Pangilinan-led Manila Electric Co. (Meralco) is on a roll in securing nuclear deals with known players in the global market, this time with a South Korean construction giant.
Meralco, a power distributor with businesses stretching to power generation through its subsidiaries, secured a partnership with Samsung C&T Corp. for its target to steer the development of nuclear energy in the local market. Samsung C&T is the construction, engineering and amusement park management services arm of the Samsung Group.
Meralco said it was keen on “actively engag[ing]” with Samsung C&T on establishing large conventional nuclear power plants and small modular reactor projects.
The agreement would revolve around the technical design and capabilities of the technology while taking into consideration the current regulatory framework.
A possible pilot demonstration project was also on the table, the company said in a statement on Monday.
The firm was optimistic about dominating this space amid Samsung C&T’s expertise in various fields, including nuclear energy. The Korean company has five decades of experience under its belt, including the construction of the 5,600-megawatt Barakah Nuclear Power Plant and the Burj Khalifa in the United Arab Emirates, and the Petronas Towers in Malaysia.
“Through this MOU (memorandum of understanding), Meralco stands to gain a comprehensive understanding of the critical aspects of nuclear energy development that will ensure that our future decisions are well-informed and aligned with international best practices,” said Meralco executive vice president and chief operating officer Ronnie Aperocho.
“This aligns well with Meralco’s continuous efforts to work with global knowledge and technology partners to help us in our transition towards more diversified and sustainable energy sources,” he added.
Meralco chair and chief executive Manuel V. Pangilinan said this showed the group’s “commitment to take an active role in contributing to the Philippine government’s efforts to integrate nuclear energy in the country’s future power supply mix.”
The tycoon was hoping his group could go nuclear in “eight to 10 years.”
Meralco said the deal was inked on the sidelines of the recent Philippines-Korea Business Forum in Manila.
Just last week, the group also bared it teamed up with another South Korean firm, Doosan Enerbility Co., Ltd., for the possibility of establishing nuclear power facilities. Doosan was also tasked to look into the revival of the mothballed nuclear plant in Bataan.