The federal government announced it would provide a $1.52 billion loan to restart a nuclear power plant in southwestern Michigan. The 800-megawatt nuclear power plant was shut down in 2022‚ with New Jersey-based Holtec International planning to dismantle it. However‚ aid from the state of Michigan and the Biden administration has altered the plans to restart the plant by late 2025. The Palisades plant will be the first nuclear power plant to reopen in the United States. In Historic Reversal‚ US To Restart A Shut Down Nuclear Power Plant For The First Time Ever https://t.co/KPysUwSQ0y — zerohedge (@zerohedge) March 29‚ 2024 “Nuclear power is our single largest source of carbon-free electricity‚ directly supporting 100‚000 jobs across the country and hundreds of thousands more indirectly‚” said Energy Secretary and former Michigan Governor Jennifer Granholm. From the Associated Press: The Palisades plant is along Lake Michigan‚ a two-hour drive from Chicago. A Michigan utility‚ CMS Energy‚ owned it from 1971 until the plant was sold to Louisiana-based utility Entergy in 2007. It was shut down in 2022. Holtec said it has long-term commitments so far from two electric cooperatives to buy power from the plant. “The repowering of Palisades will restore safe‚ around-the-clock generation to hundreds of thousands of households‚ businesses and manufacturers‚” said Kris Singh‚ Holtec president and chief executive. Critics‚ however‚ have emerged. A coalition opposed to restarting what it derisively calls a “zombie reactor” has requested a hearing at the NRC. Holtec spokesman Patrick O’Brien said it will take four to five months to finalize the financial deal with the government. “It is a loan we have to pay back‚” he said. Biden administration will lend $1.5B to restart Michigan nuclear power plant‚ a first in the US https://t.co/QIn60DVDUi — The Associated Press (@AP) March 27‚ 2024 “I’m proud to announce this Administration’s support to restart the Palisades Nuclear Plant. Nuclear power is our single largest source of carbon-free electricity. Our support would bring more resilient power to Michiganders while supporting and retaining good-paying union jobs‚” Granholm said. I’m proud to announce this Administration’s support to restart the Palisades Nuclear Plant. Nuclear power is our single largest source of carbon-free electricity. Our support would bring more resilient power to Michiganders while supporting and retaining good-paying union jobs. pic.twitter.com/gwODFbshJ1 — Secretary Jennifer Granholm (@SecGranholm) March 27‚ 2024 Zero Hedge reports: Nuclear energy is in the spotlight. Thirty-four countries‚ including the U.S.‚ last week pledged to use it to reduce reliance on fossil fuels. In California‚ regulators in December said the Diablo Canyon plant could operate through 2030 instead of 2025 to guard against blackouts as the state shifts toward renewable power sources. Owner Pacific Gas &; Electric said federal aid helped it repay a state loan. “There is more enthusiasm toward nuclear power — in Congress‚ in the industry and also internationally‚” said Najmedin Meshkati‚ an engineering professor at the University of Southern California who has inspected nuclear plants around the world. There is another reason why nuclear energy is suddenly back in vogue: with projections for electricity demand over the next five years doubling from just a year ago – due to a building frenzy of AI data centers‚ federally subsidized manufacturing plants‚ and the government-driven electric-vehicle transition – the US has no choice but to go full-on nuclear‚ despite the howls of outrage from green activists and progressive voters. Still‚ restarting a plant is not easy. “It puts the onus and burden on the Nuclear Regulatory Commission and Holtec to double down on efforts to make sure this plant is safe enough and all the safety measures are intact‚” Meshkati said of Palisades. Meanwhile‚ keep an eye on uranium stocks and more importantly‚ on the price of uranium itself: as the nuclear renaissance begins in earnest‚ the world will need lots of uranium‚ and the supply chains will need years to catch up to demand‚ which means that what has already been one of the best performing commodities in recent years is set to rise that much higher.