The Michigan Public Service Commission (MPSC) approved just over $142 million for a securitization plan Consumers Energy Co. has proposed for buying out the remainder of its Palisades nuclear plant power purchase agreement with Entergy Nuclear Palisades, LLC.

The $142,151,600 for securitization bonds is less than the $184.6 million Consumers sought when it filed its financing application (Case No. U-18250) with the Commission in February. The MPSC-approved total includes roughly $5.5 million in transaction costs, leaving $136,650,000 for Consumers’ proposed payment to Entergy Corp. Consumers requested $172 million for its payment to Entergy and $12.6 million for transaction costs.

The Commission approved Consumers’ proposal to exclude current choice customers from the securitization obligation. Full service customers who transition to choice service any time after the date of this order will carry the securitization obligation, including applicable true-ups, with them; and any current choice customer who transitions to bundled service shall thereafter be subject to the charge applied to that customer’s class. This is identical to the application of charges in a 2013 securitization order.