A decommissioned nuclear power plant in Michigan is being brought back to life.
Pushed by a growing need for carbon-free energy, the Palisades nuclear power plant will be the first in the U.S. to be recommissioned after shutting down.
The Palisades plant was built in the late 1960s and began running in 1973. It was purchased in 2006 by Louisiana-based electricity producer Entergy Corp (NYSE:ETR), which ran it until 2022.
Although the plant had a license extension that allowed it to be active until 2031, Entergy chose to shut it down, citing the high costs associated with running a nuclear power plant.
The plant was sold to nuclear equipment provider Holtec International, which was in charge of taking the plant out of commission.
In 2022, Holtec announced plans to re-open the facility, something that has never been done before in the U.S.
This year, the U.S. Department of Energy announced a commitment of $1.52 billion in loans to finance the restoration and resumption of service of the plant in the hands of Holtec.
According to a WSJ report, the company is now working on restoring the facility to modern-day standards. The plant will be back online by October 2025, according to the company’s plans.
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