Daily on Energy: A lifeline for the Duane Arnold nuclear plant

The Department of Energy’s Office of Energy Dominance Financing announced this morning that it closed a loan of up to $1.9 billion to NextEra Energy to help finance the restart of the nuclear power plant. 

Duane Arnold, which first opened in February 1975, closed in 2020 after one of its major customers ended its power purchase agreement. It had been licensed to operate until 2034. 

NextEra first explored reopening the power plant early last year, saying it hoped to restore the facility’s operating license as early as the end of 2028. 

The Trump administration said the reopening of the power plant will add 615 megawatts of power back on the grid, roughly enough to power nearly 500,000 homes. 

This is the third decommissioned nuclear power plant in the U.S. that the Trump administration has agreed to provide funding for, the first two being the Palisades Nuclear Power Plant and Three Mile Island in Pennsylvania, which has since been renamed the Crane Clean Energy Center. 

The administration finalized a $1 billion conditional loan commitment for Three Mile Island in November. Constellation Energy and Microsoft aim to bring the plant back online as early as next year. 

The loan for the Palisades facility was finalized under the Biden administration, though Trump’s Department of Energy has continued to issue funds over the last year and a half. 

Why it matters: The Trump administration is taking every avenue possible to bolster the domestic nuclear energy industry and secure enough baseload power to aid the race for artificial intelligence.

In addition to restarting shuttered nuclear power plants, the Trump administration is financing the construction of advanced nuclear reactors, as well as traditional large reactors. 

In June, the administration said it would be issuing $17.5 billion in loans to support the development of 10 new large reactors, with the hope that they would be under construction by the end of the decade and operational by the mid-2030s.

All the rest:

UNITED STATES SEEKS GREATER ACCESS TO VENEZUELAN CRITICAL MINERALS: The Trump administration is eyeing not only Venezuela’s oil, but also its mineral resources. 

Several sources told Reuters that the administration is looking to gain more control over Venezuela’s critical minerals by opening the country to U.S. investment and allowing U.S. companies access to its minerals. 

The president could be considering an executive order focused on critical minerals, which is still being drafted, according to the sources. U.S. officials have also held meetings with companies to gauge interest in Venezuela’s mining sector. 

However, a White House official told Reuters there is no current need for an EO, noting that current laws provide a solid framework for investment. 

The Treasury Department in March authorized transactions related to Venezuelan gold, including activities tied to state-owned gold miner Minerven. The department later broadened the authorization to cover Venezuelan-origin minerals.  

The administration has been considering ways to access Venezuela’s mineral resources since January after the capture of former dictator Nicolas Maduro. In March, Interior Secretary Doug Burgum traveled to Venezuela to meet acting President Delcy Rodriguez and mining companies to discuss the sector’s operations in the country. 

PLUS – CHEVRON DOUBLING RIGS IN VENEZUELA: Today, Chevron CFO Eimear Bonner said that the company plans to double the number of drilling rigs it operates in Venezuela as it ramps up its investment in the country. 

Bonner revealed the plan while speaking at a Barclays conference, saying the new rigs are being added under the contract terms signed with Venezuela last week, according to Oilprice.com. 

If you forgot, Chevron agreed to invest more than $7 billion over the next five years last week, with the aim of doubling its production capacity in Venezuela to 600,000 barrels per day. 

DIESEL PRICES KEEP CLIMBING: Diesel price gains show no signs of slowing down, with the average price inching closer to $6 per gallon. 

The national average of diesel prices is $5.90 per gallon, according to AAA. GasBuddy analyst Patrick De Haan said that diesel prices will likely rally within the next 48 hours, closing in on $6 per gallon. 

De Haan wrote yesterday that, “This is the time of year that most Americans see gas prices going down as demand falls and we soon change to winter gasoline, but as of late, we’ve been seeing a lot more ups- especially for diesel- the fuel that drives the U.S. economy and that may continue…” 

California, in particular, has seen record-breaking diesel prices. As of today, the average price of diesel in California is at $7.82 per gallon, surpassing April’s record of $7.73 per gallon. De Haan noted that the average price of diesel in California could reach $8 per gallon at some stations. 

Just before the Labor Day weekend, the national average price of diesel prices topped the previous record set in June 2022 after Russia’s invasion of Ukraine. 

HURRICANE LOWELL CLOSES IN ON HAWAII: Hawaii is currently experiencing strong winds and heavy rain as Hurricane Lowell tracks close to the western islands.

AccuWeather said that, earlier today, Lowell remained at a Category 1 hurricane, moving northeast at 18 mph and about 245 miles northwest of Honolulu. The storm made its closest approach to Hawaii around 11pm last night. 

It noted that although Lowell did not make landfall, the islands will see significant impacts, particularly in Kauai and Ni’ihau. A hurricane warning still remains in effect on the two islands, including a tropical storm warning for the island of O’ahu. 

“The hurricane is passing close enough for rain and wind impacts to occur across the islands of Kauai, Ni’ihau and O’ahu on Tuesday. Heavy downpours can also occur across the rest of the islands, which will bring flash flooding and mudslides,” AccuWeather Lead Hurricane Expert Alex DaSilva said.

“Wind gusts of 40-60 mph will continue across Ni’ihau and the higher elevations of Kauai into Tuesday evening, local time,” he added. 

NEW YORKERS MISLED ABOUT AIR QUALITY AFTER 9/11: New York City Mayor Zohran Mamdani today released records showing that city officials knew the air quality following the attack on Sept. 11, 2001, was unsafe to breathe, despite repeated assurances. 

At a new conference today, Mamdani released more than 170,000 pages of records from the aftermath of the attack. The records include air-quality reports, contamination data, and correspondence among city officials. 

“As the years pass and the human toll grows, we reckon with the cost of September 11th whenever another New Yorker is stolen from us too soon,” Mamdani said. “Now, close to 25 years later, more people have died from 9/11-related illnesses than were killed on the day itself.

ABC7 said that the documents were stored in 68 boxes in a city office, with many being discovered last year, according to city officials. According to the 9/11 Memorial, at least 49,000 first responders and survivors have suffered cancers like thyroid cancer, breast cancer, leukemia, and myeloma. 

ICYMI – TRUMP MOVES TO FAST-TRACK ALASKA DRILLING: The Trump administration announced last Friday that it is proposing a new rule that would streamline and accelerate approvals for drilling in the Arctic.

The rule reportedly stems from a request issued by a trade group, the Alaska Oil and Gas Association, which is asking federal officials to approve drilling permits within 60 days. 

The rule, formally posted in the Federal Register by the Bureau of Land Management earlier today, would grant that 60-day timeline for applications for a permit to drill or right of way.

“Responsible development shouldn’t be held back by redundant paperwork,” said BLM Director Steve Pearce. “By utilizing over 20 years of rigorous environmental data, we are replacing slow, case-by-case reviews with a standardized process that maintains our high environmental standards, while giving operators the predictability they need to build.”

The rule would apply to drilling projects only in Alaska’s National Petroleum Reserve, located in the North Slope. The administration held a lease sale for the region in March, garnering 430 bids on nearly 200 tracts spanning more than 1 million acres.

Quick reminder: Late last month, Public Domain reported that Interior was considering issuing a categorical exclusion for some oil and gas drilling activities in Northern Alaska from National Environmental Policy Act reviews, such as seismic surveys and exploratory drilling.

A  LOOK AHEAD: 

Sept. 7 – 12 Deep Tech Week is being held in Washington, D.C. 

Sept. 8 The Nuclear Company is hosting a Deep Tech Week event titled “The Gigawatt Age.” 

Sept. 9 – 11 The Association of Air Pollution Control Agencies is holding its 2026 Fall Business Meeting in Raleigh, North Carolina. 

Sept. 9 The National Capital Area Chapter of the United States Association for Energy Economics is holding a panel discussion on critical minerals and energy security in Washington D.C. 

Sept. 9 The Carnegie Endowment for International Peace is holding a webinar titled “The Future of U.S. Foreign Investment in Clean Energy.”

Sept. 10 The Wicomico County Energy Solutions Summit is taking place in Salisbury, Maryland. 

RUNDOWN 

The Associated Press Nepal endured months of political upheaval. Devastating floods are now testing its new government

NOTUS Trump Is Quietly Planning to Majorly Change How National Parks Are Run

BBC Why getting your hands dirty is good for you

Canary Media A Virginia school district pioneers solar and battery microgrids