Shuttered Michigan nuclear plant moves closer to reopening under power purchase agreement

COVERT TOWNSHIP, Mich. (AP) — A company seeking to restart a southwestern Michigan nuclear power plant said Tuesday it has taken a major step forward with the signing of a power purchase agreement.

Holtec International said a subsidiary, Palisades Energy LLC, signed the deal this week with Wolverine Power Cooperative, a not-for-profit energy provider serving rural communities across Michigan.

Under the “multi-decade" agreement, Wolverine agrees to purchase up to two-thirds of the power generated by Palisades for its Michigan-based member rural electric cooperatives. A partner, Bloomington, Indiana-based cooperative Hoosier Energy, will purchase the rest. A Holtec spokesperson said he could not elaborate on "multi-decade." Financial terms were not disclosed.

If it begins generating power again, Palisades would be the first shuttered nuclear power plant to do so.