Entergy cancels spinoff plan, raises dividend - MSNewsNow.com - Jackson, MS

Entergy cancels spinoff plan, raises dividend

NEW ORLEANS (AP) - Entergy Corp. says it will end plans for its proposed spinoff of 6 nuclear power stations into a separate company.

In March, New York utility regulators rejected the plan for the company, called Enexus Energy Corp. and EquaGen LLC, because it wasn't in the public interest.

Entergy said Monday it will end plans for the company and "redirect its efforts into other strategies as soon as possible in 2010."

Entergy estimates it will cost 40 cents to 45 cents per share in charges to close the Enexus operations, in write-offs and other costs.

The company, based in New Orleans, also said it raised its quarterly dividend to 83 cents from 75 cents, payable June 1 to shareholders of record as of May 12.

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