Palisades

PROJECT SUMMARY

In September 2024, the Department of Energy announced the closing of a $1.52 billion loan to Holtec Palisades, LLC (Holtec Palisades) to help finance the restoration and resumption of service of an 800-MW nuclear generating station in Covert Township, Michigan. The Palisades Nuclear Plant, which ceased operations in May 2022, will be brought back online and upgraded to produce firm baseload power until at least 2051, subject to U.S. Nuclear Regulatory Commission (NRC) licensing approvals. Once complete, this project will be the first recommissioning of a retired nuclear power plant in the U.S. history.

TECHNOLOGY INNOVATION

Once operational, the Palisades Nuclear Plant will provide firm baseload generation: around-the-clock, baseload electricity—a vital addition to Midcontinent Independent System Operator’s (MISO) resource mix. The restart of the plant will take advantage of existing infrastructure and help provide more affordable, reliable, and secure energy for Americans.

ECONOMIC IMPACT

The project is projected to support or retain up to 600 high-quality jobs in Michigan—many of them filled by workers who have been at the plant for more than 20 years. The loan will also support more than 1,000 jobs during the facility’s regularly scheduled refueling and maintenance periods every 18 months.