$1.3 Billion in Grants from USDA Will Reduce the Cost of Clean Electricity for Members of Two Rural Electric Cooperatives
$1.5 Billion Loan Guarantee from DOE Will Help First Ever Historic Restoration and Restart of a Nuclear Generating Station in Michigan
President Biden's Investing in America Agenda Supporting and Creating Over 2,000 Clean Energy Jobs While Also Helping to Provide More Reliable, Affordable, Clean Baseload Power to Families and Businesses Across the Midwest
WASHINGTON, September 30, 2024– As part of President Biden's Investing in America program, the Biden-Harris Administration, through the U.S. Department of Energy (DOE) and U.S. Department of Agriculture (USDA), today revealed more than $2.8 billion to support reputable, inexpensive, and tidy power in the Midwest. DOE, through its Loan Programs Office (LPO), revealed the closing of a loan assurance of approximately $1.52 billion under the Inflation Reduction Act's Energy Infrastructure Reinvestment (EIR) program to Holtec Palisades to assist fund the remediation and resumption of service of an 800-MW nuclear producing station in Covert Township, Michigan. This represents a very first of a kind effort by DOE to reboot an American nuclear reactor– creating carbon pollution-free energy and conserving and broadening a union labor force in Michigan while assisting enhance America's atomic energy sector and advance core environment and domestic energy objectives.
USDA likewise revealed more than $1.3 billion in Empowering Rural America (New ERA) program awards for 2 rural electrical cooperatives—- Wolverine Power Cooperative and Hoosier Energy—- to lower the expense of electrical energy handed down to their members for tidy power from Holtec Palisades and other tidy energy sources. These awards enhance the Administration's method to accomplishing extensive implementation of sophisticated nuclear as explained in the upgraded Pathways to Commercial Liftoff: Advanced Nuclear report, likewise simply revealed by DOE, in addition to supporting a more flourishing future for rural neighborhoods by speeding up the shift to tidy energy, keeping regular monthly expenses low for American households, and purchasing a strong rural labor force.
“Since the first day of their Administration, President Biden and Vice President Harris have actually been clear that rural electrical cooperatives are the foundation of our country and investing in them is a leading concern,” stated Agriculture Secretary Tom Vilsack. “Through the financial investments revealed today under USDA's New ERA program, we can continue supporting a more thriving future for rural neighborhoods by speeding up the shift to tidy energy, keeping regular monthly expenses low for American households and purchasing a strong rural labor force.”
“Nuclear power is America's biggest source of carbon-free of electrical power, supporting numerous countless direct and indirect tasks throughout the nation and will play a vital function in taking on the environment crisis and safeguarding public health and the environment from its effects,” stated U.S. Secretary of Energy Jennifer M. Granholm. “Under President Biden and Vice President Harris' management, DOE and our partners throughout the federal government are working all the time to guarantee this essential source of tidy electrical energy– and the dynamic labor force it supports– continues to power our country for generations to come.”
“From Day One,
