DOE developing ‘transition financing’ measures for nuclear deployment
MANILA, Philippines — The government is working on financing schemes to ensure the realization of nuclear power in the Philippines despite increasing financial demands and supply issues facing the industry, according to the country’s energy chief.
Energy secretary Raphael Lotilla said Wednesday his department has set its eyes on crafting “transition financing strategies” to address these challenges.
“These measures aim to spread the substantial upfront investment required for nuclear power projects over time, ensuring sustainable growth,” he said in a statement.
The official said strengthening the country’s ties with international groups can help support this plan.
READ: Southeast Asia looks to nuclear power to supercharge energy transition
The Department of Energy (DOE) welcomed Director-General William Magwood IV of the Organization for Economic Co-operation and Development Nuclear Energy Agency (OECD-NEA) during a courtesy visit earlier this week at its office in Taguig City.
The DOE said Lotilla and Magwood discussed the government’s efforts in developing the nuclear market, including “building a strong legal and regulatory framework.”
“We have made significant progress in submitting all necessary requirements for the ratification of existing nuclear energy-related agreements, paving the way for a safe, sustainable, and responsible nuclear energy program that will secure our nation’s energy future,” Lotilla said.
In December, the International Atomic Energy Agency (IAEA) launched another assessment of the Philippines’ capacity to embrace the technology to boost its power supply, where it noted “notable progress.”
“We are working with many
countries in making practical decisions, and we look forward to working with you. That is why I’m here—to be of help and to establish a very positive relationship with you,” Magwood told the energy secretary.
President Ferdinand Marcos Jr. wants to have the country’s first nuclear power plants up and running by 2032, with an initial capacity of 1,200 megawatts.
During his late father’s dictatorship, the government built the Bataan Nuclear Power Plant (BNPP). However, this was never in operation after construction had been completed in 1986 due to allegations of corruption and issues with safety.
