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Federal Government uses UPLAN model to examine price volatility in ERCOT

LCG, October 11, 2022--The U.S. Energy Information Administration, or EIA, released its latest supplement to the Short-Term Energy Outlook (STEO) in the Texas market, assessing various possible scenarios using LCG’s UPLAN NPM model, with a special focus on the effects on wholesale power prices and market conditions.

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Michigan Governor Supports Reopening Palisades Nuclear Facility

LCG, September 16, 2022--The Governor of Michigan last week sent a letter to the U.S. Department of Energy (DOE) in support of Holtec International’s application for a federal grant under the Civil Nuclear Credit (CNC) program to save the Palisades Nuclear Facility in Southwest Michigan. The federal grant could result in restarting the baseload, carbon-free, nuclear power plant.

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Industry News

Michigan Governor Supports Reopening Palisades Nuclear Facility

LCG, September 16, 2022--The Governor of Michigan last week sent a letter to the U.S. Department of Energy (DOE) in support of Holtec International’s application for a federal grant under the Civil Nuclear Credit (CNC) program to save the Palisades Nuclear Facility in Southwest Michigan. The federal grant could result in restarting the baseload, carbon-free, nuclear power plant.

The Governor stated, "Keeping Palisades open will keep energy costs low, shore up domestic energy production, and increase Michigan’s competitiveness for future economic development. I am proud to write in support today of Holtec International’s application for a Civil Nuclear Credit that—if granted—will empower us to keep fighting for economic opportunity for Southwest Michigan and protect 1,700 local jobs. The Palisades Nuclear Facility meets the criteria for this program and keeping it open will help us produce enough clean, reliable energy in Michigan to power hundreds of thousands of homes and small businesses. While we await a final decision from the Department of Energy, we will continue efforts at the state level to create and protect good-paying jobs, compete for more economic development opportunities, and boost domestic energy production."

The CNC is a federal investment program created as part of the Bipartisan Infrastructure Law (BIL) to help preserve the existing, carbon-free U.S. reactor fleet and save thousands of jobs across the country. Under the $6 billion program, owners or operators of commercial U.S. reactors can apply for certification to bid on credits to support their continued operations. An application must demonstrate the reactor is projected to close for economic reasons and that closure will lead to a rise in air pollutants and carbon emissions. Credits are to be allocated to selected certified reactors over a four-year period beginning on the date of the selection. Credits can be awarded through September 30, 2031, if funds remain available.

Palisades Nuclear Facility includes a single, 811-MW reactor and is located on the eastern shore of Lake Michigan. The plant had been generating carbon-free electricity since December 31, 1971, and the operating license was set to expire in 2031. Market conditions for the plant were not favorable, and Entergy, the then-owner, shut down the plant in May 2022 after the power purchase agreement (PPA)for the plant with Consumers Energy expired.

In June, Entergy sold the plant to Holtec Decommissioning International. Plans had called for the plant to be transferred to Holtec for decommissioning under terms of an agreement approved by the Nuclear Regulatory Commission (NRC) in December 2021. However, Holtec applied for a federal grant under the Civil Nuclear Credit (CNC) program in July to restart the plant.

The President and CEO of Holtec International stated, "We applaud Governor Whitmer for her leadership in recognizing the vital importance of Palisades to Michigan’s clean energy future as a source of safe and reliable carbon-free electricity. The Governor and her team have been instrumental in supporting this historic opportunity for Southwest Michigan and the country. We look forward to continuing to work with the administration as well as our federal, state, and community partners to make this hope a reality.”
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