Biden administration issues billion-dollar loan for reactivation of nuclear power plant: 'There's a growing sense among officials in the industry and government that it may not be the last'

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A nuclear power plant that was closed less than two years ago is on the comeback trail on the heels of a $1.5 billion loan from the Biden administration.

The “loan guarantee” is contingent on regulatory approvals and other requirements, The New York Times reported in March. The plant would be the first in the United States to be successfully restarted and help pour $363 million into the regional economy. It is located in Covert Township, Michigan.

Bloomberg added that “there’s a growing sense among officials in the industry and government that it may not be the last,” calling an industry renaissance “once unthinkable.”

The outlets reported that aging facilities and operating costs are at the root of recent shutdowns in the United States. Some plants could be reopened, though at least a couple have been all but permanently decommissioned.

“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,” Secretary of Energy Jennifer M. Granholm said in a statement.

Japan recently made a similar move, reactivating the Kashiwazaki-Kariwa plant after it remained shuttered for a dozen years.

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The Times noted that there are nearly 100 nuclear power plants in the U.S. but pointed to the cost and time associated with construction as roadblocks to new units; Bloomberg cited radioactive waste. The paper reported that two of the country’s newest nuclear power plants, in Georgia, took more than 10 years to build and cost $35 billion.

Still, it’s hard to ignore the promise of energy that’s free of the polluting gases that are causing the rapid heating of the planet. The Times pointed out that Democrats and Republicans alike are on board, offering incentives and subsidies to spur development and give new life to old facilities.

“The environment has shifted significantly in a really short period of time,” Doug True, chief nuclear officer for the Nuclear Energy Institute trade group, told Bloomberg. “I think there are companies that are looking at whether a restart makes sense.”

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Biden administration issues billion-dollar loan for reactivation of nuclear power plant: ‘There’s a growing sense among officials in the industry and government that it may not be the last’ first appeared on The Cool Down.