Entergy and Holtec announced the Pilgrim sale agreement in August 2018, and the U.S. Nuclear Regulatory Commission approved the transfer of Pilgrim’s licenses to Holtec on Aug. 22, 2019. In its order, the NRC found that Holtec possesses the required technical and financial qualifications to own and decommission Pilgrim safely and in accordance with all NRC requirements.

“The successful Pilgrim transaction demonstrates continued progress on Entergy’s exit from merchant power markets,” said Entergy Chairman and CEO Leo Denault. “With our previously-announced signed agreements for the post-shutdown sales of Indian Point and Palisades nuclear power plants in 2021 and 2022, respectively, we remain on track to accomplish our exit plan.”

“Protecting public health, safety, and the environment is the foundation upon which all Pilgrim decommissioning work will occur,” said Holtec’s President & CEO Dr. Kris Singh. “We are committed to engaging with stakeholders at the local and state levels to ensure a smooth flow of information throughout the decommissioning process. The cutting-edge technologies we use will ensure maximum safety for our employees and communities and enable the site to be decommissioned decades sooner than if Pilgrim had remained under Entergy’s ownership.”

The transaction closed on terms consistent with Entergy’s expectations and no contribution to the nuclear decommissioning trust was required. For Entergy, the transaction will result in a pre-tax book charge to earnings in an amount expected to be consistent with its previous disclosures. The estimated charge will be recorded in the third quarter 2019 and will be included in Entergy Wholesale Commodities as-reported earnings.

Entergy owns and operates five nuclear power units in its regulated utility business, and is committed to the continued operation of those resources. The regulated utility’s nuclear power plants are located in Louisiana, Arkansas and Mississippi, and have more than 5,000 megawatts of clean, reliable and economic electricity generating capacity for customers in those regions.

About Pilgrim Nuclear Power Station and Entergy

The Pilgrim Nuclear Power Station currently employs about 230 people. Pilgrim began generating electricity in 1972 and was permanently shut down on May 31, 2019. Entergy purchased the plant in 1999 from Boston Edison. Additional information is available at .

şÚÁĎłÔąĎÍř is an integrated energy company engaged primarily in electric power production and retail distribution operations. Entergy owns and operates power plants with approximately 30,000 megawatts of electric generating capacity, including 9,000 megawatts of nuclear power. Entergy delivers electricity to 2.9 million utility customers in Arkansas, Louisiana, Mississippi and Texas. Entergy has annual revenues of $11 billion and nearly 13,700 employees. Additional information is available at entergy.com.

About Holtec International

Holtec International is a privately held energy technology company with operation centers in Florida, New Jersey, Ohio and Pennsylvania in the U.S., and globally in Brazil, Dubai, India, South Africa, Spain, U.K. and Ukraine. Holtec’s principal business concentration is in the nuclear power industry. Holtec has played a preeminent role since the 1980s in expanding nuclear plants’ wet spent fuel storage capacity at over 110 reactor units in the U.S. and abroad. Dry storage and transport of nuclear fuel is another area in which Holtec is recognized as the foremost innovator and industry leader with a dominant market share and an active market presence at over 115 reactor units around the globe. Among the Company’s pioneering endeavors is the world’s first below-ground Consolidated Interim Storage Facility being developed in New Mexico and a 160-Megawatt walk away safe small modular reactor, SMR-160. The SMR-160 is developed to bring cost competitive carbon-free energy to all corners of the earth. Holtec is also a major supplier of special-purpose pressure vessels and critical-service heat exchange equipment such as air-cooled condensers, steam generators, feedwater heaters, and water-cooled condensers. Virtually all products produced by the company are built in its three large manufacturing plants in the U.S. and one in India. Thanks to a solid record of consistent profitability and steady growth since its founding in 1986, Holtec has no history of any long-term debt and enjoys a platinum credit rating from the financial markets. Nearly 100 U.S. and international patents protect the Company’s intellectual property from predation by its global competitors and lend predictable stability to its business base.

Cautionary Note Regarding Forward-Looking Statements

In this news release, and from time to time, şÚÁĎłÔąĎÍř makes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, among other things, Entergy’s plans and expectations with respect to its planned exit from the merchant nuclear power business, and other statements of Entergy’s plans, beliefs or expectations included in this news release. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. Except to the extent required by the federal securities laws, Entergy undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Forward-looking statements are subject to a number of risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied in such forward-looking statements, including (a) those factors discussed elsewhere in this news release and in Entergy’s most recent Annual Report on Form 10-K, any subsequent Quarterly Reports on Form 10-Q and Entergy’s other reports and filings made under the Securities Exchange Act of 1934; (b) uncertainties associated with (1) rate proceedings, formula rate plans and other cost recovery mechanisms, including the risk that costs may not be recoverable to the extent anticipated by the utilities and (2) implementation of the ratemaking effects of changes in law; (c) uncertainties associated with efforts to remediate the effects of major storms and recover related restoration costs; (d) risks associated with operating nuclear facilities, including plant relicensing, operating and regulatory costs and risks; (e) changes in decommissioning trust fund values or earnings or in the timing or cost of decommissioning Entergy’s nuclear plant sites; (f) legislative and regulatory actions and risks and uncertainties associated with claims or litigation by or against Entergy and its subsidiaries; (g) risks and uncertainties associated with strategic transactions that Entergy or its subsidiaries may undertake, including the risk that any such transaction may not be completed as and when expected and the risk that the anticipated benefits of the transaction may not be realized; (h) effects of changes in federal, state or local laws and regulations and other governmental actions or policies, including changes in monetary, fiscal, tax, environmental or energy policies; and (i) the effects of technological changes and changes in commodity markets, capital markets or economic conditions; and (j) impacts from a terrorist attack, cybersecurity threats, data security breaches or other attempts to disrupt Entergy’s business or operations, and other catastrophic events.

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“The sale of Pilgrim is another important milestone in Entergy’s exit from merchant power markets, with previously announced signed agreements for the sale of Indian Point and Palisades following shutdowns in 2021 and 2022, respectively,” said Entergy’s Chairman and Chief Executive Officer Leo Denault. “We thank all of our employees at Pilgrim for their dedication and service over many decades, and we wish the best to all of those who are transitioning to work on decommissioning the Pilgrim nuclear facility. Community stakeholders and transitioning employees will benefit from a facility that is promptly dismantled and decommissioned safely.”

In its order, the NRC found that Holtec possesses the required technical and financial qualifications to own and decommission Pilgrim safely and in accordance with all NRC requirements.

About Pilgrim Nuclear Power Station and EntergyĚýĚýĚýĚýĚýĚýĚýĚýĚýĚýĚýĚýĚýĚý

The Pilgrim Nuclear Power Station currently employs about 230 people. Pilgrim began generating electricity in 1972 and was permanently shut down on May 31, 2019. Entergy purchased the plant in 1999 from Boston Edison. Additional information is available at .

şÚÁĎłÔąĎÍř is an integrated energy company engaged primarily in electric power production and retail distribution operations. Entergy owns and operates power plants with approximately 30,000 megawatts of electric generating capacity, including 9,000 megawatts of nuclear power. Entergy delivers electricity to 2.9 million utility customers in Arkansas, Louisiana, Mississippi and Texas. Entergy has annual revenues of $11 billion and nearly 13,700 employees. Additional information is available at entergy.com.

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PLYMOUTH, Mass. – Pilgrim Nuclear Power Station entered Phase I of plant decommissioning following safe removal of nuclear fuel from the reactor into the spent fuel pool, and NRC docketing of the certifications of permanent cessation of operations and permanent removal of fuel from the reactor on June 11. Approximately 270 site employees are being retained to perform post-shutdown operations.

“The recent plant shutdown was very emotional for our team,” said Brian Sullivan, site vice president and Entergy’s top official at Pilgrim. “We wish all of our departing employees the best and thank them for their dedication to delivering safe, secure, carbon-free energy for the past 47 years. Their commitment to the mission to protect public health and safety is commendable.”

The closure of Pilgrim on May 31 and subsequent entry into Phase I of decommissioning is another important milestone in Entergy’s exit of the merchant power business, as the company transitions to a pure-play utility business. Entergy’s remaining operating nuclear power plants in merchant power markets – Indian Point Unit 2 and Unit 3, in New York, and Palisades Power Plant, in Michigan, are scheduled to be shut down in 2020, 2021, and 2022, respectively. These closures, along with the proposed sales of these plants to a decommissioning specialty company, mark the end of Entergy’s participation in merchant power markets and its return to a pure-play utility.

As per Entergy’s agreement with Holtec Decommissioning, approximately 270 Phase I employees will transition to the Holtec organization after the plant transaction is completed, which is expected this year.

A workforce reduction of Pilgrim employees occurred on June 20. An additional approximately 50 employees will relocate to continue working with Entergy at other locations.Ěý

Entergy owns and operates five nuclear power units in its regulated utility business, and is committed to the continued operation of its nuclear fleet in those locations.ĚýIts nuclear power plants in those markets are located in Louisiana, Arkansas and Mississippi, and have more than 5,000 megawatts of clean, reliable, and economic electricity generating capacity for customers in those regions.

About Pilgrim Nuclear Power Station and EntergyĚýĚýĚýĚýĚýĚýĚýĚýĚýĚýĚýĚýĚýĚýĚýĚýĚýĚý

The Pilgrim Nuclear Power Station currently employs about 270 Entergy personnel. Pilgrim began generating electricity in 1972 and was permanently shut down on May 31, 2019. Entergy purchased the plant in 1999 from Boston Edison. Additional information is available at .

şÚÁĎłÔąĎÍř is an integrated energy company engaged primarily in electric power production and retail distribution operations. Entergy owns and operates power plants with approximately 30,000 megawatts of electric generating capacity, including 9,000 megawatts of nuclear power. Entergy delivers electricity to 2.9 million utility customers in Arkansas, Louisiana, Mississippi and Texas. Entergy has annual revenues of $11 billion and nearly 13,700 employees. Additional information is available at entergy.com.

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“The difficult but necessary decision to close Pilgrim impacted our dedicated employees and their families, and was a decision we did not make lightly,” said Entergy Chairman and Chief Executive Officer Leo Denault. “Our employees are the backbone of the company, and their pride and professionalism are evident every day. Their legacy is a 47-year record of carbon-free power generation, done safely and securely, which benefitted the region in innumerable ways.”

The closure of Pilgrim is another important milestone in Entergy’s exit of the merchant power business, as the company transitions to a pure-play utility business.

As part of its employee commitment at Pilgrim, the company previously announced its plan to find a position within Entergy for those qualified employees who were willing to relocate. Currently, more than 50 employees from Pilgrim have accepted offers to continue with the company in other locations.

In August, Entergy announced the proposed sale of the subsidiary that owns Pilgrim to a Holtec International subsidiary, a decommissioning specialty company that plans to complete decommissioning at the site decades sooner than if Entergy continued to own the plant. Regulatory approval and closing of the transaction are targeted for 2019. Holtec, through its affiliate Comprehensive Decommissioning International, will hire Entergy’s employees at Pilgrim who have been selected for “Phase I” of decommissioning.

Entergy’s remaining operating nuclear power plants in merchant power markets – Indian Point Unit 2 and Unit 3, in New York, and Palisades Power Plant, in Michigan, are scheduled to be shut down in 2020, 2021, and 2022, respectively. These closures, along with the sale of these plants to decommissioning specialty companies, mark the end of Entergy’s participation in merchant power markets and its return to a pure-play utility.

Entergy owns and operates five nuclear power units in its regulated utility business, and is committed to the continued operation of its nuclear fleet in those locations. Its nuclear power plants in those markets are located in Louisiana, Arkansas and Mississippi, and have more than 5,000 megawatts of clean, reliable, and economic electricity generating capacity for customers in those regions.

Cautionary Note Regarding Forward-Looking Statements

In this news release, and from time to time, şÚÁĎłÔąĎÍř makes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, among other things, Entergy’s plans and expectations with respect to the sale of the Pilgrim Nuclear Power Station, other steps being taken by Entergy to exit the merchant power business, and other statements of Entergy’s plans, beliefs or expectations included in this news release. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. Except to the extent required by the federal securities laws, Entergy undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Forward-looking statements are subject to a number of risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied in such forward-looking statements, including (a) those factors discussed elsewhere in this news release and in Entergy’s most recent Annual Report on Form 10-K, any subsequent Quarterly Reports on Form 10-Q and Entergy’s other reports and filings made under the Securities Exchange Act of 1934; (b) uncertainties associated with (1) rate proceedings, formula rate plans and other cost recovery mechanisms, including the risk that costs may not be recoverable to the extent anticipated by the utilities and (2) implementation of the ratemaking effects of changes in law; (c) uncertainties associated with efforts to remediate the effects of major storms and recover related restoration costs; (d) risks associated with operating nuclear facilities, including plant relicensing, operating and regulatory costs and risks; (e) changes in decommissioning trust fund values or earnings or in the timing or cost of decommissioning Entergy’s nuclear plant sites; (f) legislative and regulatory actions and risks and uncertainties associated with claims or litigation by or against Entergy and its subsidiaries; (g) risks and uncertainties associated with strategic transactions that Entergy or its subsidiaries may undertake, including the risk that any such transaction may not be completed as and when expected and the risk that the anticipated benefits of the transaction may not be realized; (h) effects of changes in federal, state or local laws and regulations and other governmental actions or policies, including changes in monetary, fiscal, tax, environmental or energy policies; and (i) the effects of technological changes and changes in commodity markets, capital markets or economic conditions; and (j) impacts from a terrorist attack, cybersecurity threats, data security breaches or other attempts to disrupt Entergy’s business or operations, and other catastrophic events.

About Pilgrim and Entergy

The Pilgrim Nuclear Power Station employs about 600 nuclear professionals and had 680 megawatts of virtually carbon-free electricity generating capacity, enough to power more than 600,000 homes. Pilgrim began generating electricity in 1972. Entergy purchased the plant in 1999 from Boston Edison. Additional information is available atĚý.

şÚÁĎłÔąĎÍř is an integrated energy company engaged primarily in electric power production and retail distribution operations. Entergy owns and operates power plants with approximately 30,000 megawatts of electric generating capacity, including 9,000 megawatts of nuclear power. Entergy delivers electricity to 2.9 million utility customers in Arkansas, Louisiana, Mississippi and Texas. Entergy has annual revenues of $11 billion and nearly 13,700 employees. Additional information is available atĚýentergy.com.

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The action came following the NRC’s closure of a Confirmatory Action Letter issued in ĚýAugust 2017 that detailed specific actions Entergy committed to complete in order to fully address the plant’s performance issues.

“Each of our 600 employees committed themselves to returning the plant to the NRC’s top regulatory category, which required our performance and corrective actions to undergo thousands of hours of enhanced reviews and inspections over the last two years,” said Brian R. Sullivan, site vice president and Entergy’s top official at the site.

“Since Pilgrim was already slated to be permanently retired by June, I’m sure some wondered whether we would return to normal oversight before shutdown,” Sullivan continued.ĚýĚý “The professionalism and pride of our employees was evident every single day, and along with strong support from our company’s nuclear division, are the reasons we have seen greatly improved performance at the site. When people look back years from now at Pilgrim’s nearly 50-year history of service to our region, our legacy will always reflect the dedication, hard work, and commitment of thousands of men and women completely committed to Pilgrim’s safe operation.”

“The employees at Pilgrim are some of the finest nuclear professionals I have known. Their dedication, along with the support from our company’s nuclear division and other plants, was evident throughout this multiyear performance improvement effort,” said Chris Costanzo, senior vice president of nuclear operations for Entergy.

Entergy announced in Oct. 2015 the permanent shutdown of Pilgrim by June 1, 2019.

Entergy has invested more than $600 million in safety and reliability improvements to ensure delivery of hundreds of millions of megawatt hours of safe, reliable, carbon-free power to the region since purchasing Pilgrim from Boston Edison in 1999.

About Pilgrim and Entergy

The Pilgrim Nuclear Power Station employs about 600 nuclear professionals and generates 680 megawatts of safe, reliable, carbon-free power, enough to power more than 600,000 homes. Pilgrim began generating electricity in 1972. ĚýAdditional information is available at .

şÚÁĎłÔąĎÍř is an integrated energy company engaged primarily in electric power production and retail distribution operations. Entergy owns and operates power plants with approximately 30,000 megawatts of electric generating capacity, including nearly 9,000 megawatts of nuclear power. Entergy delivers electricity to 2.9 million utility customers in Arkansas, Louisiana, Mississippi and Texas. Entergy has annual revenues of approximately $11 billion and more than 13,000 employees.

The companies jointly filed aĚý, requesting approval for the transfer of the Pilgrim Nuclear Power Station, as well as its Nuclear Decommissioning Trust Fund, to Holtec after the plant permanently shuts down by June 1, 2019. They also made detailed separate filings that lay out the process each company would use to decommission the facility. The companies have asked the NRC to approve the application by May 31, 2019, to facilitate a timely transaction closing by the end of 2019, which will benefit the community, employees and other interested constituents. Holtec’s filings describe the plan of its subsidiary, Holtec Decommissioning International, to complete the dismantling, decontamination, and remediation of Pilgrim to NRC standards within eight years of license transfer, or by the end of 2027, assuming timely regulatory approvals. Holtec’s process achieves site restoration decades sooner than if Entergy retained the plant while meeting all applicable local, state and federal regulations. Holtec estimates total costs for decommissioning Pilgrim at $1.13 billion. The balance in Pilgrim’s Decommissioning Trust Fund as of October 31, 2018, was $1.05 billion.

Holtec’s technical expertise, innovations and industry-leading experience in spent fuel management and decommissioning enable it to do the work in a more cost-effective manner, with uncompromised safety and under rigorous NRC oversight. Over 100 nuclear plants rely on Holtec’s nuclear fuel storage technology, and the company is the world leader in spent nuclear fuel storage technology design and implementation. Holtec has contracted with Comprehensive Decommissioning International, LLC (CDI) to perform the decommissioning, including demolition and site cleanup. CDI is a joint venture company of Holtec International and SNC-Lavalin. The decommissioning experience held by Holtec and SNC-Lavalin gives CDI more than half a century of managing complex projects in both the commercial and government nuclear sectors worldwide.

The completion of decommissioning will result in the release of all portions of the site from the current NRC license, with the exception of the Independent Spent Fuel Storage Installation (ISFSI) – the area where spent nuclear fuel is stored in dry casks until the U.S. Department of şÚÁĎłÔąĎÍř transfers the spent fuel offsite. As part of its plan, Holtec expects to move all spent nuclear fuel into dry casks within three years following plant shutdown. Additionally, Holtec has a pending application with the NRC for a Consolidated Interim Storage Facility in New Mexico, which could eventually store spent nuclear fuel from Pilgrim and other U.S. nuclear power plants.

In addition to the License Transfer Application, Entergy and Holtec submitted filings today with the NRC that outline these areas:

• Post-Shutdown Decommissioning Activities Report – A description, schedule and cost estimate of planned decommissioning activities.
• Decommissioning Cost Estimate – A study estimating the costs to decommission the nuclear plant, including labor, fuel and disposal fees (included as an attachment to the PSDAR).
• Commingled Fund Exemption Request – A request to allow the Nuclear Decommissioning Trust Fund to be used for spent fuel management and site restoration (Holtec’s exemption request is included with the License Transfer Application).
• Entergy also submitted an Updated Spent Fuel Management Plan, which describes how Pilgrim intends to fund and manage all spent nuclear fuel until it is transferred to the U.S. Department of şÚÁĎłÔąĎÍř for ultimate disposal.

The Entergy submittals will govern Pilgrim’s decommissioning if Entergy remains the plant owner and operator. If the sale, originally announced August 1, 2018, does not take place and the Entergy affiliate (Entergy Nuclear Generation Company) continues to own Pilgrim, the plant would be placed in “SAFSTOR,” the NRC-approved option that allows the Nuclear Decommissioning Trust Fund to grow over several decades before decommissioning and site restoration is completed by 2080. Entergy estimates total costs for decommissioning Pilgrim using the SAFSTOR method to be $1.66 billion. The Holtec submittals provide its plan for decommissioning the plant promptly.

Cautionary Note Regarding Forward-Looking Statements

In this news release, and from time to time, şÚÁĎłÔąĎÍř makes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, among other things, Entergy’s plans and expectations with respect to the Pilgrim Nuclear Power Station and the proposed sale transaction and other statements of Entergy’s plans, beliefs or expectations included in this news release. Except to the extent required by the federal securities laws, Entergy undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Background Information

The Pilgrim Nuclear Power Station employs about 600 nuclear professionals and generates 680 megawatts of virtually carbon-free electricity, enough to power more than 600,000 homes. Pilgrim began generating electricity in 1972. Entergy purchased the plant in 1999 from Boston Edison. Additional information is available atĚý.

şÚÁĎłÔąĎÍř is an integrated energy company engaged primarily in electric power production and retail distribution operations. Entergy owns and operates power plants with approximately 30,000 megawatts of electric generating capacity, including nearly 9,000 megawatts of nuclear power. Entergy delivers electricity to 2.9 million utility customers in Arkansas, Louisiana, Mississippi, and Texas. Entergy has annual revenues of approximately $11 billion and more than 13,000 employees. Additional information is available atĚýwww.entergy.com.

Holtec International is a privately held energy technology company with operation centers in Florida, New Jersey, Ohio, and Pennsylvania in the U.S., and globally in Brazil, Dubai, India, South Africa, Spain, U.K., and Ukraine. Holtec’s principal business concentration is in the nuclear power industry. Holtec has played a preeminent role since the 1980s by densifying wet storage in nuclear plants’ spent fuel pools deferring the need for and expense of alternative measures by as much as two decades at over 110 reactor units in the U.S. and abroad. Dry storage and transport of nuclear fuel is another area in which Holtec is recognized as the foremost innovator and industry leader with a dominant market share and an active market presence in eighteen countries. Among the Company’s pioneering endeavors are the world’s first below-ground Consolidated Interim Storage Facility being developed in New Mexico and a 160-Megawatt walk away safe small modular reactor, SMR-160. The SMR-160 is developed to bring cost competitive carbon-free energy to all corners of the earth including water- challenged regions. Holtec is also a major supplier of special-purpose pressure vessels and critical-service heat exchange equipment such as air-cooled condensers, steam generators, feedwater heaters, and water-cooled condensers. Virtually all products produced by the Company are built in its three large manufacturing plants in the U.S. and one in India. Thanks to a solid record of consistent profitability and steady growth since its founding in 1986, Holtec has no history of any long-term debt and enjoys a platinum credit rating from the financial markets. Nearly 100 U.S. and international patents protect the Company’s intellectual property from predation by its global competitors and lend predictable stability to its business base. To learn more about Holtec International, please visitĚý

Assuming timely regulatory approvals, Holtec expects to initiate prompt decommissioning of Pilgrim in 2020, with the expectation that all major decommissioning work will be completed in approximately eight years. A timeline for the decommissioning of Palisades will be developed closer to its shutdown. For both Pilgrim and Palisades, Holtec expects to move all of the spent nuclear fuel out of the spent fuel pools and into dry cask storage within approximately three years of the plants’ respective shutdowns.

“Transferring our Pilgrim and Palisades plants to Holtec, with its vast experience and innovative use of technology, will lead to their decommissioning faster than if they were to remain under Entergy’s ownership,” said Entergy Chairman and Chief Executive Officer Leo Denault. “Earlier decommissioning benefits the surrounding communities,” he added.

Entergy remains committed to the safe and reliable operation of Pilgrim and Palisades until their permanent shutdowns. By selling these plants for decommissioning, Entergy continues to execute its strategy to exit Entergy Wholesale Commodities and move to a pure play utility.ĚýEntergy is seeking regulatory approvals to sell its subsidiary that owns the shutdown Vermont Yankee site by the end of this year.

“We look forward to engaging with representatives of the Pilgrim and Palisades communities and with the appropriate state and local government officials in Massachusetts and Michigan about site restoration standards and effective coordination during the decommissioning process. We intend to deploy cutting-edge technologies to carry out the deconstruction of the plant structures with minimal impact on the environment and maximum personnel safety which are our core competencies. As a growing company, we look forward to exploring employment opportunities for Entergy employees dislocated by the plant’s decommissioning,” said Holtec President and CEO Dr. Kris Singh.

Holtec and Entergy expect to file a license transfer request with the NRC in the fourth quarter of this year for Pilgrim, with transaction closing targeted by the end of 2019. For Palisades, the license transfer request would take place closer to its planned shutdown in the spring of 2022, with transaction closing expected by the end of that year.

Operational Highlights

Holtec is finalizing contracts with Comprehensive Decommissioning International (CDI), a newly-formed U.S.-based joint venture company between Holtec and SNC-Lavalin, to perform the decommissioning, including the demolition and cleanup of the two plants and sites.

Holtec will draw on its and its partners’ safety commitment and decades of experience and expertise in decommissioning and site remediation to carry out decommissioning, which could benefit the local communities by returning these plant sites (excluding each site’s ISFSI) to productive use sooner. Holtec will transfer all of the used nuclear fuel to its cask systems to be stored at the ISFSIs, which will remain under guard at the sites, monitored during shutdown and decommissioning and subject to the NRC’s oversight, until the U.S. Department of şÚÁĎłÔąĎÍř removes it, in accordance with its legal obligations.

Entergy Financial Impact

As consideration for its transfer to Holtec of its interest in Entergy Nuclear Generation Company (ENGC, Pilgrim’s owner) and Entergy Nuclear Palisades, LLC (ENP, Palisades’ and Big Rock Point’s owner), Entergy will receive nominal cash consideration.

Each transaction is expected to result in a non-cash loss based on the difference between Entergy’s net investment in each subsidiary and the sale price plus any agreed adjustments. As of June 30, 2018, the adjusted net investment in ENGC was $557 million and the adjusted net investment in ENP was $131 million. The primary variables in the ultimate loss are the values of the NDTs and the asset retirement obligations, financial results from plant operations, and the level of any deferred tax balances prior to the closing of the sale.

Entergy affirmed its expectation for Entergy Wholesale Commodities to provide positive net cash to parent through 2022. The transactions, individually or in combination, are not expected to change this outlook.

Closing conditions include contractually-agreed minimum funding levels for the NDTs. The amounts of any contribution that may be required to meet the minimum funding levels are highly uncertain and will depend largely on the market performance of the trust investments through closing. Nevertheless, given the terms of the agreements, Entergy does not expect that contributions to either NDT will be required.

Entergy also filed a Report on Form 8-K with the U.S. Securities and Exchange Commission providing additional information concerning the transactions.

About Pilgrim, Palisades, Big Rock and Entergy

The Pilgrim Nuclear Power Station employs about 600 nuclear professionals and generates 680 megawatts of virtually carbon-free electricity, enough to power more than 600,000 homes. Pilgrim began generating electricity in 1972. Entergy purchased the plant in 1999 from Boston Edison. Additional information is available at .

The Palisades Power Plant employs about 600 nuclear professionals and began generating electricity in 1971. The plant generates more than 800 megawatts of virtually carbon-free electricity, enough to power more than 800,000 homes. Entergy purchased the plant in 2007 from Consumers şÚÁĎłÔąĎÍř and continues to operate under a 15-year power purchase agreement that expires in the spring of 2022. Additional information is available at .

Big Rock Point Nuclear Power Plant operated from 1962 to 1997 and its decontamination and dismantlement was completed in 1999. Entergy acquired Big Rock Point from Consumers şÚÁĎłÔąĎÍř in 2007 as part of the Palisades transaction.

şÚÁĎłÔąĎÍř is an integrated energy company engaged primarily in electric power production and retail distribution operations. Entergy owns and operates power plants with approximately 30,000 megawatts of electric generating capacity, including nearly 9,000 megawatts of nuclear power. Entergy delivers electricity to 2.9 million utility customers in Arkansas, Louisiana, Mississippi and Texas. Entergy has annual revenues of approximately $11 billion and more than 13,000 employees. Additional information is available at www.entergy.com.

About Holtec International

Holtec International is a privately held energy technology company with operation centers in Florida, New Jersey, Ohio and Pennsylvania in the US, and globally in Brazil, Dubai, India, South Africa, Spain, UK and Ukraine. Holtec’s principal business concentration is in the nuclear power industry. Holtec has played a preeminent role since the 1980s by densifying wet storage in nuclear plants’ spent fuel pools deferring the need for and expense of alternative measures by as much as two decades at over 110 reactor units in the US and abroad. Dry storage and transport of nuclear fuel is another area in which Holtec is recognized as the foremost innovator and industry leader with a dominant market share and an active market presence in eighteen countries. Among the Company’s pioneering endeavors are the world’s first below-ground Consolidated Interim Storage Facility being developed in New Mexico and a 160-Megawatt walk away safe small modular reactor, SMR-160. The SMR-160 is developed to bring cost competitive carbon-free energy to all corners of the earth including water-challenged regions. Holtec is also a major supplier of special-purpose pressure vessels and critical-service heat exchange equipment such as air-cooled condensers, steam generators, feedwater heaters, and water-cooled condensers. Virtually all products produced by the Company are built in its three large manufacturing plants in the US and one in India. Thanks to a solid record of consistent profitability and steady growth since its founding in 1986, Holtec has no history of any long-term debt and enjoys a platinum credit rating from the financial markets. Nearly 100 US and international patents protect the Company’s intellectual property from predation by its global competitors and lend predictable stability to its business base. To learn more about Holtec International, visit:

About Comprehensive Decommissioning International

CDI, with headquarters in Camden, New Jersey, seeks to become an industry-leading decommissioning company by providing comprehensive project solutions for retiring nuclear power plants. CDI’s global operations provide expertise and technological innovation to protect the public in an environmentally responsible, safe and ethical manner. The joint venture company is committed to the enhancement of the communities in which it operates, and employing financially sustainable business practices that ensure the upholding of obligations made as a trusted steward of legacy nuclear materials.

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Cautionary Note Regarding Forward-Looking Statements

In this news release, and from time to time, şÚÁĎłÔąĎÍř makes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, among other things, Entergy’s plans and expectations with respect to the Palisades Power Plant, the Pilgrim Nuclear Power Station and the Vermont Yankee Nuclear Power Station and other statements of Entergy’s plans, beliefs or expectations included in this news release. Except to the extent required by the federal securities laws, Entergy undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Forward-looking statements are subject to a number of risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied in such forward-looking statements, including (a) those factors discussed elsewhere in this news release and in Entergy’s most recent Annual Report on Form 10-K, any subsequent Quarterly Reports on Form 10-Q and Entergy’s other reports and filings made under the Securities Exchange Act of 1934; (b) uncertainties associated with (1) rate proceedings, formula rate plans and other cost recovery mechanisms, including the risk that costs may not be recoverable to the extent anticipated by the utilities and (2) implementation of the ratemaking effects of changes in law; (c) uncertainties associated efforts to remediate the effects of major storms and recover related restoration costs; (d) nuclear plant relicensing, operating and regulatory costs and risks, including any changes resulting from the nuclear crisis in Japan following its catastrophic earthquake ant tsunami; (e) changes in decommissioning trust fund values or earnings or in the timing or cost of decommissioning Entergy’s nuclear plant sites; (f) legislative and regulatory actions and risks and uncertainties associated with claims or litigation by or against Entergy and its subsidiaries; (g) risks and uncertainties associated with strategic transactions that Entergy or its subsidiaries may undertake, including the risk that these transactions may not be completed or may not be completed as and when expected and the risk that the anticipated benefits of these transactions may not be realized; (h) effects of changes in federal, state or local laws and regulations and other governmental actions or policies, including changes in monetary, fiscal, tax, environmental or energy policies; and (i) the effects of technological changes in commodity markets, capital markets, or economic conditions, during the periods covered by the forward-looking statements.

What’s your power principle at work?ĚýMy power principle at work is to always be prepared. Whatever department you may work in, preparation is the key to ensuring we perform all of our work safely and error-free. An important factor in work management is taking time to prepare for maintenance activities weeks before implementation so that we can ensure we are ready to do the right work, the right way.

What motivates you to live and work safely?ĚýI enjoy traveling with my husband and taking part in active hobbies. It is important for me to live and work safely because injuries could really inhibit my quality of life.

How do you balance work and family?ĚýI try to leave work on time when plant conditions allow. There will always be a never-ending list of things to do at work, and if IĚýsave time in my day for my family and myself, I can come back to work refreshed and focused.

Simply, what do you do at Entergy?ĚýI coordinate and schedule electrical maintenance activities including preventative maintenance and corrective maintenance. I also ensure that electrical maintenance has prepared to execute the schedule by walking down packages and identifying changes that need to be made weeks before implementation. As part of the work management team, what it really comes down to is making sure that we fix the plant, which is one of our fleetĚýand site focus areas.

Would you like to join Eleni as she helps power life?ĚýĚýYou can alsoĚý!Ěý

Chip’s Power Principle

My power principle is, “Success in life is based on understanding and paying attention to your priorities.” My priorities include my faith, my family and having fun. If your priorities are aligned, everything else will fall into place.

His Proudest Moment

One of my proudest moments was the birth of my first grandchild. However, throughout life I have had several proud moments ─ my wedding day, my college graduation, completion of our home renovation project and the births of my three children.

A Typical Day for Chip

I arrive at work each day before 6:30 a.m. My day consists of meetings and dealing with safety and regulatory issues. If I can fit in a workout or spend time at home relaxing with my wife I’ve had a great day.

Where He Sees Himself in Five Years

In five years, I see myself spending more time with my grandchildren. With Pilgrim shutting down, I also see myself serving in a consulting or teaching role within the nuclear industry.

Chip’s Hero

Hands down, my hero is my dad. I was only 17 when he passed away, but he made a substantial impact on my life. My dad was a successful entrepreneur, pioneer, owner and operator in the lodging industry. As a result, he used jobs in the business as personal development opportunities for me and my siblings. My dad was a true leader who could bring out the best in others.

Katie’s Power Principle
My power principle is to continuously learn because having an open and curious mindset allows us to learn faster and become a better version of ourselves. And learning through doing is my favorite way to learn. Several fellow employees have taught me a tremendous amount and helped me develop important skills, whether it is technical knowledge or how to interact with people. It’s amazing what one can learn by just asking questions and listening.

Nuclear runs in the family

I come from a nuclear family. My mother and father met while working at a nuclear facility.Ěý My father is still in the industry. Additionally, I have an identical twin sister who works at Seabrook Nuclear Station. Needless to say, some dinner conversations turn to the subject of nuclear power and the rest of the family is lost listening to us.

What a day in her life looks like
My day starts at sunrise, walking along Cape Cod Bay into Pilgrim Station. I typically have a morning meeting, then a team meeting after that to discuss plant status and tasks for the day.

An ideal day continues with a few hours of deep, focused work.

If I’m being good, I’ll eat a healthy lunch from home. During the day I almost always sneak at least one piece of chocolate from my famous candy jars.

In the afternoon, I have one-on-one meetings with my teammates and attend other plant and task-related meetings. This helps ensure engineering is represented at meetings and provides input when making plant decisions.

I typically end my day with a run through downtown Plymouth or a soccer game with friends.

Her proudest moment

Before Pilgrim’s closure was announced, I volunteered to speak at the U.S. Nuclear Regulatory Commission’s public meeting for Pilgrim Station. It was an opportunity for me to talk to area residents and press about nuclear power and my proudest moment since starting at Entergy.

It’s important for our communities to understand that Pilgrim generates about 15 percent of the energy in Massachusetts; the majority of the state’s sustainable energy. The plant provides more than 600 jobs. Many of the employees at the plant live in Plymouth and surrounding towns. Safety is our number one priority since we live and work here.

Where the missing 15 percent energy will come from is currently unknown. There’s discussion of importing the energy from Canada. While I am disappointed in the closure of the plant and the loss of jobs and energy to the region, I’m extremely proud of my time here at Entergy. Everyone at the plant is working hard to leave a positive legacy for Pilgrim Station.

The best work-related advice she’s received

After the closure of Pilgrim was announced, I was in near tears from the news. One of my friends at the plant could see I was having a hard time. He came by and wrote on our white board, “Attitude is everything.” Even though the saying is somewhat cliché, we later had a conversation about attitude in work and life.

Throughout your day, things happen, many of which are out of your control. When bad things happen, getting through it is often a function of your attitude and mindset. I always try and remember this advice on some of my toughest days.

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