Palisades Nuclear Power Plant in Southwest Michigan has been approved for a $1.5 billion loan from the US government to restart operations. The plant, which was acquired by Holtec International in 2022 with plans to dismantle it, will now be restarted by the end of 2025 with support from the state of Michigan and the Biden administration.
Palisades is set to shut down in May 2022, making it the first nuclear power plant to reopen in the US. However, the plant will face various challenges such as inspections, testing, and approvals from the US Nuclear Regulatory Commission (NRC).
Holtec has secured a conditional loan commitment from the US Department of Energy to reopen Palisades, creating 600 high-paying jobs and providing clean, reliable power for 800,000 homes. The plant’s reopening is expected to have significant environmental benefits, as it is projected to prevent 111 million tons of CO2 emissions over a 25-year operational period.
The clean energy generated by Palisades will be an important addition to the power grid, especially as coal power plants are being phased out. The plant has already made agreements to sell its power to rural electric organizations in Michigan, Illinois, and Indiana. This marks a positive step towards achieving sustainability and reducing greenhouse gas emissions in the region.
