Entergy (NYSE:ETR) announced today that the Nuclear Regulatory Commission, or NRC, has approved the utility's ongoing use of Indian Point Unit 2 as it awaits its long-term license approval.

Entergy originally purchased the unit from Consolidated Edison in 2001, and has since put more than $1 billion toward modernizing this and one other Indian Point unit in hopes of receiving a 20-year license renewal. Together, the two units generate about 25% of all electricity used in New York City and Westchester County.

The NRC has been and will continue to be monitoring Entergy's activities as it upgrades the unit, but this newest announcement serves as an important next step in assuring long-term power provisions for the utility. NRC staff have noted before that the plants are safe and environmentally sound.