MANILA ELECTRIC CO. (Meralco) said it is preparing to apply for a license to operate nuclear power facilities in time for the opening up of the application process next year.
“We’ve been very aggressive on this, (but) we have to comply with the timeline set by the Department of Energy,” Meralco Executive Vice-President and Chief Operating Officer Ronnie L. Aperocho told reporters late last month.
Energy Secretary Sharon S. Garin has said that applications will be opened up for nuclear energy projects by 2026, overseen by the Philippine Atomic Energy Regulatory Authority (PhilATOM).
Under Republic Act No. 12305, or the Philippine National Nuclear Energy Safety Act, PhilATOM will have sole jurisdiction over the regulation of nuclear energy and radiation sources.
The Philippines is hoping to integrate nuclear energy into the power mix with at least 1,200 megawatts (MW) of capacity by 2032, increasing to 2,400 MW by 2045 and 4,800 MW by 2050.
Ms. Garin has said that several companies have expressed interest in submitting nuclear energy project proposals.
Meralco is looking at small modular reactors (SMRs) when it enters the market.
SMRs, each capable of generating up to 300 MW, can be constructed more quickly than traditional nuclear power plants.
Mr. Aperocho said that Meralco is awaiting details of the incentives and the liability profile for proponents, which will influence funding available for nuclear.
The company is expecting a $2.7-million grant from the US Trade and Development Agency to fund a feasibility study on SMRs.
“Both sides have fulfilled the required conditions. It’s just a matter of formality now…we’re hoping it gets sorted out soon so the grant can start running,” Mr. Aperocho said.
Meralco’s controlling stakeholder, Beacon Electric Asset Holdings, Inc., is partly owned by PLDT Inc. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has an interest in BusinessWorld through the Philippine Star Group, which it controls. — Sheldeen Joy Talavera