Entergy Corporation announced today that it will close the James A. FitzPatrick Nuclear Power Plant in Scriba, NY, in late 2016 or early 2017.  The latest decision is based on the continued deteriorating economics of FitzPatrick, Entergy said in a statement.  It cited reduced plant revenue due to low natural gas prices as well as high operational costs.

“Given the financial challenges our merchant power plants face from sustained wholesale power price declines and other unfavorable market conditions, we have been assessing each asset,” Chief Executive Officer Leo Denault said in the statement. “Market conditions require us to also close the FitzPatrick nuclear plant.”

Efforts over the past two months to reach a deal with New York State officials to avoid a shutdown were unsuccessful, Entergy said.

FitzPatrick began generating electricity in 1975 and produces enough electricity to power more than 800,000 homes. The closing will take a large toll on Oswego County’s economy leaving 600 employees without jobs and $17 million a year in property tax payments.