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Manila Bulletin devider Business devider The Stock Market devider Meralco deepens nuclear bet with South Korean utility partnership

Meralco deepens nuclear bet with South Korean utility partnership

Published Mar 9, 2026 02:27 pm
Meralco Chairman and CEO Manuel V. Pangilinan (center) joins Kiyeon Hwang (left), Chairman and CEO of the Export-Import Bank of Korea (KEXIM), and Dae Wook Chun (right), CEO of Korea Hydro & Nuclear Power (KHNP), during the signing of a memorandum of understanding to bolster nuclear energy initiatives in the Philippines. The ceremony took place during the Philippines-Korea Business Forum held in Pasay City on March 4, 2026.
Meralco Chairman and CEO Manuel V. Pangilinan (center) joins Kiyeon Hwang (left), Chairman and CEO of the Export-Import Bank of Korea (KEXIM), and Dae Wook Chun (right), CEO of Korea Hydro & Nuclear Power (KHNP), during the signing of a memorandum of understanding to bolster nuclear energy initiatives in the Philippines. The ceremony took place during the Philippines-Korea Business Forum held in Pasay City on March 4, 2026.
Manila Electric Co. (Meralco), the Philippines’ largest power distributor, deepened its commitment to nuclear energy by entering into a partnership with Korea Hydro & Nuclear Power Co. and the Export-Import Bank of Korea.
The agreement with KHNP, the generation arm of Korea Electric Power Corp., and the state-run lender known as KEXIM aims to bolster Meralco’s Nuclear Energy Strategic Transition program.
Under the memorandum of understanding, the parties will collaborate on reactor design, engineering, and the exchange of technical and regulatory expertise. A primary objective is to assist the Philippine government in strengthening the legal and institutional frameworks necessary for a commercial nuclear industry.
The partnership arrives as the Philippines seeks to diversify its energy mix and reduce its reliance on imported fossil fuels, which have historically left the archipelago vulnerable to global price volatility.
By leveraging Korean expertise, Meralco intends to build a localized talent pool through training programs and employee exchanges, ensuring the country is operationally ready for a long-term nuclear rollout.
Beyond technical specifications, the collaboration will cover early-stage project development, including public engagement, project planning, and site selection. These studies are critical for assessing the feasibility of nuclear infrastructure in a country prone to seismic activity and typhoons.
On the fiscal side, the partners will focus on business and financial modeling. KEXIM is expected to explore various financing structures and credit facilities to support future projects involving KHNP and other South Korean industrial firms.
Meralco Chairman and Chief Executive Officer Manuel V. Pangilinan said the partnership allows the utility to front-load the preparation required for such a complex energy source. While the Philippine government lays the groundwork at a policy level, Pangilinan noted that Meralco is assessing how nuclear power fits into its broader strategy.
He characterized the move as an early but consequential step that provides the company with access to proven global technology and sophisticated financing options.
The utility is moving on multiple fronts to secure its nuclear future. Last month, Meralco secured a ₱148 million grant from the US Trade and Development Agency to fund a feasibility study specifically for small modular reactors. That grant will help the company evaluate potential sites and develop a technical roadmap for implementation. (Gabriell Christel Galang)
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