DOE makes $1.5B conditional loan commitment to help Holtec restart Palisades nuclear plant

Robert Walton | Source: Utility DIVE | Posted 03/28/2024

The U.S. Department of Energy’s Loan Programs Office on Wednesday announced a $1.5 billion conditional loan commitment to Holtec Palisades to support the company’s recommissioning of a Michigan nuclear plant.

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The U.S. Department of Energy has approved a $1.5 billion conditional loan commitment to Holtec Palisades to assist in the recommissioning of a Michigan nuclear plant that was closed by Entergy in May 2022 due to financial challenges. Holtec plans to upgrade the Palisades plant to produce baseload power for at least 30 more years starting from 2051, with power purchase agreements already in place with rural cooperatives in Michigan, Illinois, and Indiana.

The revived Palisades plant is forecasted to have significant economic benefits for the region, with Michigan's Governor Gretchen Whitmer emphasizing the milestone of being America's first successfully restarted nuclear power plant. Additionally, the project is expected to contribute positively to the environment by avoiding 4.47 million tons of carbon dioxide emissions annually over 25 years of operation, aligning with climate and energy priorities to provide a reliable source of zero-carbon electricity.

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Source Link: https://www.utilitydive.com/news/doe-conditional-loan-commitment-holtec-palisades-nuclear/711498/

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DOE makes $1.5B conditional loan commitment to help Holtec restart Palisades nuclear plant

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