New Orleans-based Entergy Corp. will shutter its money-losing Pilgrim Nuclear Power Station in Plymouth, Massachusetts, by June 1, 2019.
The company said low wholesale energy prices played a major role in the decision. Record low natural gas prices have helped drop current and forecast power prices to about $10 per megawatt hour, according to Entergy. Pilgrim Nuclear is losing more than $40 million in revenue a year.
The nuclear plant began operating in 1972 and generates 680 megawatts of electricity, enough to power more than 600,000 homes.