Entergy announced today that the Nuclear Regulatory Commission, or NRC, has approved the utility's ongoing use of Indian Point Unit 2 as it awaits its long-term license approval.
Entergy originally purchased the unit from Consolidated Edison in 2001, and has since put more than $1 billion toward modernizing this and one other Indian Point unit in hopes of receiving a 20-year license renewal. Together, the two units generate about 25% of all electricity used in New York City and Westchester County.
The NRC has been and will continue to be monitoring Entergy's activities as it upgrades the unit, but this newest announcement serves as an important next step in assuring long-term power provisions for the utility. NRC staff have noted before that the plants are safe and environmentally sound.
The article Entergy Nuclear Unit Approved for Ongoing Use originally appeared on Fool.com.
Fool contributor Justin Loiseau has no position in any stocks mentioned, but he has used electricity in NYC. You can follow him on Twitter, @TMFJLo, and on Motley Fool CAPS TMFJLo.The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.