US Approves Billions in Aid To Restart Michigan Nuclear Plant

The Energy Department said on Monday that it had finalized a $1.52 billion loan guarantee to help a company restart a shuttered nuclear plant in Michigan -- the latest sign of rising government support for nuclear power. From a report: Two rural electricity providers that planned to buy power from the reactor would also receive $1.3 billion in federal grants [Editor's note: the link is likely paywalled; alternative source] under a program approved by Congress to help rural communities tackle climate change. The moves will help Holtec International reopen the Palisades nuclear plant in Covert Township, Mich., which ceased operating in 2022. The company plans to inspect and refurbish the plant's reactor and seek regulatory approval to restart the plant by October 2025.

After years of stagnation, America's nuclear industry is seeing a resurgence of interest. Both Congress and the Biden administration have offered billions of dollars in subsidies to prevent older nuclear plants from closing and to build new reactors. Despite concerns about high costs and hazardous waste, nuclear plants can generate electricity at all hours without emitting the greenhouse gases that are heating the planet. David Turk, the deputy secretary of energy, said he expected U.S. electricity demand would grow by 15 percent over the next few years, driven by an increase in electric vehicles, a boom in battery and solar factories as well as a surge of new data centers for artificial intelligence. That meant the nation needs new low-carbon sources of power that could run 24/7 and complement wind and solar plants.

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