Holtec announced last week that the major refurbishment projects at Palisades are complete.

Reactor vessel inspections, head penetration replacements, steam generator tube refurbishment, primary system decontamination, and operator training all wrapped up. New fuel now sits on site, ready for loading. The company called it a "watershed moment" and shifted focus to grinding through the remaining work.

Yet there is still no restart date…

     “Holtec International remains on track to restart operations at Palisades in October 2025”

These are the comments provided by a Utility Dive article in 2025 after they spoke with Holtec’s International Director of Government Affairs and Communications Patrick O’Brien.

Needless to say, that date has passed. Starting earlier this year, the company pivoted to the vaguer line that Palisades would restart "when the plant is ready for long-term operations." CEO Kris Singh told the Financial Times he still expects the plant back this year, ahead of the March 2027 power supply contract. But "this year" is now half over with no firm schedule attached.

When the $1.5 billion DOE loan closed in 2024, expectations centered on a late 2025 restart. As the first deadline came to pass near the end of 2025 and the beginning of 2026, material issues, particularly with steam generators, had pushed the target into the middle of 2026. 

Each update added a few more months. Now the language has softened further into "steady progress" and "when ready." More than 5,000 individual work activities remain on the checklist. Most are described as routine maintenance, testing, inspection, and operational readiness items. 

The legal and financial pieces have at least moved forward. A federal court dismissed the environmental groups' lawsuit challenging the NRC exemption that allows a decommissioned plant to restart. 

Holtec is also preparing an IPO that multiple outlets peg at a roughly $10 billion valuation.

Palisades was always presented as the easiest restart project on the table. An existing plant on an existing site, with a recently operating license framework, the first major DOE loan guarantee, and novel NRC regulatory pathways created specifically to enable it. If any restart should have translated funding, approvals, and major refurbishment work into electrons on the grid without prolonged slippage, this was the one. 

The repeated movement of internal targets and the current shift to “when the plant is ready for long-term operations” instead makes reactor restarts look more uncertain and execution-heavy than simply licensing and building a new plant from scratch. That undercuts the core industry argument that restarts represent the lowest-risk, fastest path to new nuclear capacity.