UPDATE: Bellefonte Nuclear Plant sold for $111 million - WRCBtv.com | Chattanooga News, Weather & Sports

UPDATE: Bellefonte Nuclear Plant sold for $111 million

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Cooling towers at the Bellefonte Nuclear Plant. AP photo Cooling towers at the Bellefonte Nuclear Plant. AP photo

UPDATE: HOLLYWOOD, Ala. (AP) - The Tennessee Valley Authority has sold an unfinished nuclear power plant in northeast Alabama for $111 million.

Nuclear Holdings LLC purchased the Bellefonte Nuclear Plant at auction Monday. The sale price was more than three times the minimum bid of $36.4 million.

The company plans to finish the twin-reactor as a nuclear power plant and bring it online. Such a project could mean billions of dollars in spending and hundreds of jobs in the Tennessee Valley.

Work began at the Bellefonte site in the mid-1970s, but the TVA never finished the two-reactor plant as demand for electricity waned. The utility says it has spent about $5 billion at the plant.

The purchaser gets two unfinished reactors, several buildings and 1,600 acres of land on the Tennessee River.

Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


PREVIOUS STORY: HOLLYWOOD, AL (AP) - The nation's largest federal utility is selling an unfinished nuclear power plant in northeast Alabama.

The Tennessee Valley Authority utility is holding an auction Monday for the Bellefonte Nuclear Plant. Minimum bids are set at $36.4 million, and one company has already said it's offering more than that.

The utility says it wants the property used in a way that will benefit the surrounding economy of the Tennessee Valley.

Work began at the site in the mid-1970s, but the utility never finished the two-reactor plant as demand for electricity softened.

The purchaser will get buildings and 1,600 acres of land on the Tennessee River.

Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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