48
LIBC/1487366.4
LIBC/1487366.4
SEC EXHIBIT 10.B.91
FIRST AMENDMENT TO
POWER PURCHASE AGREEMENT
BETWEEN
ENTERGY NUCLEAR VERMONT YANKEE, LLC
AND
VERMONT YANKEE NUCLEAR POWER CORPORATION
FIRST AMENDMENT TO POWER PURCHASE AGREEMENT
This FIRST AMENDMENT TO POWER PURCHASE AGREEMENT (the "Amendment") is entered
into this 7th day of May, 2002, by and between Entergy Nuclear Vermont Yankee,
LLC, a Delaware limited liability company having a principal place of business
at 000 Xxxxxxxx Xxxxxx, Xxxxx Xxxxxx, XX 00000, and Vermont Yankee Nuclear
Power Corporation, a Vermont corporation having its principal place of business
at 000 Xxx Xxxxx Xxxx, Xxxxxxxxxxx, Xxxxxxx 00000.
WHEREAS, the parties hereto have entered into a Power Purchase Agreement on
September 6, 2001 (the "Original Power Purchase Agreement");
WHEREAS, on March 4, 2002, in connection with Docket No. 6545 before the State
of Vermont Public Service Board, the parties hereto and certain other parties
entered into a Memorandum of Understanding Among Entergy Nuclear Vermont Yankee,
LLC, Vermont Yankee Nuclear Power Corporation, Central Vermont Public Service
Corporation, Green Mountain Power Corporation and the Vermont Department of
Public Service (the "MOU");
WHEREAS, pursuant to the MOU the parties hereto agreed to amend the terms of the
Original Power Purchase Agreement; and
WHEREAS, capitalized terms used in this Amendment shall have the meanings
ascribed to them in the Original Power Purchase Agreement.
NOW THEREFORE, in consideration of these premises, the mutual agreements set
forth herein and other good and valuable consideration, and intending to be
legally bound, the parties agree as follows:
1. AMENDMENT OF ARTICLE 2(T). The second sentence of Article 2(t) of the
----------------------------
Original Power Purchase Agreement is modified to read as follows:
"In the event there is no clearing price for Installed Capability, the Market
Price shall be the product of (x) the amount set forth in clause (a) of the
preceding sentence and (y) 110% (or such other percentage mutually acceptable to
Vermont Yankee and the Seller to accurately reflect the price of Installed
Capability)".
All other provisions of Article 2(t) remain unchanged.
2. AMENDMENT TO ARTICLE 5(A). The proviso in Article 5(a) is amended
----------------------------
by deleting the words "after the end of the RFO 25 refueling outage (i.e.,
approximately October 2005)" and inserting in lieu thereof the words "after the
beginning of the RFO 25 refueling outage, but in any event no later than
November 1, 2005,".
3. EFFECT ON OTHER PROVISIONS OF THE ORIGINAL POWER PURCHASE AGREEMENT.
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Except as modified by this First Amendment, the provisions of the Original Power
Purchase Agreement remain in full force and effect.
IN WITNESS WHEREOF the parties hereto have executed this Amendment as of the
date first written above.
ENTERGY NUCLEAR VERMONT YANKEE, LLC
By: /s/Xxxxx X. Velverton
--------------------
Name: Xxxxx X. Velverton
Title: President and CEO
VERMONT YANKEE NUCLEAR POWER CORPORATION
By: /s/Xxxxx X. Xxxxxxx
-----------------------
Name: Xxxxx X. Xxxxxxx
Title: Senior Vice President of Finance and
Administration
