Pilgrim Nuclear Power Station in Plymouth will shut down by June 1, 2019, its owners announced Tuesday morning, citing "poor market conditions."

Pilgrim owner Energy Corporation said its decision to close the plant was driven by low energy prices, reduced revenues and increased operational costs.

Entergy said Pilgrim would close by June 1, 2019, with the exact timing to be determined during the first half of 2016 following talks with ISO-New England, the region's electric grid operator.

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"The decision to close Pilgrim was incredibly difficult because of the effect on our employees and the communities in which they work and live," Leo Denault, Entergy chairman and CEO, said in a statement. "Our people at Pilgrim are dedicated and skilled, a wonderful blend of young professionals and seasoned, experienced veterans, who for decades have been generating clean power and contributing millions of dollars of economic activity to the region. But market conditions and increased costs led us to reluctantly conclude that we had no option other than to shut down the plant."

Pilgrim opened in 1972 and generates 680 megawatts of electricity, enough to power more than 600,000 homes. Entergy has 13,000 employees and annual revenues of more than $12 billion.