https://www.reuters.com/business/energy/us-closes-152-billion-loan-resurrect-michigan-nuclear-plant-2024-09-30/

US closes $1.52 billion loan to resurrect Michigan nuclear plant

By Timothy Gardner

October 2, 202412:27 AM GMT+10Updated 16 hours ago

Item 1 of 4 A view of the grounds at the Palisades nuclear reactor in Covert Township, Michigan, U.S., August 14, 2024. REUTERS/Phil Stewart/File Photo view of the grounds at the Palisades nuclear reactor in Covert Township, Michigan, U.S., August 14, 2024. REUTERS/Phil Stewart/File Photo Purchase Licensing Rights

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WASHINGTON, Sept 30 (Reuters) - (This Sept. 30 story has been corrected to fix the deputy agriculture secretary's title, in paragraph 5)

The U.S. on Monday said it closed a $1.52 billion loan to resurrect Holtec's Palisades nuclear plant in Michigan, and a senior Biden administration official said it could take two years to reopen the plant, which is longer than the company predicted.

President Joe Biden's administration has called for a tripling of U.S. nuclear power capacity as U.S. power demand surges and worries about climate change mount.

The push could include the potential reopening of some commercial reactors that have been shut for decommissioning, including one at Three Mile Island, site of the worst nuclear accident in U.S. history. Restarting shut nuclear plants is a complicated and expensive process never before accomplished in the country.