Loan approved to restart Michigan's Palisades nuclear plant

The U.S. Department of Energy has approved another loan payment to Holtec for restarting the decommissioned Palisades nuclear power plant in Covert, Michigan. This loan disbursement, about $57 million, is part of a larger federal guarantee of up to $1.52 billion. The Palisades plant, which stopped operations in May 2022 after over 40 years, would be the first nuclear reactor in the U.S. to be restarted after being shut down. Interest in reviving the Palisades plant has grown as officials see nuclear power as a vital source of clean energy. It produces a large amount of electricity without carbon emissions, which can help fight climate change. U.S. Energy Secretary Chris Wright emphasized the importance of nuclear energy for energy independence and security. If restarted, Palisades would generate 800 megawatts of power, enough to supply roughly 800,000 homes. Holtec officials believe the plant could reopen by the end of this year, pending approvals from the U.S. Nuclear Regulatory Commission. They state that project activities are on schedule and budget. Michigan officials, including Governor Gretchen Whitmer and State Representative Pauline Wendzel, support the project. They see it as essential for job preservation and energy production in the state. However, some nonprofit organizations have raised concerns about the safety and viability of restarting the aging plant. Holtec also plans to build two small modular reactors at the Palisades site by 2030, which would add even more energy generation capacity.