VERNON, Vt. - The Vermont Public Service Board has approved the Certificate of Public Good for Vermont Yankee. This will allow the operation of Vermont Yankee to continue through the end of the year.
A press release says the master settlement agreement, which was approved Friday, will allow an accelerated decommissioning of the plant, a detailed decommissioning plan, millions for site restoration, help transition Vermont to a renewable future, and provide a boost to the local economy.
“This is good and important news. For years Vermonters have sought a win-win agreement between Vermont Yankee and the State of Vermont," Vermont Energy Partnership President Brad Ferland said. "Today’s decision to approve Vermont Yankee’s Certificate of Public will help provide significant statewide economic and environmental benefits."
Vermont Governor Peter Shumlin said he's pleased with the decision.
“The decision provides certainty and predictability for the hard workers at the plant, over $10,000,000 of economic development funding for the region, and lets us focus on the important work of transitioning to a future after Vermont Yankee. Our energy future relies on a different path than the past, one of sustainable renewable energy choices that Vermonters embrace and are already seeing the success and benefits of, and I look forward to continuing to move that effort forward”
Entergy announced they were closing the plant back in August 2013. Their decision was driven by sustained low power prices, high cost structure and wholesale electricity market design flaws for the Vermont Yankee plant.