The US administration has released a second loan disbursement of US$56.8m to the company Holtec International, as part of an up to US$1.52bn loan guarantee for the restart of the 800 MW Palisades nuclear plant, located in the US State of Michigan. The US$1.52bn loan guarantee was originally announced by the previous US administration, in October 2024, and approved through the Inflation Reduction Act.
The funding will be used to bolster inspections, testing, restoration, rebuilding, and replacement of existing equipment at Palisades. The power plant is expected to be recommissioned by the end of 2025, subject to the Nuclear Regulatory Commission (NRC) licensing. The power plant could save about 4.5 Mt/year in CO2 emissions, or a total or 111 MtCO2 for the combined 25 years of operations projected for the power plant.
There are 95 nuclear reactors currently in operation in the US for a total capacity of over 97 GW. Nuclear accounted for 18% of the US' total generation in 2022 and 2023.
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