The operator of Massachusetts’ only nuclear power plant said Tuesday that it plans to close the plant by 2019.
Publicly traded Entergy Corp. said Plymouth’s Pilgrim Nuclear Power Station will close because of “poor market conditions, reduced revenues and increased operational costs.”
Entergy, which bought the 680-megawatt plant in 1999, said it has notified regional grid operator ISO New England of its plans.
The company said low natural gas prices have driven down wholesale energy prices by about $10 per megawatt hour, which translated to an annual loss of more than $40 million in revenue for Pilgrim.
It also blamed “design flaws” in the wholesale energy market for not adequately compensating nuclear plants, and state energy policies that it said have subsidized renewable energy at the expense of nuclear plants.
Connecticut has one operating nuclear power plant — Millstone Nuclear Power Station in Waterford.
