New York Nuclear Plant Scheduled To Close Saved By New Owner

SCRIBA, N.Y. (AP) — Exelon Generation says it will assume ownership of the FitzPatrick nuclear plant in upstate New York, saving it from closing.

Chicago-based Exelon says Tuesday it will take over the plant in Scriba from Entergy Corp. The plant on Lake Ontario employs more than 600 people and produces enough electricity to power more than 800,000 homes.

Exelon, which runs the nearby Nine Mile Point reactors, had said any deal would be contingent on New York adopting a subsidy plan for nuclear reactors that compensates them for their clean emissions. The state adopted a subsidy policy last week.

Entergy Corp. announced in November it planned to close the 41-year-old plant due to low natural gas prices, high operational costs and a "flawed" energy market.

The $110 million deal is subject to regulatory approval.

[STORY BY: THE ASSOCIATED PRESS]