THE Philippine government is exploring ways to fire up the planned nuclear market as it sees more interests both from local and foreign investors, according to an energy official.
Patrick Aquino, director of the Department of Energy’s (DOE) Energy Utilization Management Bureau, said all eyes are on the country’s nuclear targets. This, as President Ferdinand Marcos Jr. gave the green light for the creation of the Philippine Atomic Energy Regulatory Authority (PhilAtom).
This development, Aquino said, is crucial for investors. It signals the current administration’s commitment to advancing the adoption of nuclear energy.
Aquino said what investors really look for is regulatory certainty.
“That’s why I started off by saying PhilAtom is the clearest signal of this administration, that we’re dead serious in getting nuclear [energy] for power generation,” he told reporters at the sidelines of the Philippine International Nuclear Supply Chain Forum in Taguig.
“We’re attracting investments. Our reforms, whether it’s in economic or social capital investments, and now even here in the energy sector… we do have to start thinking and investing the seeds for the entry of nuclear [energy] in the medium and long term,” Aquino added.
The government hopes to activate 1,200 megawatts of nuclear energy capacity by 2032. About 15 potential sites have been identified. Aquino, however, declined to name the locations. The DOE still needs to gain the support of the local government units and host communities.
According to Aquino, the DOE is studying the possibility of dedicating a specific bidding for nuclear energy, separate from the green energy auction program. The program is designed to accelerate the deployment of renewable energy projects nationwide.
He said it was also “a very good idea” to tap multinational banks to de-risk nuclear projects.
“On the side of the Philippines, we’re very happy that the current US administration is taking the charge on making sure that the World Bank relaxes its policy for green investments to include nuclear,” he said.
Aquino was hopeful that with Washington’s backing, multilateral agencies, such as the World Bank and the Asian Development Bank, would also “revisit their investment direction and instruction when it comes to nuclear.”
The forum gathered expertise in the nuclear space from Canada, Argentina, the US, and South Korea. Local potential players, like Manila Electric Co. and Aboitiz Power, also participated in the event. (Lisbet K. Esmael © Philippine Daily Inquirer)
