Palisades Nuclear Plant Secures $1.5B Loan
Palisades Nuclear Plant Secures $1.5B Loan

Palisades Nuclear Plant Secures $1.5B Loan

News summary

The U.S. Department of Energy has finalized a $1.5 billion loan to restart the Palisades nuclear plant in Michigan, marking the first recommissioning of a U.S. nuclear plant. The plant, owned by Holtec International, is expected to provide power for 800,000 homes and create 600 jobs, with operations potentially resuming by late 2025 pending regulatory approval. This initiative is part of a broader push by the Biden administration to triple U.S. nuclear power capacity amid growing electricity demands and climate change concerns. In addition, $1.3 billion will support rural electric cooperatives to keep energy costs low. The restart will provide carbon-free power but has raised local concerns about nuclear waste and safety. The initiative aligns with a nationwide trend of reviving older nuclear plants to meet new power needs.

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