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The Latest: NY regulators approve sale of nuclear plant

November 17, 2016

ALBANY, N.Y. (AP) — The Latest on the sale of FitzPatrick Nuclear Power Plant in Oswego, N.Y. (all times local):

12 p.m.

New York utility regulators have approved the sale of an upstate nuclear power plant, part of the state’s strategy of investing in nuclear energy while weaning itself off of fossil fuels.

The Public Service Commission on Thursday endorsed Entergy Corp.’s proposal to sell FitzPatrick Nuclear Power Plant in Oswego County to Exelon Corp. for $110 million. Federal regulators also must approve the transfer.

The state has authorized up to $7.6 billion in ratepayer subsidies to keep FitzPatrick and two other nuclear plants operational. Democratic Gov. Andrew Cuomo says nuclear power is preferable to coal or natural gas as New York transitions to renewable energy.

The owners of other power plants are suing to block the subsidies, which critics of nuclear power say are a costly bailout for a hazardous industry.

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1:20 a.m.

New York utility regulators are poised to approve the sale of an upstate nuclear power plant as part of the state’s broader plan to invest in nuclear power while expanding its use of renewable energy.

The Public Service Commission is set to vote Thursday on Entergy Corp.’s proposal to sell FitzPatrick Nuclear Power Plant in Oswego County to Exelon Corp. for $110 million. Federal regulators also must approve the transfer.

Democratic Gov. Andrew Cuomo helped negotiate the sale to ensure that the plant remains open. Cuomo says nuclear power can help the state wean itself off of fossil fuels while it encourages the development of renewables.

To help the industry, the state has authorized up to $7.6 billion in ratepayer subsidies for three nuclear plants including FitzPatrick.

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