The Palisades nuclear energy plant in Michigan might be one other step nearer to restarting, with stories saying the Biden administration in February will announce $1.5 billion in funding for the challenge.
Holtec Worldwide Corp. bought the 800-MW facility from Entergy in 2022, after Entergy closed the nuclear plant. Holtec was ready to decommission the location in Covert Township, however has since pivoted to presumably restarting operations contingent on funding from the federal authorities.
The Biden administration has mentioned nuclear energy is necessary to satisfy the nation’s objectives to cut back carbon emissions, together with decarbonizing the ability sector by 2035.
Bloomberg Information on Jan. 30 reported that the White Home is about to assist the restart as a part of its financing plan for nuclear energy. Bloomberg, citing “individuals accustomed to the matter,” mentioned the funding would get conditional backing from the U.S. Dept. of Power (DOE). The information service mentioned a spokeswoman for the DOE’s Mortgage Applications Workplace declined to remark resulting from confidentiality issues. The report mentioned an announcement is anticipated in late February.
Bloomberg reported that Nick Culp, a Holtec spokesman, mentioned the corporate was “very optimistic” in regards to the DOE mortgage course of. “It is a historic alternative for the nation and Michigan,” Culp mentioned. “As we transition away from fossil fuels, nuclear goes to be a crucial a part of not solely reaching our local weather objectives however doing so in a approach that ensures the lights keep on.”
The funding from the Biden administration is a part of the federal government’s $6 billion Civil Nuclear Credit score Program introduced in 2021. This system was created by the Bipartisan Infrastructure Regulation handed by Congress that very same 12 months.
Holtec, a diversified vitality expertise group, final 12 months introduced an settlement with Wolverine Energy Cooperative, a Michigan-based not-for-profit energy cooperative, designed to assist the restart of the Palisades plant. Palisades was taken offline in Might 2022.
Jerrold Vincent, co-founder of Nuclearn.ai, a software program firm serving the nuclear energy business, ,instructed POWER within the wake of that deal, “The choice to close down Palisades Nuclear Producing Station … was a low level for the home nuclear energy business. Fortunately a lot progress has been made in the previous couple of years to acknowledge the crucial significance of nuclear energy in a carbon-free vitality future and enhance the economics of nuclear energy by leveraging new applied sciences [such as artificial intelligence]. The PPA [power purchase agreement] deal between Holtec and Wolverine is overwhelming proof that nuclear energy is economically viable and an necessary carbon-free supply of vitality.”
This story might be up to date.
—Darrell Proctor is a senior affiliate editor for POWER (@POWERmagazine).
