By Ruth Abbey Gita-Carlos

MANILA – The Maharlika Investment Corporation (MIC) on Tuesday expressed openness to invest in projects aimed at integrating nuclear energy into the country’s energy mix to lower power costs.
“Conceptually, we will be open to it but we just want to make sure that we’re in fact staying within what are allowed under the law,” MIC president and chief executive officer Rafael Consing Jr. said in a Palace press briefing when asked if he is open to investing in nuclear power.
This was after Energy Secretary Raphael Lotilla, who also joined the press conference, asked Consing to look into the financing aspect and the financing cost of nuclear power.
Lotilla stressed that no less than President Ferdinand R. Marcos Jr. emphasized the importance of nuclear power as more reliable and affordable alternative to the country’s current energy sources.
“The President indicated that that’s where we need help and the financial analysis can very well be undertaken by Maharlika Investment Fund so that (the) government can have a better sense of the financing cost and the returns as well,” he said.
Consing said he has to first check whether the potential investment in nuclear power will be covered by the “cross-ownership” restrictions between generations and transmissions, as provided under the Electric Power Industry Reform Act (EPIRA).
Under EPIRA, cross-ownership is only prohibited between a transmission company and any company in generation and distribution sectors.
Lotilla hoped that the measure promoting safe nuclear energy use would be passed before the end of the 19th Congress.
The House of Representatives in November 2023 already approved on third and final reading House Bill 9293 or the proposed Philippine National Nuclear Energy Safety Act, which provides for a comprehensive legal framework for nuclear safety, security, and safeguards in the peaceful utilization of nuclear energy in the country.
Lotilla expressed optimism that the Senate would approve a similar bill on the regulatory framework for nuclear power.
“The proceedings in Congress have proceeded at a brisk phase. They have had their committee hearings and then, they’re into further discussions of this,” Lotilla said.
“Now it’s in the Senate and we are optimistic that the Senate will be able to move it forward and therefore, we’ll be able to come up with legislation during this Congress. So we’ll take it from there because we are strongest when both the executive and the legislature speak with one voice,” he added.
Lotilla said the government would also work with the private sector for the development of nuclear power.
In November 2023, the Philippine and the United States (US) governments signed the Agreement for Cooperation Concerning Peaceful Uses of Nuclear Energy or the 123 Agreement.
Washington-based Ultra Safe Nuclear Corp. (USNC), a global leader and vertical integrator of nuclear technologies and services, has also expressed interest in investing in the Philippines.
Marcos is also eyeing a partnership with the Emirates Nuclear Energy Corp. as he pushes for the possible use of nuclear energy for power generation.
In September last year, the Department of Energy bared its plan to have commercially operational nuclear power plants by 2032, with at least 1,200 megawatts (MW) initially entering the country’s power mix and gradually increasing to 4,800 MW by 2050. (PNA)