Holtec purchased Palisades a month after it shut down with plans to mothball the site, but plans changed. Now the firm, which specializes in nuclear waste management and decommissioning (as opposed to rebuilding and operating nuclear plants), intends to revive the plant instead. Holtec plans to get the power plant restarted by the end of 2025, a breathtakingly aspirational target given nuclear's history of missing construction and cost targets. The Palisades plant was closed by utility Entergy in May 2022 due to financial issues after operating for more than a half-century. And while the plant had a strong operational performance record in recent years, it also has a sobering history of shutdowns due to failures of critical equipment, as well as broken fuel rods and fuel-spill incidents. The site was shut down for the final time a few days ahead of schedule due to concerns about the reliability of a key piece of equipment.
When it was operating at its peak, the plant provided more than 600 high-paying jobs, many unionized. If restarted, the plant could drive up to $363 million in regional economic impact, according to Michigan Governor Gretchen Whitmer, a Democrat. That's why Whitmer and a bipartisan coalition of lawmakers back resurrecting the retired reactor. Local business owners and residents are "largely supportive" of the plan as well, according to local news site MLive. The state's 2024 budget devotes $150 million to the project. Still, the revival of the dormant Palisades faces its share of headwinds.
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