Current:Home > ContactBiden administration will lend $1.5B to restart Michigan nuclear power plant, a first in the US -GlobalInvest
Biden administration will lend $1.5B to restart Michigan nuclear power plant, a first in the US
View
Date:2025-04-13 09:47:09
The federal government will provide a $1.5 billion loan to restart a nuclear power plant in southwestern Michigan, officials announced Wednesday.
Holtec International acquired the 800-megawatt Palisades plant in 2022 with plans to dismantle it. But now the emphasis is on restarting it by late 2025, following support from the state of Michigan and the Biden administration.
Gov. Gretchen Whitmer said it would be the first nuclear power plant to be reopened in the U.S. It still faces hurdles, including inspections, testing and the blessing of the U.S. Nuclear Regulatory Commission, known as the NRC.
“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 Energy Secretary Jennifer Granholm, a former Michigan governor.
The Palisades plant is along Lake Michigan, a two-hour drive from Chicago. A Michigan utility, CMS Energy, owned it from 1971 until the plant was sold to Louisiana-based utility Entergy in 2007. It was shut down in 2022.
Holtec said it has long-term commitments so far from two electric cooperatives to buy power from the plant.
“The repowering of Palisades will restore safe, around-the-clock generation to hundreds of thousands of households, businesses and manufacturers,” said Kris Singh, Holtec president and chief executive.
Critics, however, have emerged. A coalition opposed to restarting what it derisively calls a “zombie reactor” has requested a hearing at the NRC.
Holtec spokesman Patrick O’Brien said it will take four to five months to finalize the financial deal with the government.
“It is a loan we have to pay back,” he said.
___
Follow Ed White on X, formerly Twitter, at https://twitter.com/edwritez
veryGood! (5)
Related
- 'No Good Deed': Who's the killer in the Netflix comedy? And will there be a Season 2?
- Families of Palestinian students shot in Vermont say attack was targeted: 'Unfathomable'
- New warning for online shoppers: Watch out for fake 'discreet shipping' fees
- Five things to know about Henry Kissinger, a dominant figure in global affairs in the 1970s
- Taylor Swift makes surprise visit to Kansas City children’s hospital
- Taylor Swift celebrates Spotify top artist 'gift' with release of 'From the Vault' track
- Live updates | Israel and Hamas agree to extend their cease-fire by another day
- Are quiet places going extinct? Meet the volunteers who are trying to change that.
- Will the 'Yellowstone' finale be the last episode? What we know about Season 6, spinoffs
- Iowa teen believed to be early victim of California serial killer identified after 49 years
Ranking
- Are Instagram, Facebook and WhatsApp down? Meta says most issues resolved after outages
- House Speaker Mike Johnson has reservations about expelling George Santos, says members should vote their conscience
- Construction companies in fined connection with worker’s death at Lambeau Field, Packers stadium
- Iconic Christmas tree at Rockefeller Center to be illuminated
- Don't let hackers fool you with a 'scam
- Burning Man narrowly passes environmental inspection months after torrential rain upended festival
- Inflation in Europe falls to 2.4%. It shows interest rates are packing a punch
- Charges dismissed against 3 emergency management supervisors in 2020 death
Recommendation
The Grammy nominee you need to hear: Esperanza Spalding
Mali, dubbed the world's saddest elephant, has died after decades in captivity at the Manila Zoo
Horoscopes Today, November 29, 2023
The body of a missing 7-year-old boy was recovered in a pond near his Texas home
In ‘Nickel Boys,’ striving for a new way to see
Sweden halts adoptions from South Korea after claims of falsified papers on origins of children
Safety officials release details of their investigation into a close call between planes in Texas
The body of a missing 7-year-old boy was recovered in a pond near his Texas home