EX-10.B.91 4 doc3.txt AMENDMENT TO ENTERGY PPA 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 440 Hamilton Avenue, White Plains, NY 10601, and Vermont Yankee Nuclear Power Corporation, a Vermont corporation having its principal place of business at 185 Old Ferry Road, Brattleboro, Vermont 05301. 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. -------------------------------------------------------------------- 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/Jerry W. Velverton -------------------- Name: Jerry W. Velverton Title: President and CEO VERMONT YANKEE NUCLEAR POWER CORPORATION By: /s/Bruce W. Wiggett ----------------------- Name: Bruce W. Wiggett Title: Senior Vice President of Finance and Administration