US disburses nearly $156 million in financing for Michigan reactor restart
WASHINGTON, Sept 16 (Reuters) - The U.S. disbursed nearly $156 million in the latest installment of a loan guarantee for Holtec International's Michigan nuclear power plant, which the company hopes will be the first U.S. reactor to restart after shuttering, a source with knowledge of the matter said on Tuesday.
With the sixth installment by the Loan Programs Office of the Department of Energy, it has now disbursed about $491 million of the up to $1.52 billion loan guarantee that was approved during former President Joe Biden's term.
Power company Entergy ETR.N closed Palisades in 2022, after it operated for more than 50 years. It shut two weeks ahead of schedule over a glitch with a control rod, despite a $6 billion federal program to save reactors suffering from rising costs.
U.S. President Donald Trump supports nuclear power as U.S. power demand rises for the first time in two decades due to demand from data centers and artificial intelligence.
Holtec plans to restart Palisades in the fourth quarter of the year.
Trump signed executive orders in May to fast-track new nuclear power licenses, and overhaul the Nuclear Regulatory Commission, which issues them. The NRC last month approved Holtec's request to load fuel into the reactor in July.
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