Press Release
☷Biden Harris Administration Announces $1 5 Billion Conditional Commitment to Holtec Palisades to Support Recommission of Michigan Nuclear Power Plant
U.S. Department of Energy ( By Press Release office)
Mar 29,2024
| 16| 0
The U . S . Department of Energy is offering a conditional commitment of up to $1 . 52 billion to Holtec Palisades for a loan guarantee . This funding will help restore and resume operations at an 800 - MW electric nuclear generating station in Covert Township , Michigan . The goal is to bring back the Palisades Nuclear Plant and upgrade it to produce clean power until at least 2051 . This project will support 600 high - quality jobs and reduce emissions . It is part of President Biden ' s Investing in America agenda and will strengthen the country ' s position as a global energy leader . The funding will also drive investments in energy communities , create job opportunities , and strengthen domestic supply chains . This initiative is important because nuclear power is a significant source of carbon - free electricity and supports thousands of jobs across the country . Michigan Governor Gretchen Whitmer expressed gratitude for the loan commitment , highlighting the positive impact it will have on job protection , economic growth , and clean energy . U . S . Secretary of Energy Jennifer Granholm will join Governor Whitmer for a tour of Holtec Palisades Training Center to emphasize the administration ' s commitment to clean power jobs and the advancement of the nuclear industry . The project is all about supporting President Biden ' s plan to create more good - paying jobs and expand access to clean energy resources across the country . It ' s expected to keep around 600 jobs in Michigan , with a good portion of them being union labor . The project will also help support over 1 , 000 jobs during regular maintenance periods and reduce a significant amount of CO2 emissions . Once up and running , the Palisades Nuclear Plant will provide continuous , emission - free electricity , which is important as coal plants are phased out . The project has secured agreements with rural electric co - ops in Michigan , Illinois , and Indiana . Overall , this project is part of President Biden ' s commitment to clean energy and economic development in energy communities . Additionally , there are plans to add small modular reactor units to the site in the future . Decarbonization technologies , such as nuclear energy , will be key in helping President Biden reach his goals for a clean electric grid by 2035 and a net zero emissions economy by 2050 . Nuclear energy , alongside other reliable energy sources , will ensure a reliable and affordable energy supply on a modern , decarbonized grid . The project also aligns with President Biden ' s Justice40 Initiative , aiming to benefit disadvantaged communities . Holtec , the company behind the Palisades Nuclear Plant , is committed to engaging with the community and following regulatory processes for plant operations . While the project does not involve major construction , it will require maintenance and upgrades . Holtec is currently seeking reauthorization for the plant ' s operating license and must meet certain conditions before securing financing from the Department . President Biden ' s infrastructure law has expanded funding opportunities for clean energy projects . LPO ' s new and improved programs have received 203 active applications for projects across the country , totaling over $261 billion in requested loans and loan guarantees . If you ' re interested in learning more about LPO ' s strategic debt financing for America ' s energy and transportation future , check out their monthly application activity report , financing programs , and portfolio project pages .
PLAY the NEWS
* May be useful for visually impaired persons .
Press release information:
Direct link to press release:
Click here .
