Entergy: Yankee dismantling in 2067
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By Susan Smallheer Rutland Herald - Published: October 30, 2008
BRATTLEBORO — Even if Vermont Yankee nuclear plant shuts down in 2012 when its original federal license expires, Entergy Nuclear wouldn't start cleaning up and dismantling the reactor for close to 60 years, according to a plan filed with the Nuclear Regulatory Commission.
Entergy Nuclear has agreed to add $60 million to its shrinking decommissioning fund for the Vermont Yankee nuclear plant — but not until 2026.
In its filing with the Nuclear Regulatory Commission, Entergy Nuclear said it planned on decommissioning the reactor in 2067, and completing the job by 2072, at a total cost of $875 million.
The filing, however, is based the decommissioning fund having a value of $440 million, which is no longer accurate due to losses in the stock market.
Earlier this month, Entergy said the fund was valued at $397 million. Additionally, Entergy includes the cost of handling high-level waste in its $875 million budget.
The long delay before cleanup and dismantlement is allowed under NRC rules. The company can put the reactor into mothballs once it is shut down, which allows its decommissioning trust fund to grow to cover the costs of cleanup. The long delay also allows some of the radioactivity to decay, lessening the danger to workers.
Entergy Nuclear said the $60 million addition is all that would be necessary to dismantle and clean up the reactor, as well as store high-level radioactive waste at the Vernon plant until a federal waste facility is opened.
The company plans on building another high-level waste storage facility by 2015 to handle the waste. According to the Entergy Nuclear scenario, the federal government would remove all the high-level waste from Vermont by 2042.
Neil Sheehan, a spokesman for the Nuclear Regulatory Commission, said the filing was in response to the NRC's decision in July denying Entergy's request to use money from the decommissioning fund to pay for the storage of high-level waste in dry casks in Vernon.
Sheehan said the NRC would review the Oct. 14 filing by Entergy Nuclear before deciding whether to approve Entergy Nuclear's plans and projections.
Earlier this month, the state announced that the Vermont Yankee decommissioning fund had lost 10 percent of its value over the past several months, dropping from about $440 million to $397 million. The company blamed the decline in Wall Street for the drop in value.
"We monitor the funds and we could require the company to make a contribution," said Sheehan, adding that there was a new staff recommendation on this issue that still had to be adopted by the full commission.
Yankee's decommissioning fund has become an issue in the gubernatorial campaign, with challenger and House Speaker Gaye Symington accusing Gov. James Douglas of being in Entergy Nuclear's pocket when he vetoed a bill that would have required the company to fully fund the decommissioning fund or give a letter of credit to that effect.
The NRC could direct Entergy Nuclear to make a deposit into the fund.
Decommissioning Vermont Yankee is estimated to cost somewhere between $800 million and $1 billion, depending on when the plant finally shuts down and is dismantled.
Entergy Nuclear has said it plans on mothballing the plant after 2032, assuming it gets its 20 year license extension, and let the decommissioning trust fund grow for many years before starting to dismantle it. That plan, which has been generally approved by the NRC, is called SAFSTORE.
Since Entergy Nuclear bought Vermont Yankee in 2002, it has made no deposits in the decommissioning fund.
Robert Williams, spokesman for Entergy Nuclear, said the $60 million deposit in 2026 would become a responsibility of Enexus, the new company that Entergy is creating to own its five nuclear reactors in Vermont, Massachusetts, New York and Michigan. All five reactors are considered merchant plants — meaning they are not regulated and can sell their power on the open market.
"It would remain a commitment of Vermont Yankee under Enexus," Williams said. On Tuesday, Entergy Corp. announced that it was putting the creation of Enexus on hold, given the financial turmoil gripping the country's financial centers.
Sarah Hofmann, director of public advocacy for the Vermont Department of Public Service, said she was not aware of the details of the filing that Entergy Nuclear had recently made with the NRC.
Contact Susan Smallheer at susan.smallheer@rutlandherald.com.
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