State reaches agreement on future of Indian Point with plant set to shut down next month
The state just reached an agreement on the future of Indian Point as the nuclear power plant is set to shut down later this month.
The agreement includes state and local leaders as well as the approval of environmental group Riverkeeper.
They are calling it the most comprehensive decommissioning agreement in the country that provides strict state oversight.
The agreement paves the way for the transfer of the nuclear plant from Entergy to Holtec, which is the company responsible for dismantling the plant and cleaning up any contamination.
One sticking point has been a concern that Holtec would run out of money before the $2.4 billion job is done.
The deal stipulates that they will maintain a $400 million fund to make sure that doesn't happen.
The other big concern was what happens to the local municipalities and school district, which stand to lose millions in taxes with the closure.
This deal extends what are called pilot payments to help ease that loss in revenue - to the tune of $1.2 million for the Town of Buchanan next fiscal year.
That's a big relief to Buchanan Mayor Theresa Knickerbocker.
"It's been nonstop work, nonstop focus, so this makes you feel good that all of that work was not for nothing," says Knickerbocker.
Holtec projects it can complete decommissioning by as early as 2033.
The agreement is open to public comments through the end of this month.