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US government offers Palisades nuclear plant $1.52bn loan guarantee to help fund restart
10/4/2024
News
In an unusual move, the US Department of Energy (DOE) has announced a conditional commitment loan guarantee of up to $1.52bn to Holtec International to finance the restoration and resumption of service of its 800 MW nuclear power station in Covert Township, Michigan.
The project aims to bring back online the single-unit Combustion Engineering-designed pressurised water reactor and upgrade it to produce baseload power until at least 2051, subject to US Nuclear Regulatory Commission (NRC) licensing approvals. Once open, Palisades would be the first successfully restarted nuclear power plant in the US.
It is anticipated that 4.47mn t/y of CO2 emissions of an estimated total 111mn tonnes of CO2 emissions will be avoided during the projected 25 years of operations – roughly equivalent to the annual emissions of removing more than 970,000 gasoline-powered cars from the road.
Palisades shutdown in May 2022 after more than 50 years of operation. Owned by Entergy Corporation, it was sold to Holtec for decommissioning. But in October last year, the company announced it had begun seeking federal reauthorisation of power operations at the site.
Since the plant’s infrastructure already exists, the project does not involve major construction, but it will require inspection, testing, refurbishment, rebuilding and replacement of existing equipment. Prior to shut-down, Palisades operated in the NRC’s highest safety category, completed consecutive record-breaking production runs and was recognised within the industry as a high performing plant.
