The Department of Energy (DOE) is eyeing to bridge ‘prospective business partnerships’ for targeted rollout of nuclear power projects in the Philippines during the country’s hosting of the International Nuclear Supply Chain Forum to be held in Manila this November.

The event will bring together investors as well as array of stakeholders in nuclear power developments from various parts of the world – including those from the United States, Canada, European countries as well as neighbors from the Asian region such as Japan, South Korea and China, among others.

The Philippine nuclear roadmap had just been firmed up recently by the DOE, and it was subsequently presented by Energy Undersecretary Sharon Garin at the 68th International Atomic Energy Agency (IAEA) General Conference in Vienna, Austria.

The energy official reiterated the country’s ambition for nuclear power renaissance – and this is set to be concretized by year 2032; and will go beyond prospects of repowering the mothballed 620-megawatt Bataan nuclear power facility.

As being cast by the government, the initial entry of nuclear in the power mix shall be at 1,200MW by 2032; then it will be ramped up to 4,800MW through year 2050.

Currently, the interested project-sponsors on the nuclear technology sphere have been eyeing deployments of either micro modular reactors (MMRs) or small modular reactors (SMRs); as well as the conventional builds which are typically of gigawatt-scale capacities.

Before any investment decision could be given go-signal though, investors are keenly monitoring how the Philippine government has been crafting the regulatory frameworks as well as the policy regimes that will underpin nuclear power developments in the country.

Garin emphasized that “the Philippines is actively working in its efforts to establish an independent nuclear regulatory authority, which will oversee the safe and secure development of the country’s nuclear energy program.”

She qualified that “the government is giving high priority to the passage of key legislation focused on nuclear safety, ensuring that the legal and regulatory frameworks are in place to safeguard public health, environmental protection, and national security as the country moves toward harnessing nuclear power.”

The first legislative measure that is already advancing for targeted enactment into law is the Philippine National Nuclear Energy Safety Act, which will institutionalize the 
Philippine Atomic Energy Regulatory Authority (PhilAtom), as the regulating agency for the nuclear sector.

Apart from the 19 conditions set forth by the International Atomic Energy Agency (IAEA) in ensuring the safe and secure operations of nuclear facilities, the companies eyeing to stake their capital are also scrutinizing the incentive regime that the Philippines will be enforcing for investments in the sector.

Until this time, financing nuclear power projects remains to be a very difficult territory for banks and lenders to navigate; while the underpinning power supply agreements (PSAs) serve as a new hurdle also for the regulators on the commercial side to tackle – especially so since the operating life cycle of nuclear plants are exceptionally long at 60 to 80 years.