By Ted Caddell

Fourth-quarter profits of $99.6 million ($0.56/share) weren’t enough to offset Energy’s losses for the year, the company reported last week.

Entergy lost $176.6 million (-$0.99/share) in 2015, compared to $940.7 million in earnings in 2014. Much of the loss was driven by its wholesale electricity business, Entergy Wholesale Commodities (EWC), which experienced a 46% drop in operational earnings.

Entergy CEO Leo Denault noted that the company’s results are “reflecting the changes in strategic direction for the EWC business.” Those changes included deciding to shut down the Vermont Yankee, Pilgrim and FitzPatrick nuclear stations. Vermont Yankee closed at the end of 2014, while the company announced late last year it would close the other two.

“The most significant factor was lower wholesale prices,” CFO Drew Marsh said. “The nuclear fleet revenue was $44/MWh this quarter, down from $54 in 2014, excluding Vermont Yankee. Closure of VY contributed 5 cents to the decline.”

“We took steps to reduce volatility and gain clarity on the future of the business. Closing Pilgrim and FitzPatrick was not the path we wanted to take,” Denault said. “After pursuing many alternatives, they ultimately were the only options remaining for us. We know they are tough decisions for those involved and we are committed to supporting our employees who work at these plants and their communities throughout this difficult transition.”

Denault said the company has yet to commit to a mid-year refueling at Pilgrim, which will have a large effect on future costs and generation output there, and possibly the closing date.

He also said the company is committed to building new natural gas-fired generation, including a 980-MW plant in Montz, La., as well as the purchase of the Union Power Station, a 1,980-MW near El Dorado, Ark.