Biden administration to loan $1.5bil to reopen Michigan nuclear plant

Nuclear energy is getting a big boost from the federal government.

The Biden administration plans to provide a $1.5 billion loan to restart the Palisades nuclear power plant in Michigan, making it the first nuclear power plant in the US to be reopened.

The Palisades plant, which was acquired by Holtec International in 2022, was initially intended to be dismantled but will now be restarted by late 2025 with the support of the state of Michigan and the Biden administration.


Driving the news: The restart of the plant is still subject to inspections, testing, and approval from the US Nuclear Regulatory Commission (NRC).

  • This comes just two years after the plant had shut down. 
  • Holtec has secured long-term commitments from two electric cooperatives to purchase power from the plant once it is restarted.

What they’re saying: “Nuclear power is our single largest source of carbon free electricity, directly supporting 100,000 jobs across the country and hundreds of thousands more indirectly,” said U.S. Secretary of Energy Jennifer M. Granholm. “President Biden’s Investing in America agenda is supporting and expanding this vibrant clean energy workforce here in Michigan with significant funding for the Holtec Palisades nuclear power plant.”

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