The first commercial nuclear reactor restart in US history is well underway, and the DOE just released a tranche of funding to make it happen.
This week, the DOE issued a $46.7M loan disbursement to Palisades plant owner Holtec International to support the company’s ongoing push to restart energy production at the site.
- It’s the second loan disbursement to Holtec under the Trump administration and the third in total.
- The DOE has disbursed ~$151M of its up to $1.52B loan guarantee for the Palisades restart.
The story so far: The Palisades plant in Michigan closed in 2022 after 50 years in operation, primarily for economic reasons. It couldn’t compete with the low price of natural gas at the time, and plant owner Entergy was looking for a way out of the business, citing unfavorable market conditions.
Holtec gained control of the plant and its ~$552M decommissioning trust fund in June 2022. It decided shortly thereafter to restart the plant, looking to take advantage of credits and grants for clean power while providing greater grid stability.
The $1.52B loan guarantee was issued under the previous administration but has been upheld and supported by the current administration, despite efforts to cancel other guaranteed loans for clean energy projects.
“In advancing President Trump’s commitment to meet our growing demand for affordable, reliable and secure electricity, America needs to utilize all forms of energy that grow our economy, create new jobs, and secure energy independence,” Energy Secretary Chris Wright said in a statement on the most recent funding disbursement. “With projects like the Palisades Nuclear Plant, the Energy Department is working to ensure America’s nuclear renaissance is just around the corner.”
Up next: Holtec says it will be ready to power the reactor back up by October, but it needs regulatory approval to do so. The NRC says it expects to issue its final decision by July 31.
Lead Reporter of Ignition
