Manila: The Maharlika Investment Corporation (MIC) announced its openness to investing in nuclear energy projects as part of efforts to integrate nuclear power into the Philippines' energy mix and reduce electricity costs. MIC President and CEO Rafael Consing Jr. conveyed this during a press briefing at the Palace, highlighting the corporation's willingness to explore such investments while ensuring compliance with legal provisions.
According to Philippines News Agency, Energy Secretary Raphael Lotilla, who was present at the press conference, urged Consing to evaluate the financing aspect and costs associated with nuclear power. Lotilla emphasized President Ferdinand R. Marcos Jr.'s view of nuclear energy as a more dependable and economical alternative to the nation's existing energy sources. He noted that the President sees financial analysis by the Maharlika Investment Fund as crucial for understanding potential investment returns and costs.
Consing expressed the need to verify whether investments in nuclear power align with the 'cross-ownership' restrictions outlined in the Electric Power Industry Reform Act (EPIRA). EPIRA prohibits cross-ownership between transmission companies and those in the generation and distribution sectors.
Lotilla expressed hope for the passage of legislation promoting safe nuclear energy use before the end of the 19th Congress. The House of Representatives has already approved House Bill 9293, or the proposed Philippine National Nuclear Energy Safety Act, which provides a legal framework for the peaceful utilization of nuclear energy. Lotilla remains optimistic that the Senate will pass a similar regulatory framework bill.
The Energy Secretary highlighted the ongoing collaboration between the government and private sector for nuclear power development. In November 2023, the Philippines and the United States signed the Agreement for Cooperation Concerning Peaceful Uses of Nuclear Energy, known as the 123 Agreement. Additionally, the Washington-based Ultra Safe Nuclear Corp. has shown interest in investing in the country, while President Marcos is considering a partnership with the Emirates Nuclear Energy Corp.
In September last year, the Department of Energy announced plans to have nuclear power plants operational by 2032, with an initial capacity of 1,200 megawatts (MW), increasing to 4,800 MW by 2050.
