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Michigan Nuclear Power Plant Finalizes Federal Loan to Restart America's First Reactor

Michigan Nuclear Power Plant Finalizes Federal Loan to Restart America's First Reactor

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The Palisades Nuclear Generating Station in Covert Township, Michigan.

John Madill | The Herald-Palladium | P.A.

The Palisades Nuclear Power Plant in Michigan has finalized a $1.5 billion loan to support the first reactor restart in U.S. history, the Department of Energy announced Monday.

Palisades owner Holtec International hopes to restart the plant in the fourth quarter of 2025, subject to approval from the U.S. Nuclear Regulatory Commission. Holtec is a privately held nuclear technology company headquartered in Jupiter, Florida.

“All necessary funding has now been secured,” said Holtec spokesman Nick Culp. The company will use the funds for inspections, testing, restoration, reconstruction and replacement of equipment at the plant, according to the Department of Energy.

Holtec has finalized all major licensing applications with the NRC, Culp said. Company executives expect to receive a response from the NRC sometime in 2025, he said.

Restarting the Palisades reactor would mark a milestone for the nuclear industry after a decade-long wave of reactor shutdowns in the United States. Palisades ceased operations in 2022 after a period in which nuclear efforts struggled to compete with cheap and abundant natural gas.

Demand for nuclear power is increasing as the United States seeks carbon-free energy to meet growing electricity demand while meeting its climate goals. The planned restart in Palisades paved the way for Constellation Energy's recent decision to return Three Mile Island to service by 2028.

“We have used every tool at our disposal to support the nuclear power sector, keep reactors online and return them to service, as well as to fund the deployment of advanced reactors,” said David Turk, Assistant Secretary of the Ministry of Energy. Energy, told reporters in a phone call before the announcement.

Electricity demand is expected to increase by about 15% over the next few years as artificial intelligence drives the need for data centers and domestic manufacturing continues to expand, Turk said.

Microsoft has agreed to buy electricity from Three Mile Island to help power its data centers. In the case of Palisades, electricity is provided by Wolverine Power Cooperative, a nonprofit organization that provides electricity to rural communities in Michigan.

The Palisades will support 600 jobs in Covert Township near Lake Michigan and provide enough electricity for 800,000 homes, Turk said.

Holtec plans to nearly double Palisades' capacity in the 2030s by building new models called small modular reactors at the site. These smaller reactors, prefabricated in several pieces, promise to accelerate the deployment of nuclear energy by reducing costs and simplifying the operation of plants.

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