NextEra Energy Gets $1.9 Billion Loan to Restart Iowa Nuclear Plant

North America’s largest electric utility will get a nearly $2 billion loan from the federal government to restart a nuclear power plant in Iowa (The Hill).

What’s going on: The administration said earlier this month that it will lend NextEra Energy $1.9 billion to bring the Duane Arnold Nuclear Plant—the Hawkeye State’s only nuclear power facility—back online.

• The 51-year-old plant, which ceased operations in 2020 after it was damaged by a storm, is scheduled to be back in operation by early 2029 (Iowa Capital Dispatch).
• The announcement follows another made last year by NextEra and Google, in which the tech company said it would purchase power from the restarted plant.

Why it’s important: The 615-megawatt plant is expected to generate enough electricity to power 500,000 homes across Iowa and the rest of the Midwest (KCRG).

• The plant is also “projected to have a $9.1 billion economic impact to the state of Iowa over a 25-year span,” according to the Iowa Capital Dispatch.
• The loan is the latest in a string of moves made by the administration to bolster the American nuclear energy industry.

What it will entail: Duane Arnold will get a full revamping, including upgrades to its control room, an onsite training facility, new storage facilities and larger cooling towers.

NAM advocacy: The NAM has been leading the charge in Washington to increase America’s nuclear power production capacity, advocating for important measures at the Nuclear Regulatory Commission and in Congress to speed up the permitting and construction of new facilities and the production of more fuel. As the NAM has told policymakers, nuclear is an excellent source of clean baseload power that will help manufacturers meet their energy needs.