August 29, 2024 | 12:00am
MANILA, Philippines — Aboitiz Power Corp. is keen on investing in nuclear energy development in the Philippines as it pursues talks with potential manufacturers, an official said.
“We have conversations with different OEMs (original equipment manufacturers) that are developing this technology. But it’s still very new,” AboitizPower chief corporate services officer Carlos Aboitiz said in an interview.
He said that “all options (are) on the table” in terms of investments, citing nuclear power’s ability to ensure reliability and sustainability in the country’s energy sector despite high costs for deployment.
“Having early conversations and continuously learning with these OEMs is important. But, again, we’re a long way off from actual projects,” he noted.
AboitizPower has yet to provide the timeline for their planned investments as it continues to test the waters and monitor the business landscape.
“In all likelihood, it’s definitely not going to happen in the 2020s. It’s less likely to happen in the early 2030s. But even then, we have to start investing now for that,” said Aboitiz, adding that this could be in the late 2030s.
While it supports nuclear development, the company sees the need to promote the responsible and peaceful use of the alternative power source, including the creation of a regulatory framework.
Earlier, the Philippines and the US signed a landmark “123 agreement,” which recently entered into force, to enhance collaborations in fostering clean energy.
The deal will likewise facilitate the transfer of information and expertise, nuclear material, equipment and components directly between the two countries.
For Aboitiz, the agreement is only the “first step,” as it remains a long-term proposition.
“Conventional nuclear is challenging to make affordable and also to obtain social acceptance. So some new technologies are promising because they present certain features that might allow for cheaper electricity (and) safer power plants,” he said.
The official also lauded the efforts of Manuel V. Pangilinan’s Manila Electric Co. (Meralco) to boost nuclear energy push by partnering with foreign universities.
Meralco recently signed separate agreements with four universities in the United States, Canada and China to help its engineers expand their knowledge on managing a nuclear power plant.
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