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US Funds Effort to Restart Iowa Nuclear Plant
(MENAFN) The US government has finalized financing of up to $1.9 billion to support NextEra Energy’s plans to bring the Duane Arnold nuclear power plant in Iowa back into operation.
The funding, arranged through the US Energy Department’s Office of Energy Dominance Financing, is intended to help restore the state’s only nuclear facility after it was shut down in 2020.
Located in Linn County, the 615-megawatt plant is expected to generate enough electricity to supply nearly 500,000 homes. Its return to service is also expected to help address rising electricity demand across Iowa and the wider US Midwest.
The project is projected to create close to 1,500 jobs throughout the construction phase and maintain more than 450 jobs once the facility resumes operations.
“Returning 615 megawatts of reliable baseload generation will drive down electricity costs, while supporting thousands of American jobs,” Deputy Energy Secretary James Danly said.
NextEra expects to restart the facility by the first quarter of 2029 at the latest, although the timeline remains dependent on obtaining approval from the US Nuclear Regulatory Commission and other relevant authorities.
The company estimates that reopening the plant could deliver more than $9 billion in economic benefits to Iowa over a 25-year period. It also projects that the facility could generate around $75 million in tax revenue over the course of the project’s lifetime.
The funding, arranged through the US Energy Department’s Office of Energy Dominance Financing, is intended to help restore the state’s only nuclear facility after it was shut down in 2020.
Located in Linn County, the 615-megawatt plant is expected to generate enough electricity to supply nearly 500,000 homes. Its return to service is also expected to help address rising electricity demand across Iowa and the wider US Midwest.
The project is projected to create close to 1,500 jobs throughout the construction phase and maintain more than 450 jobs once the facility resumes operations.
“Returning 615 megawatts of reliable baseload generation will drive down electricity costs, while supporting thousands of American jobs,” Deputy Energy Secretary James Danly said.
NextEra expects to restart the facility by the first quarter of 2029 at the latest, although the timeline remains dependent on obtaining approval from the US Nuclear Regulatory Commission and other relevant authorities.
The company estimates that reopening the plant could deliver more than $9 billion in economic benefits to Iowa over a 25-year period. It also projects that the facility could generate around $75 million in tax revenue over the course of the project’s lifetime.
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