By William Opalka

Entergy said Thursday it intends to refuel the Pilgrim nuclear plant next year and then cease operations on May 31, 2019.

The company announced last year that the plant would close between 2017 and 2019 but deferred a decision on whether to perform one last refueling. (See Entergy Closing Pilgrim Nuclear Power Station.)

“The issue is that we have an obligation to provide the ISO-NE with power until that May 31, 2019, date. After looking at different options to best fulfill that commitment, we determined refueling Pilgrim was the most appropriate way for the company to meet the obligation,” spokesman Patrick O’Brien said.

At the time of the closure announcement, company officials said the plant’s annual revenue was projected to drop by $40 million a year because of low energy prices.

With a poor ranking for operational performance, the plant was also under increased scrutiny from the Nuclear Regulatory Commission. Meeting NRC requirements to continue operating would have required $45 million to $60 million in capital expenditures, the company said.

Cheap natural gas has depressed power prices and stressed nuclear plants throughout the country. Entergy closed its Vermont Yankee plant at the end of 2014. (See New Lifeline for FitzPatrick Nuclear Plant.)

The final refueling will be a brief boon for the local economy. Entergy said Pilgrim’s 2015 refueling outage required a $70 million investment in the plant, including $25 million in new equipment, and employed nearly 2,000 employees, including 1,184 extra contract workers.

Entergy said a team with decommissioning and Pilgrim plant experience will plan for the shutdown.

The 680-MW plant began commercial operations in 1972.