Current:Home > BackBiden administration will lend $1.5B to restart Michigan nuclear power plant, a first in the US-DB Wealth Institute B2 Expert Reviews
Biden administration will lend $1.5B to restart Michigan nuclear power plant, a first in the US
View Date:2024-12-23 22:12:53
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! (9)
Related
- Dave Coulier Says He's OK If This Is the End Amid Stage 3 Non-Hodgkin’s Lymphoma Battle
- Insurance magnate pleads guilty as government describes $2B scheme
- Lunchables get early dismissal: Kraft Heinz pulls the iconic snack from school lunches
- Former West Virginia jail officer pleads guilty to civil rights violation in fatal assault on inmate
- 2 weeks after Peanut the Squirrel's euthanasia, owner is seeking answers, justice
- Oklahoma school district adding anti-harassment policies after nonbinary teen’s death
- Stock market today: Asian shares meander, tracking Wall Street’s mixed finish as dollar surges
- Amazon Black Friday 2024 sales event will start Nov. 21: See some of the deals
- A $1 billion proposal is the latest plan to refurbish and save the iconic Houston Astrodome
- Kim Kardashian Says She's Raising Her and Kanye West's 4 Kids By Herself
Ranking
- Rōki Sasaki is coming to MLB: Dodgers the favorite to sign Japanese ace for cheap?
- Judge sets date for 9/11 defendants to enter pleas, deepening battle over court’s independence
- John Krasinski Details Moment He Knew Wife Emily Blunt Was “the One”
- Bull doge! Dogecoin soars as Trump announces a government efficiency group nicknamed DOGE
- In an AP interview, the next Los Angeles DA says he’ll go after low-level nonviolent crimes
- Human head washes ashore on Florida beach, police investigating: reports
- Watch a rescuer’s cat-like reflexes pluck a kitten from mid-air after a scary fall
- Caitlin Clark's gold Nike golf shoes turn heads at The Annika LPGA pro-am
Recommendation
-
Chris Pratt and Katherine Schwarzenegger welcome their first son together
-
Human head washes ashore on Florida beach, police investigating: reports
-
Who is Rep. Matt Gaetz, the Florida congressman Donald Trump picked to serve as attorney general?
-
Nicole Kidman Reveals the Surprising Reason for Starring in NSFW Movie Babygirl
-
Catholic bishops urged to boldly share church teachings — even unpopular ones
-
Mega Millions winning numbers for November 12 drawing: Jackpot rises to $361 million
-
Vegas Sphere reports revenue decline despite hosting UFC 306, Eagles residency
-
2 weeks after Peanut the Squirrel's euthanasia, owner is seeking answers, justice