Entergy has canceled its plan to spin off Vermont Yankee and four other nuclear plants into a separate company.
The plan has encountered opposition since it was announced nearly two years ago. Today’s comes after New York regulators rejected the plan last month.
The five plants have six units in New York, Massachusetts, Vermont and Michigan. The list includes the Indian Point reactors on the Hudson River north of Manhattan.
The company says it decided to call off the deal because the legal process could drag on for a long time.
Entergy says it will record a charge against its earnings amounting to 40 to 45 cents per share. It says those are the costs associated with canceling the plan for the new company.