Philippine nuclear power foreign investment advances

Philippine nuclear power foreign investment advances

Countries have been urged to adopt renewable alternatives as the world becomes more aware of fossil fuels and their effects on climate. However, some still look to the past to power their nation’s future.

The Carnegie Endowment for International Peace reported that the United States and Japan partnered to boost nuclear fusion development as Japan is reviving old nuclear power plants to cover its energy needs.

The Philippines is also undergoing similar developments as it gains more nuclear energy investments from the US.

Nuclear power investments delights Marcos

On April 12, the Philippine News Agency reported the progress of Washington-based Ultra Safe Nuclear Corp. (USNC) investments.

READ: Nuclear energy in PH? Group says there’s not even a Filipino expert on safety, radiation

Marcos met with USNC CEO Francesco Venmeri and the company’s other top executives to discuss its commitment to providing a clean, reliable energy source for the country.

“We are delighted to share the progress of our ongoing collaboration with Ultra Safe Nuclear Corp. since our inaugural meeting in 2023. Their investment in Micro Modular Reactors (MMRs) promises a reliable and clean energy solution for the country,” he said in a Facebook post.

“This initiative ensures greater energy security, reduced reliance on fossil fuels, and holds the promise of substantial economic gains for the Filipino people,” the President added.

Energy Secretary Rafael Lotilla briefed Marcos about Congress’s ongoing legislative measures for the legal framework for Ultra Safe’s planned investment and operations.

Lotilla said the House of Representatives passed the regulatory framework. On Nov. 22, 2023, the House approved House Bill No. 9293, or the “Philippine National Nuclear Energy Safety Act.”

On March 4, it also approved HB No. 9876 or the “Philippine Nuclear Liability Act.”

READ: Nuclear energy pact with PH the ‘fastest’ negotiated by US

Marcos expressed hope that the bill gets passed in the Senate so that the project may start soon.

“We spoke about this before. We’re going to go ahead with the program, with (the) project,” he said.

This meeting is a follow-up to the previous one in May 2023, when the country signed a memorandum of understanding (MOU) on nuclear cooperation.

The MOU stipulates that the USNC will conduct a pre-feasibility study to familiarize the Manila Electric Company (Meralco) with the USNC’s Micro Modular Reactors (MMRs) so the local power firm may eventually conduct a more extensive feasibility study on adopting and developing MMR energy systems.