Step 2: Line up cash and permission
Help has poured in for Palisades, with the state of Michigan setting apart $300 million in funding for the plant’s restart within the final two years. And now, the Division of Power has issued a conditional mortgage dedication for $1.52 billion.
Holtec might want to meet sure technical and authorized situations to get the mortgage cash, which can finally be repaid with curiosity. (Holtec and the DOE Mortgage Applications Workplace declined to provide extra details about the mortgage’s situations or timeline.)
The state funding and federal mortgage will assist help the fixes and upgrades wanted for the plant’s tools and proceed paying the roughly 200 employees who’ve stayed on since its shutdown. The plant employed about 700 individuals whereas it was working, and the corporate is now engaged on rehiring extra employees to assist with the restart, Culp says.
One of many main query marks remaining round a doable Palisades restart is getting authorization from regulators. The Nuclear Regulatory Fee oversees nuclear energy crops within the US, however the company doesn’t have a longtime pathway for reauthorization of a earlier plant. “We’re breaking new floor right here,” says Jacopo Buongiorno, a professor of nuclear engineering at MIT.
Palisades successfully gave up the authorized proper to function when it shut down and took the gasoline out of the reactor. Holtec might want to submit detailed plans to the NRC with details about the way it plans to reopen and function the plant safely.
Holtec formally started the method of reauthorizing operations with the NRC in October 2023 and plans to submit the remainder of its supplies this yr.
Step 3: Revenue?
If regulators log off, the plan is to have Palisades up and working once more by the top of 2025. The gasoline provide is already lined up, and the corporate has long-term patrons dedicated for the plant’s full energy output, Culp says.
If all goes nicely, the plant may very well be producing energy till a minimum of 2051, 80 years after it initially started operations.
