Entergy nuclear spinoff plan meets resistance in NY

05/21/08 6:34AM

The owner of Vermont Yankee nuclear plant is running into opposition in New York state over its plan to spin off its northeastern nuclear division into a standalone company.

Entergy Corporation owns three plants in New York states, in addition to the Vermont Yankee and Pilgrim plants in New England.

New Orleans-based Entergy's spinoff plans include the Indian Point and FitzPatrick plants in New York.

The company's lawyers want state utility regulators to endorse the plan, which they say will be good for consumers because it will provide the company with more financial flexibility.

But opponents say it would enrich Entergy and its stockholders at the expense of New York consumers while allowing the company to avoid responsibility and liability for the plants.

The Public Service Commission is expected to consider the plan at a meeting today in Albany.

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