Holtec, the company wanting to reopen the Palisades nuclear reactor in Michigan, found corrosion cracking in steam generators "far exceeded" estimates, the U.S. nuclear power regulator said in a document published on Wednesday.

For the first time, a shuttered nuclear power plant in the US could reopen thanks to federal support. The Department of Energy (DOE) announced a $1.52 billion loan to help restore a nuclear generating station in Covert Township, Michigan.

Holtec, the company wanting to reopen the Palisades nuclear reactor in Michigan, found corrosion cracking in steam generators 'far exceeded' estimates, the U.S. nuclear power regulator said in a document published on Wednesday.

The Palisades nuclear power plant in Michigan is set to restart with a $1.52 billion federal loan, aiming to enhance the local power grid and job market.

The Biden administration said on Monday that a final deal had been made to give an energy company a $1.52 billion loan guarantee to bring a Michigan nuclear power plant back to life.

The U.S. Department of Energy announced the loan with the owners of the Palisades Nuclear Power Plant, which is based in Covert, Michigan, just south of South Haven along the shore of the Great Lakes. Another $1.3 billion will help keep energy costs low for the 800,000 homes that will receive power from the facility.

The U.S. has never restarted a decommissioned nuclear reactor, but today Holtec International closed a $1.5 billion loan from the U.S.

The U.S. Department of Energy has finalized a $1.52 billion loan agreement to restart operations at the Palisades Nuclear Power Plant in Michigan, part of the state's goal to produce all its energy from clean sources by 2040.