Nuclear power is gaining momentum as more plants seek revival

Following news of plans to restart Three Mile Island, it looks like our claim that “nuclear is back” is correct.

That’s because this week the US struck a deal to revive it another nuclear power plant, the Holtec Palisades Nuclear Power Plant in Michigan, thanks to a $1.52 billion loan from the Biden administration, according to Reuters.

A senior Biden administration official said reopening the plant could take up to two years — longer than the company estimated.

The Reuters report he said that the administration aims to triple US nuclear power capacity as demand rises and climate concerns mount, which could include restarting decommissioned reactors like Three Mile Island, the site of the nation’s worst nuclear accident. Restarting these plants is a complex and expensive process that has never been done in the US before

“The Palisades is a climate comeback story,” said White House climate adviser Ali Zaidi, noting that nuclear power supports good-paying union jobs.

The Department of Energy’s Office of Loan Programs is providing $1.52 billion in financing, along with $1.3 billion in public financing to Wolverine and Hoosier Energy Cooperatives, to purchase power from Palisades. Assistant Secretary of Energy Xochitl Torres Small made the funding announcement.

Just remember days ago I wrote that Oklo, backed by Sam Altman, Nuclear SMR, announced that it has finalized an agreement with the Department of Energy to advance the next phase of its residency at the Idaho National Laboratory.

As we noted last week, the embrace of nuclear power is beginning to take hold across the country. Just hours ago, Pennsylvania Governor Josh Shapiro urge for Three Mile Island to reopen as quickly as possible as well.

Following Microsoft’s agreement to buy power from the idled nuclear plant, Shapiro urged regulators to prioritize connecting the reactor to the power grid, according to a new report from Barron’s.

In a letter to PJM Interconnection, the grid operator that serves Pennsylvania and several other states, Shapiro stressed that the plant should not face the extended delays typical of new developments because Microsoft aims to start using the reactor’s power by 2028 .

PJM Interconnection responded to Shapiro’s concerns by saying it is developing a “fast-track” process to prioritize certain power projects, potentially speeding up reactor restarts.

Shapiro wants the reactor “to be allowed to come online as quickly as possible, rather than waiting in line as if it were an entirely new development,” he wrote.

By Zerohedge.com

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