission came on May 19, 2021. These sanctions came in after the agencies found that Holtec holds the necessary technical and financial qualifications to own and decommission Indian Point nuclear power plant safely along with meeting all the regulatory requirements.
Prior Efforts
To reduce volatility at its Entergy Wholesale Commodities (EWC) business, the company took a decision to cease merchant power generation at all its EWC power plants by mid-2022. As part of this decision, in January 2019, Entergy concluded the sale of its Vermont Yankee nuclear power plant to the units of NorthStar Group Services.
Also, Unit 3, the final operating unit of Indian Point nuclear power plant, was shut down by Entergy on Apr 30, 2021. Prior to this, the first and second units were closed down, way back in 1974 and during April 2020, respectively.
Future Plans
Moreover, Entergy plans to shutter the Palisades nuclear power plant by the end of 2022. Eventually, these divestments will enable the company to operate as a pure-play utility.
Also, the utility is making a steady progress in enhancing its renewable generation portfolio. Its projects are in progress and their in-service dates span from 2019 to 2022. Notably, the industry player is committed to install or propose to regulators an 800-Megawatt (MWs) worth renewable generation by 2027 end with at least half being installed or proposed by the end of 2022. Such initiatives are expected to bolster the company’s position in the booming renewable energy market.
Apart from installation of renewable energy generators, it remains committed toward reducing carbon emission from its portfolio to further promote clean energy. Interestingly, in September 2020, Entergy announced plans to accelerate its climate-action goals with a commitment to achieve net-zero carbon emissions by 2050.
Along with Entergy, other electric utilities like Alliant Energy Corporation (LNT - Free Report) , CMS Energy Corporation (CMS - Free Report) and Pinnacle West Capital (PNW - Free Report) are making sustained efforts to expand their renewable portfolio alongside lowering toxic emissions.
In the past three months, shares of the company have gained 20%, outperforming the industry’s rise of 9.5%.
Three Months' Price Performance
Image Source: Zacks Investment Research
Zacks' Top Picks to Cash in on Artificial Intelligence
In 2021, this world-changing technology is projected to generate $327.5 billion in revenue. Now Shark Tank star and billionaire investor Mark Cuban says AI will create "the world's first trillionaires." Zacks' urgent special report reveals 3 AI picks investors need to know about today.
Image: Bigstock
Entergy (ETR) Sells Indian Point to Holtec International
Entergy Corporation (ETR - Free Report) completes the sale of its subsidiaries, which own Indian Point Energy Center, to a Holtec International arm. This deal was announced in April 2019.
The transfer was approved by the U.S. Nuclear Regulatory Commission in November 2020 while the regulatory nod from New York State Public Service Commission came on May 19, 2021. These sanctions came in after the agencies found that Holtec holds the necessary technical and financial qualifications to own and decommission Indian Point nuclear power plant safely along with meeting all the regulatory requirements.
Prior Efforts
To reduce volatility at its Entergy Wholesale Commodities (EWC) business, the company took a decision to cease merchant power generation at all its EWC power plants by mid-2022. As part of this decision, in January 2019, Entergy concluded the sale of its Vermont Yankee nuclear power plant to the units of NorthStar Group Services.
Also, Unit 3, the final operating unit of Indian Point nuclear power plant, was shut down by Entergy on Apr 30, 2021. Prior to this, the first and second units were closed down, way back in 1974 and during April 2020, respectively.
Future Plans
Moreover, Entergy plans to shutter the Palisades nuclear power plant by the end of 2022. Eventually, these divestments will enable the company to operate as a pure-play utility.
Also, the utility is making a steady progress in enhancing its renewable generation portfolio. Its projects are in progress and their in-service dates span from 2019 to 2022. Notably, the industry player is committed to install or propose to regulators an 800-Megawatt (MWs) worth renewable generation by 2027 end with at least half being installed or proposed by the end of 2022. Such initiatives are expected to bolster the company’s position in the booming renewable energy market.
Apart from installation of renewable energy generators, it remains committed toward reducing carbon emission from its portfolio to further promote clean energy. Interestingly, in September 2020, Entergy announced plans to accelerate its climate-action goals with a commitment to achieve net-zero carbon emissions by 2050.
Along with Entergy, other electric utilities like Alliant Energy Corporation (LNT - Free Report) , CMS Energy Corporation (CMS - Free Report) and Pinnacle West Capital (PNW - Free Report) are making sustained efforts to expand their renewable portfolio alongside lowering toxic emissions.
Zacks Rank & Price Performance
The stock currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
In the past three months, shares of the company have gained 20%, outperforming the industry’s rise of 9.5%.
Three Months' Price Performance
Zacks' Top Picks to Cash in on Artificial Intelligence
In 2021, this world-changing technology is projected to generate $327.5 billion in revenue. Now Shark Tank star and billionaire investor Mark Cuban says AI will create "the world's first trillionaires." Zacks' urgent special report reveals 3 AI picks investors need to know about today.
See 3 Artificial Intelligence Stocks With Extreme Upside Potential>>