Entergy makes spin-off concessions for New York ?

Power provider Entergy Corp. has agreed to financial concessions in an attempt to win approval from New York regulators for its proposed spin-off of six nuclear units. The New York State Public Service Commission is scheduled Thursday to consider whether to allow New Orleans-based Entergy to create a separate, publicly traded company known as Enexus Energy Corp. Enexus would take over Entergy’s reactors, which generate electricity sold on the supply-and-demand wholesale market, including the James A. Fitzpatrick station in Oswego County, N.Y., and two units at the Indian Point Energy Center in Westchester County, N.Y. On Feb. 11, the staff of the New York commission recommended rejection of the spin-off, telling regulators Entergy’s proposal—as it now stands—is not in the public’s best interest, primarily because the new company would be saddled with too much debt. In a filing today with the commission, Entergy says Enexus’ initial long-term debt would be reduced by $500 million to no more than $3 billion. “We’re offering to cut debt, improve liquidity and share revenue,” says Entergy spokesman Mike Burns.