On Monday, the U.S. Departments of Energy and Agriculture announced more than $2.8 billion in funding to support reliable, affordable, clean power in the Midwest.
The DOE will provide $15 billion in loan guarantees to help with the restoration and restart of a nuclear generating station in Michigan. And the USDA will make $1.3 billion in grants available to help reduce the cost of clean electricity for two rural electric cooperatives.
“Nuclear power is America’s largest source of carbon-free of electricity, supporting hundreds of thousands of direct and indirect jobs across the country and will play a critical role in tackling the climate crisis and protecting public health and the environment from its impacts,” U.S. Secretary of Energy Jennifer M. Granholm said.
The DOE’s Loan Program Office said the loan guarantee, part of the Inflation Reduction Act’s Energy Infrastructure Reinvestment (EIR) program would help Holtec Palisades finance the restoration and resumption of service for the 800 MW nuclear generating station in Covert Township, MI. The program is a first of its kind effort by the DOE to restart an American nuclear power plant, and will generate carbon pollution-free energy and saving while expanding the union workforce in that state, officials said.