Luminant to retire Monticello power plant
Luminant, a subsidiary of Vistra Energy, announced plans to retire its Monticello Power Plant in Titus County, Texas. In total, approximately 1,800 MW of power will be taken offline in January of 2018. Luminant estimates that approximately 200 employees will be impacted by Monticello's retirement. Eligible and affected employees will be offered severance benefits and outplacement assistance. The company will also assist employees who are interested in pursuing open positions within our fleet. As part of the retirement process, today Luminant filed a notice with the Electric Reliability Council of Texas, which will trigger a reliability review. If ERCOT determines the units are not needed for reliability following this 60-day review, Luminant expects to stop plant operations on Jan. 4, 2018. Luminant will take the necessary steps to responsibly decommission the facility in accordance with all federal and state regulations. In addition, we will continue the ongoing reclamation work at the plant's mines, which ceased active operations in the spring of 2016. Vistra estimates it will record one-time charges of approximately $20M-25M in the third quarter related to the retirement, including employee-related severance costs and non-cash charges for materials inventory and the acceleration of Luminant's mining reclamation obligations.