The U.S. Departments of Energy (DOE) and Agriculture (USDA) announced today funding from the Inflation Reduction Act to help finance the repowering of the Holtec Palisades nuclear power plant in Covert Township, Michigan, and reduce energy costs for Michiganders. This includes a $1.52 billion loan guarantee to restore the nuclear plant and an additional $1.3 billion for two rural cooperatives to reduce electricity costs and support clean energy sources from the USDA’s New Empowering Rural America (New ERA) program. 

Palisades will only resume operations until it receives full approval from the Nuclear Regulatory Commission (NRC), the independent regulatory body for the nuclear industry, ensuring all safety standards are met including maintenance and engineering upgrades that were previously deferred. 

Following the announcement, the BlueGreen Alliance issued a statement from Regional Program Manager Frank Houston: 

“President Biden and Vice President Harris continue to champion bold actions that secure our clean energy future. Restoring the Palisades plant isn’t just about restarting a nuclear facility—it’s about keeping energy costs down for families, making Michigan competitive for future economic development, meeting the state’s 100% clean energy by 2040 goal, and creating good-paying union jobs right here in our state. This first-of-its-kind project will provide reliable, clean energy for our communities for generations, showing that Michigan can lead the clean energy economy and support hardworking union workers at the same time.”