Entergy Corporation of New Orleans, Louisiana announced today that it will close Pilgrim Nuclear Power Station in Plymouth Massachusetts no later than June 1, 2019.

The company cited reasons of poor market conditions, reduced revenues and increased operational costs.

“When you look at where prices were say approximately a year ago, compared to where they’re at right now, gas prices have dropped over a dollar, power prices have dropped over ten dollars. That is equivalent to a loss of over $40 million a year in revenue for the facility. So that is the number one driver of the decision,” Bill Mohl, Entergy’s president of wholesale commodities, told WBZ-TV.

The 680 megawatt plant, which went online in 1972, generates power to more than 600,000 homes.  The plant was relicensed in 2012 for an additional 20 years and is the only nuclear power plant in Massachusetts. It employs about 600 people, making it the town’s second largest non-government employer.

Gov. Charlie Baker, who in the past has expressed confidence in the plant’s safety, said his concern now is meeting the electric generation needs of the region.

“Losing Pilgrim as a significant power generator not only poses a potential energy shortage, but also highlights the need for clean, reliable, affordable energy proposals,” the Republican governor said.