[[{“value”:”A atomic power plant in southwest Michigan will receive a$ 1.52 billion loan, according to the federal government’s announcement.
The 800-megawatt atomic power plant was shut down in 2022 because Holtec International, based in New Jersey, planned to demolish it.
Nevertheless, the plans to restart the plant by the end of 2025 have changed thanks to funding from the state of Michigan and the Biden administration.
The Palisades plant will be the first American atomic power plant to reopen.
In Historic Reversal, US To Restart A Shut Down Nuclear Power Plant For The First Time Ever https ://t.co/KPysUwSQ0y
— zerohedge ( @zerohedge ) March 29, 2024
Energy Secretary and former governor of Michigan Jennifer Granholm stated that “nuclear power is our second largest source of carbon-free electricity, immediately supporting 100, 000 jobs across the country and hundreds of thousands more indirectly.
From the Associated Press:
The Palisades plant is along Lake Michigan, a two- hour drive from Chicago. A Michigan utility, CMS Energy, owned it from 1971 until the plant was sold to Louisiana- based utility Entergy in 2007. It was discontinued in 2022.
According to Holtec, two energy cooperatives have already made long-term commitments to supply the plant’s power.
” The repowering of Palisades will restore healthy, around- the- clock generation to hundreds of thousands of households, businesses and manufacturers”, said Kris Singh, Holtec president and chief executive.
Critics, however, have emerged. A coalition at the NRC has requested a hearing on whether to restart what it mocks as a “zombie reactor.”
According to Holtec spokesman Patrick O’Brien, it will take four to five months to finalize the economic arrangement with the government.
” It is a loan we have to pay back”, he said.
Biden administration will lend$ 1.5B to restart Michigan nuclear power plant, a first in the US https ://t.co/QIn60DVDUi
— The Associated Press ( @AP ) March 27, 2024
” I’m happy to announce this Administration’s support to restart the Palisades Nuclear Plant. Our second largest source of carbon-free electricity is atomic power. Our support would support and keep high-paying union jobs while also bringing more resilient power to Michiganders, according to Granholm.
I’m pleased to announce this Administration’s support to restart the Palisades Nuclear Plant.
Atomic power is our second largest source of carbon- free electricity.
Our support would support and keep high-paying union jobs while preserving more tenacious power for Michigan residents. pic. twitter.com/gwODFbshJ1
— Secretary Jennifer Granholm ( @SecGranholm ) March 27, 2024
Zero Hedge reports:
Nuclear energy is in the spotlight. Thirty- four countries, including the U. S., next week pledged to use it to reduce reliance on fossil fuels. The Diablo Canyon plant could continue to function in California until 2030, according to regulators ‘ December statements in California as a step toward renewable energy sources. Owner of Pacific Gas &, Electric claimed that national funding helped it pay off a state loan.
Najmedin Meshkati, an engineering professor at the University of Southern California who has inspected radioactive plants around the world, reported that there is more interest for nuclear power in Congress, the industry, and even internationally.
Despite the protests of green activists and liberal voters, nuclear energy is now back in vogue: with projections for electricity demand now double from only a year ago due to a building frenzy of AI data centers, federally funded manufacturing plants, and the government-driven electric vehicle transition.
However, restarting a plant is never easy.
According to Meshkati,” It places the blame and burden on the Nuclear Regulatory Commission and Holtec to double down on efforts to make certain this plant is safe enough and all the safety measures are intact.”
Keep an eye on uranium stocks, and more important, on the price of uranium itself: as the nuclear renaissance kicks off, the world will need a lot of it, and the supply chains will need years to catch up with demand, which means that what has already been one of the best-performing commodities in recent years is going to rise that significantly higher.”}]] [[{“value”:”
The federal government announced that it would provide a loan of $1.52 billion to restart a nuclear plant in southwest Michigan.
Holtec International, a New Jersey-based company, plans to dismantle the 800-megawatt nuclear plant in 2022.
The state of Michigan, the Biden administration and other sources have altered the plans for the plant to be restarted by the end of 2025.
The Palisades nuclear power plant will be the United States’ first nuclear power plant reopening.
In Historic Reversal, US To Restart A Shut Down Nuclear Power Plant For The First Time Ever https://t.co/KPysUwSQ0y
— zerohedge (@zerohedge) March 29, 2024
Jennifer Granholm, former Michigan governor and Energy Secretary, said that nuclear power is the largest source of carbon free electricity in the United States. It supports 100,000 jobs directly and hundreds of thousands of others indirectly.
The Associated Press:
The Palisades Plant is located along Lake Michigan and is a two-hour drive away from Chicago. From 1971 to 2007, the plant was owned by a Michigan utility, CMS Energy. The plant was shut down by 2022.
Holtec has received long-term commitments from two electric cooperatives for the purchase of power from its plant.
Holtec’s president and chief executive, Kris Singh, said that the repowering Palisades would restore reliable, 24/7 generation to hundreds of thousand of households, businesses, and manufacturers.
However, critics have emerged. A coalition opposing the restart of what it calls a “zombie” reactor has requested an NRC hearing.
Holtec’s Patrick O’Brien, a spokesperson for the company, said that it would take between four and five months to finalize a financial agreement with the government.
He said, “It’s a loan that we have to repay.”
Biden administration will lend $1.5B to restart Michigan nuclear power plant, a first in the US https://t.co/QIn60DVDUi
The Associated Press @AP March 27, 2024
“I’m proud of the support this Administration will provide to restart the Palisades Nuclear Plant. Nuclear power is the largest source of carbon free electricity in the United States. Our support would provide more reliable power to Michiganders, while supporting and retaining well-paying unions jobs,” Granholm said.
I’m proud of the support this Administration has given to restarting the Palisades Nuclear Plant.
Nuclear power is the largest source of carbon free electricity.
Our support would give Michiganders more power while supporting and retaining well-paying union positions. pic.twitter.com/gwODFbshJ1
Secretary Jennifer Granholm March 27, 2024
Zero Hedge reports:
The spotlight is on nuclear energy. Last week, 34 countries, including the U.S. pledged to use nuclear energy to reduce their reliance on fossil-fuels. In December, California regulators said that the Diablo Canyon plant would be able to operate until 2030 instead of 2025. This was done to prevent blackouts during the transition from fossil fuels to renewable energy sources. Owner Pacific Gas & Electric claimed that federal aid helped them repay a state-issued loan.
Najmedin Mehkati, a professor of engineering at the University of Southern California, who has inspected nuclear reactors around the world, said that there is a growing enthusiasm for nuclear power.
Nuclear energy is also back in fashion for another reason: With projections of electricity demand over the next 5 years doubling compared to just a year earlier – due to the building frenzy around AI data centers, federally-subsidized manufacturing facilities, and the government’s electric vehicle transition – there is no other choice but to go nuclear, despite howls from green activists and progressives voters.
Even so, restarting an entire plant is not a simple task.
Meshkati, speaking of Palisades, said that the Nuclear Regulatory Commission (NRC) and Holtec are responsible for doubling down on their efforts to ensure the plant is safe and that all safety measures have been implemented.
Keep an eye on uranium stock prices and, more importantly, the price of uranium. As the nuclear renaissance takes off, the world is going to need a lot of uranium. The supply chains will take years to catch up with demand, so the price of what was already one of the most successful commodities in recent times will rise even higher.
“}]]
