Sunday, June 1, 2025

Latest

Biden Administration to Fund $1.5 Billion for Revival of Michigan’s Palisades Nuclear Plant

The Biden administration is set to offer a $1.5 billion loan to Holtec International Corp, Bloomberg reports. 

This funding, pending conditional approval from the US Energy Department, aims to rejuvenate the Palisades nuclear plant in Michigan, marking the first revival of a closed US nuclear reactor. This step aligns with the administration’s broader strategy to sustain the nation’s nuclear power plants as part of its climate change mitigation efforts.

Holtec, a privately-held company, has emphasized that the Palisades reactor’s restart hinges on federal financial support. Without it, the company has planned to decommission the facility. This decision comes at a time when more than a dozen US nuclear reactors have ceased operations since 2013, mainly due to economic pressures from cheaper natural gas and renewable energy sources. 

The Energy Department has highlighted the risk of closure for up to half of the country’s nuclear reactors if economic challenges persist.

The loan program, which aims to refurbish aging energy infrastructure, is a component of President Joe Biden’s climate legislation. Its goal is to assist in transitioning away from fossil fuels and towards a decarbonized electricity grid by 2035. 

Holtec acquired the 800-megawatt Palisades plant in 2022 from Entergy Corp., which shut it down for financial reasons. The company’s plans for restarting the plant gained momentum following support from Michigan Governor Gretchen Whitmer and a purchase agreement with Wolverine Power Cooperative for two-thirds of the plant’s output, expected to begin by late 2025. 

However, the project still faces regulatory approvals from federal nuclear authorities. If successful, Palisades will become the first nuclear reactor to be financed under the Biden administration, representing a historic step in US energy policy.


Information for this story was found via Bloomberg, and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

Alamos Gold Q1 Earnings: The Inside Scoop

Cerrado Gold Q4 Earnings: The Turnaround is Working

B2GOLD Q1 Earnings: Revenue Up, Production & Cash Flow Decline

Recommended

Canadian Copper: The $172M Combined Strategy PEA

ESGold Begins Concentration Tests Ahead Of First Production

Related News

Nuclear Revival on the Horizon? Quebec Energy Minister Supports Review of Gentilly-2 Reactor

Quebec’s Energy Minister, Pierre Fitzgibbon, has voiced his support for Hydro-Québec’s exploration into the potential...

Wednesday, August 16, 2023, 12:05:00 PM

US Sets Ambitious Goal to Triple Nuclear Power by 2050

The Biden administration has announced a sweeping plan to triple the United States’ nuclear power...

Tuesday, November 12, 2024, 02:04:00 PM

Ontario Plans First Large-Scale Nuclear Plant in Over 30 Years

Ontario’s growing electricity demands have prompted the government to consider the construction of a new,...

Thursday, July 6, 2023, 10:11:00 AM

Nuclear: South Korea Extends Life On 10 Reactors, France Initiates New 1650MW Plant

South Korea is set to embark on extending the lifespan of ten nuclear reactors in...

Monday, April 1, 2024, 02:40:00 PM

Canada To Expedite Nuclear Projects — Report

Canada has announced a strategy to speed up the approval process for new nuclear projects,...

Friday, March 1, 2024, 11:14:00 AM