U.S. Department of Energy Provides $1.9 Billion Loan to Support Restart of Duane Arnold Nuclear Power Plant

NextEra Energy announced on September 8 that it has completed a loan arrangement of up to $1.9 billion with the U.S. Department of Energy (DOE) to support the restart of the Duane·Arnold Energy Center in Iowa. The project will help restore operations at Iowa's only nuclear power plant and add stable electricity supply to the regional grid.

Located in Linn County, Iowa, the Duane·Arnold Energy Center has a generating capacity of 615 megawatts. NextEra Energy has previously stated that, subject to regulatory approvals, it plans to restart the facility no later than the first quarter of 2029. The DOE loan will support related restoration efforts, including engineering assessments, equipment inspections, operational readiness, and licensing processes.

According to project-related study estimates, the restart of the Duane·Arnold Energy Center is expected to generate more than $9 billion in economic benefits for Iowa over 25 years; the construction and refurbishment phase will create thousands of jobs, the operational phase will provide over 400 long-term positions, and approximately $75 million in tax revenue will be generated over the project's lifecycle.

The Duane·Arnold Energy Center had operated for more than 40 years before ceasing operations in 2020. NextEra Energy is currently under oversight from the U.S. Nuclear Regulatory Commission (NRC) as well as federal, state, and local agencies, advancing comprehensive inspections, engineering assessments, and restart preparations. In June of this year, the Iowa Utilities Board issued a certificate to the company authorizing the construction and operation of the Duane·Arnold Energy Center, marking a significant regulatory milestone in the restart process.

John·Ketchum, Chairman, President, and CEO of NextEra Energy, stated that restarting the Duane·Arnold Energy Center will help meet growing electricity demand while creating economic value for Iowa. James·P·Danly, Deputy Secretary of the U.S. Department of Energy, stated that restoring this 615-megawatt nuclear facility will add reliable baseload power and support local jobs.