This week Plymouth Selectmen extended the Payment in Lieu of Taxes, or PILOT, agreement with Entergy–the company that owns the Pilgrim Nuclear Power Plant–for one year. This move increases the town’s treasury by almost ten million dollars.
The five year PILOT agreement with Entergy is set to expire next June. Town officials are now working on the FY13 budget, which begins July 1st. So, this prompted the town to negotiate a one-year bridge agreement with Entergy—even though they haven’t yet been re-licensed.
Assistant Town Manager Melissa Arrighi:
“This will be going for a town meeting vote but the Selectmen are in full support because we need to start building our budget now and can’t wait for re-licensing—since we’re not sure when that will happen.”
What does this mean in terms of a dollar amount for another year?
“A seven hundred million dollar value on the plant, means about 9.7 million dollars in taxes to the town that I can build into next year’s budget.”
Pending spring town meeting approval of the one year extension of the PILOT agreement, the town will begin negotiations with Entergy for an agreement period of five or ten years.