US loans $1.9B to restart shuttered Iowa nuclear plant
Fox Business • • business
Key Points:
- NextEra Energy secured a federal loan of up to $1.9 billion to restart Iowa’s Duane Arnold Energy Center, aiming to address rising power demand driven by AI and other technologies.
- The 615-megawatt nuclear plant, Iowa's only one, operated for 45 years before closing in 2020 and has received state regulatory approval to resume operations.
- The restart is planned for the first quarter of 2029, pending final U.S. Nuclear Regulatory Commission approvals, and is supported by a 25-year power purchase agreement with Google.
- The project is expected to generate over $9 billion in economic value for Iowa over 25 years, create thousands of construction jobs, and provide more than 400 permanent operational roles.
- Iowa state leaders, including Governor Kim Reynolds, have endorsed the initiative with legislation incentivizing nuclear power, aiming to keep electricity affordable amid growing grid demands.
