Competition to Shut GPU Nuclear Plant
The owners of General Public Utilities Corp. are planning either to sell or shut down Oyster Creek nuclear plant, because they claim the plant's above-market electric prices will not be competitive in an open market. The selling price would be set around $700 million.
According to GPU President and COO Fred D. Hafer, the electric generated at Oyster Creek costs the utility about 1 cent to 1.5 cents more per kilowatt-hour than the current market price for energy.