MONTPELIER, Vt. - All litigation between the Vermont Yankee Power Plant Station and the state of Vermont has been dropped. This comes after a settlement was reached concerning the power plant's decommission over the next few decades.
Vermont Governor Mike Toomey said, "I'm pleased to announce that we have come to an agreement that really will emphasize the areas that unite us."
It's been 4 months since the announcement was made to shut down the Vermont Yankee Nuclear Power Station in Vernon, Vermont. And now, both the state of Vermont and parent company Entergy Nuclear Vermont Yankee are coming together to move forward with the closing.
"The team took the approach that just because we couldn't agree on everything, didn't mean that we shouldn't try to agree on those things where we can find common ground,” said Entergy’s Mike Toomey.
"It does put behind us the legal disputes that have got plenty of attention for the past few years,” said Governor Shumlin.
The deal calls for an end to all ongoing litigation between the state and Entergy.
It also deals a lot with money. First off, Entergy has agreed to pay $10 million over 5 years towards economic development in Windham County, which is something residents and workers alike had expressed concern about.
The company will also pay $25 million for site restoration once the plant is demolished, why?
"We do have an obligation to do site restoration. That was an obligation we took when we bought the plant,” said Toomey.
The plant will stay open through the end of next year. During that time, Entergy will perform a cost study for decommissioning. The agreement states that once the Nuclear Decommissioning Trust Fund has enough money in it, the shutdown process must start 120 days later.
The fund currently sits at about $600 million.
Gov. Shumlin said, “It should allow us to decommission the plant in the 2020 period, much shorter than the 60 years that SAFSTOR suggests."
The agreement still has to be approved by the Board by the end of March.