Posted October 06, 2018 09:13:46 In the coming years, Minnesota will get a new generation of electric-powered power stations as a part of a major $2.5 billion power project to replace aging nuclear plants.
The Minnesota Power Authority (MPA) announced Thursday that the state has received $3.4 billion in federal funding to replace its aging nuclear fleet.
The power project will bring more than 1,500 megawatts of electricity to the state, which currently has no nuclear generating capacity.
The $2 billion project is the largest ever for the state of Minnesota, which will get more than 600 megawatts from the new plants.
The plants are expected to begin operating in 2021 and be operational by 2023.
The state’s $3 billion nuclear fuel purchase includes the purchase of the next generation of reactor cores and spent fuel, which could supply about 1,400 megawatts.
The new nuclear fuel will also help to stabilize the rate of nuclear decommissioning and to keep Minnesota’s nuclear power plant fleet stable over the long term.
The project is also expected to help keep the state’s electric grid reliable and competitive, which is key to the continued success of the state.
The federal funds will also provide for the construction of the new reactors.MN Power has been planning for the replacement of its aging plant since the 1990s, but it was a long process that took more than two decades.
A state-owned nuclear plant, the Minnehaha plant, opened in 1994.
The power project is part of the State of Minnesota’s long-term goal of maintaining the stability of its nuclear fleet over the coming decades.
In 2021, the state will receive approximately $9.8 billion from the federal government to replace nuclear plants, and the cost of the entire project will come to about $5.4 million per megawatt hour, the MPA said in a statement.