U.S, government to give $1.52 billion loan guarantee to Holtec to resuscitate Palisades Nuclear Plant.

Biden-Harris Administration Announces $1.5 Billion Conditional Commitment to Holtec Palisades to Support Recommission of Michigan Nuclear Power Plant

ENERG.GOV, MARCH 27, 2024

COVERT TOWNSHIP, MI — As part of President Biden’s Investing in America agenda, the U.S. Department of Energy (DOE) through its Loan Programs Office (LPO) today announced the offer of a conditional commitment of up to $1.52 billion for a loan guarantee to Holtec Palisades to finance the restoration and resumption of service of an 800-MW electric nuclear generating station in Covert Township, Michigan. The project aims to bring back online the Palisades Nuclear Plant, which ceased operations in May 2022, and upgrade it to produce baseload clean power until at least 2051, subject to U.S. Nuclear Regulatory Commission (NRC) licensing approvals. …………………………………………………

While this conditional commitment demonstrates the Department’s intent to finance the project, the company must satisfy certain technical, legal, environmental, and financial conditions before the Department enters into definitive financing documents and funds the loan. …………………..  https://www.energy.gov/articles/biden-harris-administration-announces-15-billion-conditional-commitment-holtec-palisades

March 31, 2024 - Posted by Christina Macpherson | politics, USA