Holtec International secures federal funding to restart Palisades Nuclear Plant

In Michigan, Palisades Nuclear Plant is on track for a significant restart following a series of events culminating in federal support. The U.S. Department of Energy, through Secretary Chris Wright, announced the approval of $56,787,300 in federal loan funding as part of efforts to disseminate the $1.52 million loan allocated for the plant's restart. This announcement, made on a recent Monday, marks the second round of funding since the initial approval in March 2024. Holtec International, which acquired the plant in 2022 with plans initially set for dismantling, has now pivoted to an operational restart, which would make Palisades the first commercial nuclear plant in the U.S. to reopen after a previous shutdown. The company's motivation includes financial commitments from two electric cooperatives promising to purchase power from the plant upon its restart. Strategically, Secretary Wright remarked on the necessity of exploiting diverse energy resources such as nuclear energy for enhancing energy independence and security. The restarting of the Palisades facility is set to retain or support up to 500 jobs in Michigan, with many of these positions held by experienced workers who have a long tenure at the plant. The past ownership history of Palisades transitioned from CMS Energy, who owned it from 1971 until 2007, to Entergy, prior to Holtec's acquisition. With plans moving forward, the reopening remains contingent upon approvals from the U.S. Nuclear Regulatory Commission.