• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 2 days GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 8 days America should go after China but it should be done in a wise way.
  • 2 days Even Shell Agrees with Climate Change!
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 4 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 3 days World could get rid of Putin and Russia but nobody is bold enough
  • 7 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in

Nuclear Power Plant to Reopen in Michigan

The U.S. Department of Energy will provide a loan of $1.5 billion to Holtec, the energy equipment supplier, to reopen the Palisades nuclear power plant in Michigan.

This is according to a Reuters report citing an unnamed source who said the loan will be made public next month.

This would be the first time ever that a closed nuclear power plant in the United States would be reopened.

A spokesperson for Holtec confirmed the news of the reopening, saying "We hope for a timely approval to bring the plant back to full power operation toward the end of 2025."

“As we transition away from fossil fuels, nuclear is going to be a critical part of not only reaching our climate goals but doing so in a way that ensures the lights stay on,” Nick Culp also said.

Holtec originally bought the Palisades nuclear plant in 2022 from Entergy with the intention of decommissioning it as federal and state energy policies made it harder for nuclear power to compete with other forms of energy.

However, last year the Biden administration rediscovered nuclear power as a low-carbon option and signaled they would support more nuclear—especially as it emerged the massive buildout in wind and solar that the administration saw as the only way to transition away from oil and gas might not be that easy to do.

As interest in nuclear returned Holtec filed an application with the Nuclear Regulatory Commission last October to reopen the facility. A month later, the company had also signed a deal with a Michigan non-profit energy cooperative to buy up to 66% of the power that Palisades would generate.

ADVERTISEMENT

The Palisades plant has a capacity of 800 MW, and Holtec last year announced plans to build two new reactors at the site—small modular reactors with a capacity of 300 MW each. The company, however, said that without federal funding it would not be able to reopen Palisades and would have to instead decommission it.

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News